Gov't expects 5.8 percent economic growth for 2014

Thien Thanh Sanitaryware joint company

Gov't expects 5.8 percent economic growth for 2014

Vietnam’s socio-economic development is progressing steadily, with economic growth likely to reach 5.8 percent this year, according to a Government report.

The report, which was delivered at the ongoing eighth session of the 13 th National Assembly in Hanoi on October 20, also showed that the economy continued to grow by 5.62 percent during the first nine months this year, higher than the same period last year.

Meanwhile, inflation declined to 2.25 percent in the nine-month period, the lowest in ten years, the report said, adding that the figure is expected to be less than 5 percent all year.

However, the report also pointed out that the country’s business environment and competitiveness have yet to improve, which, together with limited access to capital for businesses due to complex administrative procedures, resulted in a high number of business dissolution.

At the same time, slow credit growth and rising public debt were also a posing challenge to the country, the report said. The securities market is still unstable, while the real estate market was sluggish and exports by domestic firms remained low, it said.

Regarding the socio-economic plan for 2015, the report sets out targets of 6.2 percent for GDP growth and an inflation rate of 5 percent; a 1.7-2 percent decrease in poverty overall and a 4 percent decrease in poverty in poor localities; and 1.6 million new job opportunities, it said.

Later in the session, deputies heard a summary report on voters’ opinions, and a report on the NA Economic Committee's verification of the government's report on socio-economic development in 2014 and tasks for 2015.

They also debated reports on the prevention of and fight against corruption in 2014, and a proposal on the revision of textbooks for general education.

During the October 20 session, deputies also heard a report on the implementation of the State budget estimate for 2014, and a report on the budget estimate and central budget allocation for next year

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