Vietnam aims for 6.5-7% GDP growth in 2016-2020

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Vietnam aims for 6.5-7% GDP growth in 2016-2020

Vietnam targets to achieve average annual gross domestic product (GDP) growth of between 6.5% and 7% in 2016-2020, according to the Government’s directive on formulation of the next five-year socioeconomic development plan. Prime Minister Nguyen Tan Dung has told ministries, localities, economic groups and State-owned corporations to work on their five-year socioeconomic development plans until 2020, according to chinhphu.vn.

The overall objectives of the plan include macro-economic stabilization, inflation control in combination with high but sustainable growth, enhancement of environmental protection and climate change adaptation among others. These are regarded as the foundations for Vietnam to become a modernized and industrialized country in 2020.

Meanwhile, the poverty rate is projected to decrease 1.5% annually.

The Government also required the realization of three strategic breakthroughs, including improvement of market-oriented economy with a focus on a level playing field for business and administrative reform; human resource development especially high-quality labor, and the education system; and consistent infrastructure development with priority given to traffic and urban infrastructure.

Notably, the Prime Minister wanted Vietnam continue improving the business environment and creating favorable conditions for businesses of all economic sectors, particularly the private sector, foreign-invested firms and small and medium-sized enterprises.

Vietnam will also encourage investments in science and technology. In addition, greater efforts will be made to protect natural resources, adapt to climate change, safeguard national independence and sovereignty, and ensure political security and social order.

Prime Minister Nguyen Tan Dung requested that the 2016-2020 development plans should be in line with resolutions adopted by the Party, National Assembly and Government and its objectives and solutions should be feasible. All the targets, orientations and solutions figured out must be feasible and listed in a priority order.

Dung noted formulating the plan should take into consideration opinions of related bodies, social organizations, trade associations and residential communities, as well as international development partners and domestic and foreign experts.

The plan should include a catalyst for the development of private, foreign-invested, small and medium-sized enterprises and enhance national financial power and security.
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