Prime Minister presents socio-economic situation at National Assembly session

by PV21 October 2015 Last updated at 11:12 AM

Prime Minister Nguyen Tan Dung
Prime Minister Nguyen Tan Dung

VTV.vn - Prime Minister Nguyen Tan Dung has presented a government report on Vietnam's socio-economic growth over the year at the National Assembly session in Hanoi.

The report also covers plans for 2016 and the next 5 years. The prime minister said that Vietnam had essentially fulfilled the socio-economic development goals set for 2015. However, there shortcomings still need to be addressed.

In his report, Prime Minister Nguyen Tan Dung said that over the last 5 years Vietnam has been focusing on controlling inflation; stabilizing the macro-economy; ensuring national defense, political and social stability and so on. Vietnam is trying to create a foundation for higher growth during the next 5 years.

According to the report, the CPI growth rate has decreased significantly, from 18.13% in 2011 to 2% in 2015, the lowest level for last 15 years. Interest rates are also on downward trend, at 40% of their 2011 level. Foreign reserves reached a record high while the country maintained a balance of payment surplus. GDP growth reached 6.5%, surpassing the target of 6.2%

The report also acknowledged the shortcomings of the economy, including low labour productivity, a high deficit, rising public debt, high levels of bad debt, and struggling agricultural exports.

Some social problems persist, including the rise of serious criminal cases. Efforts to safeguard national sovereignty in terms of the country’s seas and islands are facing with new difficulties and challenges whilst administrative reform, anti-corruption and wastefulness have yet to achieve their targets, the report noted.

According to Prime Minister Nguyen Tan Dung, reforming the growth model will create rapid, sustainable growth. Coordinated measures should be implemented to restructure the agricultural sector and build new rural areas. Efforts should be made to increase the added value of agricultural products 3-5% and ensure that half of the communes nationwide achieve the new rural development criteria by 2020. Industrial restructuring should also be stepped up to create a foundation for industrialization and modernization.

Based on the five-year socio-economic development plan for 2016-2020, the government drew up several general targets for next year. Those include a GDP growth rate of 6.7%, an inflation rate of below 5%, and a decrease of 1.3-1.5% in poverty rate.

The National Assembly suggested the government continue implementing the 2013 Constitution, fine-turning the legal system and removing delays in issuing documents guiding the enforcement of laws. They also said the momentum will continue now that the country has signed several free trade agreements, including the Trans-Pacific Partnership, in which Vietnam is supposed to be the biggest beneficiary. All showed their confidence that Vietnam could overcome any challenges that may arise and make full use of the TPP, helping accelerate the country’s development.

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