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6.7% growth targeted for 2016

Released at: 11:43, 11/11/2015

6.7% growth targeted for 2016

NA passes resolution on socioeconomic plan for next year.

by Tue Lam

The 10th session of National Assembly (NA) XIII has approved a resolution on the socioeconomic development plan for 2016, with nearly 90.5 per cent of delegates voting in favor.

The resolution’s overall goal for next year is to ensure macro-economic stability, increase the economic growth rate, accelerate the implementation of breakthrough strategies, restructure the economy in line with innovative growth, and improve productivity, efficiency, and competitiveness.

The resolution targets GDP growth of 6.7 per cent, exports to increase by 10 per cent, the trade deficit to be below 5 per cent of export turnover, inflation at less than 5 per cent, and social investment capital to be 31 per cent of GDP. If these goals are achieved 2016 would see the highest economic growth since 2008 and set up the 2016-2020 plan.

According to the Deputy Chairman of the Economic Committee, Mr. Nguyen Van Phuc, the government should adopt flexible management policies to achieve and exceed targets, control bad debts and public debt, strengthen the supervision and monitoring of loans, especially new loans, and focus on attracting foreign direct investment (FDI). It is also necessary to accelerate the sale of State capital in State-owned enterprises and use the capital for investment and development.

The Prime Minister’s report on the socioeconomic situation in 2015 and the last five years, already presented to this NA session, noted that of the 14 targets set for 2015 13 were reached or exceeded. Regarding the socioeconomic development plan for the 2016-2020 period, it is expected a resolution will be adopted at next year’s 11th session of NA XIII.

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