Deputy Prime Minister Nguyen Xuan Phuc speaks at the meeting (Source: VGP)
Deputy PM Nguyen Xuan Phuc presents a report to National Assembly on March 21.
Vietnam’s economic growth is expected to range from 6.5 to 7 per cent over the next five years, according to a report presented by Deputy Prime Minister Nguyen Xuan Phuc to the ongoing 11th meeting of the 13th National Assembly in Hanoi on March 21.
The report on the national socio-economic development plan for 2016-2020 states that, by 2020, average GDP per capita will stay at around $3,200-3,500 and State budget overspending is expected at around 4 per cent.
During the March 21 session Deputy PM Phuc delivered another report on supplementary assessments of the implementation of the 2015 socio-economic development plan.
He stressed that 12 out of 14 targets assigned by the legislature have been fulfilled or surpassed, with forestry coverage and export growth both falling short.
Last year Vietnam’s GDP grew by about 6.68 per cent, the highest since 2008 and even higher than the 6.5 per cent reported to the NA and well above the target of 6.2 per cent, the Deputy PM said, adding that average GDP growth exceeded 5.9 per cent over the last five years.
Consistent solutions have been adopted to curb inflation, stabilize the macro-economy, and manage monetary and fiscal policies, he reported.
The CPI has fallen sharply as a result, from 11.75 per cent in 2010 to 0.6 per cent in 2015; the lowest in the last decade.
Deputy PM Phuc also pointed to a string of limitations and weaknesses in realizing the five-year socio-economic development plan, such as the unsustainable task of curbing inflation and balancing the economy, high budget overspending, rapidly rising public debt, and major development gaps compared with regional countries.
The annual average GDP growth of more than 5.9 per cent was still lower than the previous five-year period and a far cry from the set target of 6.5 to 7 per cent, he acknowledged.
After hearing the reports the NA’s Economic Committee suggested the government swiftly build specific programs and projects to reach the targets set for the next five years while making the best use of the opportunities afforded by international economic integration.