70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Trade - Service
Vietnam parliament approves 2020 GDP growth target of 6.8%
Ngoc Thuy 11:10, 2019/11/11
The 2020 socio-economic plan stressed the importance of restructuring the economy by revising the growth model, and accelerating the implementation of major projects that serve as driving forces for growth.

The National Assembly on November 11 approved Vietnam’s socio-economic development plan for 2020, including the GDP growth target of 6.8%.

 Data:Government. Chart: Nguyen Tung. 

The plan received endorsement from 426 out of 430 of National Assembly deputies present, representing an approval ratio of 88.2%.

In addition to the GDP growth target, the 2020 socio-economic development plan includes other key economic indicators, such as the consumer price index (CPI) to stay below 4%; export growth of 7%; ratio of trade deficit to total export value below 3%; total social investment capital at 33 – 34% of GDP; a decline by 1 – 1.5% in the poverty rate; unemployment rate in urban areas below 4%, among others.

The overall objective of the socio-economic plan next year is to focus on stabilizing macro-economic conditions; controlling inflation rate; enhancing productivity and national competitiveness.

Moreover, the government is set to continue improving the legal framework to attract more capital for development, and create a transparent, fair and efficient business environment.

The plan stressed the importance on restructuring the economy by revising the growth model, while accelerating the implementation progress of major projects that serve as driving forces for growth.

Vietnam targets to train high quality of human resources in close relation with promoting the development of science, technologies and innovation, eventually leading to sustainable development and higher living standards for the people.

For the year of 2019, Prime Minister Nguyen Xuan Phuc in his report submitted to the National Assembly late in October suggested this would be the second consecutive year that government would achieve and beat 12 key social-economic indicators, including the estimated GDP growth of 6.8%, helping to solidify the macro-economic fundamental and control inflation rate.

International organizations and the world community regarded Vietnam as a spotlight of regional and global economy. The country ranked eighth among the best economies for investors in 2019, up 15 places against 2018.

The World Economic Forum (WEF) assessed Vietnam’s national competitiveness has improved significantly in three major pillars which are institution, infrastructure and skills, ranking 67th out of 141 countries and territories, 10 places higher than that of the previous year.

Additionally, the productivity is expected to expand 5.9%, and the total factor productivity, which is determined by how efficiently and intensely the inputs are utilized in production, could reach 42.7%.

The growth model has been transformed positively, shifting from economic development based on natural resources and credit growth to greater contribution of science, technologies and innovation.

Notably, the manufacturing and processing now is the main driver of growth, while services and agricultural sectors also develop at healthy rates.

TAG: Vietnam GDP social-economic plan 2020 exports CPI prime minister growth model
Other news
16:01, 2024/02/27
Vietnam to have 50 million e-wallets in 2024: Report
From 2018 to 2023, the number and value of transactions through e-wallets consistently grew at double-digit rates, with annual growth rates of 80.4% and 83.5% respectively.
14:48, 2024/02/26
Vietnam gears up efforts to establish domestic carbon market
The move would help achieve Vietnam’s net-zero emissions target by 2050.
08:16, 2024/02/22
Vietnam’s fruit exports gain momentum in early 2024
The export turnover is forecast to reach a record high of US$6.5 billion this year.
15:11, 2024/02/21
Vn-Index towards 1,300 in 2024: SSI
This is expected to be a year of significant volatility, with a strong recovery possibly following deep correction.
20:10, 2024/02/10
Hanoi public transport poised for breakthrough
With good vehicle quality and services, electric buses have made many passengers willing to switch from motorcycles and cars to buses.
21:01, 2024/02/08
Positive outlook for Vietnam’s consumer spending in 2024: Fitch Solutions
Vietnamese household spending is anticipated to exhibit robust growth throughout 2024, as real economic expansion resumes its more stable trajectory.