Government reports on 2016-2020 socio-economic development plans

by VTV422 March 2016 Last updated at 09:00 AM

VTV.vn - Deputy Prime Minister Nguyen Xuan Phuc presented the government report on Vietnam’s 2016-2020 socio-economic development plans on Monday.

According to the report, for the 2016-2020 period, the government while continue to maintain macro-economic stability while striving for higher economic growth than in previous years. The government is targeting average GDP growth over the next five years of 6.5-7 per cent per year while simultaneously restructuring the economy.

Assessing the results made through the past 5 years, the report comfirmed that modest inflation and macroeconomic stability were among the prominent achievements.

The nation’s socio-economic situation over the past 5 years continued to recover with numerous positive results. Macro-economy was essentially stabilised while business environment has been improved.

International integration marks a milestone. The country has received positive support from the international community in defending its rights in the East Sea issues, aiming at resolving maritime issues by peaceful measures based on international law.

The government leader also pointed to shortcomings and difficulties in the country’s socio-economic situation.

"State budget overspending was high while public debt rose rapidly; bad debt has yet to be resolved. Market economy institutions improved, but slowly, and corruption persists. Budget overspending remains high, exceeding 4.5% GDP. Public debts also exceeded the set target of 50% GDP, standing at 50.3%." said Nguyen Xuan Phuc, Deputy Prime Minister.

Therefore, some important indicators have been set out for the next 5 years. Among which, budget overspending will be restricted to 4% of GDP.

"The government is committed to strictly supervising macroeconomic issues such as foreign currency, energy and water supply towards a sustainable economic growth. Debt will be restructured, increasing long-term debt, increasing foreign borrowing to ease repayment pressure in the short term and reduce the risks posed by global economic fluctuations." - Nguyen Xuan Phuc, Deputy Prime Minister.

The National Assembly will discuss the report during Thursday’s session.

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