BizLIVE - Vietnam’s economy is projected to grow 6.5%-7.0% in the next five years, higher than an estimated expansion of 5.88% in the 2011-2015 period, Prime Minister Nguyen Tan Dung has said.
Vietnam Govt Targets Economic Growth of 6.5%-7% in 2016-2020
Prime Minister Nguyen Tan Dung delivers speech at the National Assembly meeting on Tuesday morning.
The nation’s gross domestic product (GDP) per capita is aimed at $3,750 in the period of 5 coming years and $2,450 in 2016, Mr. Dung said in a socio-economic report at the National Assembly’s plenary meeting which started today [October 20.]
The government aims total investment at 31% of GDP in the next five-year period while the state budget deficit will be lowered to 4.8% of GDP by 2020 from 5% in the past five years. The fiscal deficit is planned at 4.95% for 2016.
The unemployment rate in urban areas is targeted at below 4% and the ratio of trained labor force is aimed at 65%. The government plans to cut the poverty rate by 1.0-1.5 percentage point per year.
The prime minister said that the country’s economy is likely to expand 6.5% to $204 billion this year, the highest rate in the past five years, above the planned 6.2%. The income per capita is estimated to reach $2,228.
Consumer prices will likely increase 2% this year, the lowest rate in the past 15 years. Credit growth is poised to reach a four-year high of 17%.
He added that Vietnam’s public debt would stay at 61.3% of GDP this year while government debt and external debt would be 48.9% of GDP and 41.5% of GDP, respectively, all below the permitted limits.
The share market is projected to rise to 33% of GDP while the size of the bond market will likely reach 23% of GDP this year, according to the report.