Vietnam sets 6.7% GDP growth goal for 2016

Thien Thanh Sanitaryware joint company

Vietnam sets 6.7% GDP growth goal for 2016

Vietnam's lawmaking National Assembly passed a resolution on Tuesday on the country’s socio-econmic development plan for 2016, including a GDP growth target of 6.7 percent. The goal is two percentage points higher than the 6.5 percent forecast for the Southeast Asian country this year.

All of the 477 lawmakers voted to approve the resolution, which sets more than a dozen targets for the country’s socio-economic development next year.

Vietnam will also target a 10 percent increase in export turnover in 2016, and reduce inflation to below five percent, according to the resolution.

The country also seeks to keep the trade deficit at less than five percent of export revenue, and aims to maintain total social investment at 31 percent of its GDP.

If the GDP expansion goal is achieved, Vietnam’s economy in 2016 will grow at the fastest pace since 2008, according to newswire VnExpress.

Vietnam’s gross domestic product is expected to increase at a rate of 6.5 percent to seven percent annually between 2016 and 2020, the newswire said.

The resolution for the 2016-20 socio-economic development plan will be approved at the next National Assembly session.