Vietnam
National Assembly passed 6.5-6.7% GDP growth target for 2018
The National Assembly on November 11 adopted a resolution on socio-economic development plan for the year 2018 with GDP growth target at 6.5-6.7 percent.
The resolution, with 84.93 per cent of the deputies voting yes, also target an export rise of 7-8 per cent; trade deficit of below three per cent of total export revenue; inflation of four per cent; and total investment capital for social development of 33-34 per cent of GDP for 2018.
Further, according to the plan, the rate of poor households according to the "multi-dimensional poverty line" will be reduced by 1-3 per cent, while the unemployment rate in urban areas will be less than four per cent. As much as 85.2 per cent of the population will be covered by health insurance, a modest rise from the 82.1 per cent recorded in June this year. The ratio of trained workers is expected to reach 58-60 per cent of the country’s workforce.
Environmental targets include ensuring 88 per cent of all manufacturing zones and industrial parks are outfitted with up-to-standard water treatment facility and pushing up forest coverage to 41.6 per cent.
To realize the aforementioned goals, the National Assembly asked the Government, the Supreme People’s Court, the People’s Supreme Procuracy and the State Audit Office to implement measures to safeguard macro-economic stability; ensure a balance in State budget, development investment capital, import and export, payment, food and power security.
The relevant bodies must also have to restructure the State budget towards increasing the proportion of domestic revenue and development investment expenditure while reducing the proportion of regular expenditures.
The bodies are also required to encourage and support start-ups, innovative businesses and small-and-medium businesses; restructure the agriculture sector; develop the processing and manufacturing industries; and address production and accommodation land for ethnic minority groups.
It is also necessary to continue striving to reduce lending interest rates in line with macro-economic conditions; ensure liquidity and strictly control and improve the credit quality, especially loans to the real estate securities markets, to ensure the safety of the banking system.
These tasks will be carried out in tandem with promoting sales of domestically made products, preventing smuggling, tightening management of natural resources and environmental protection and addressing the threats of climate change and natural disasters, as well as implementing education and training reforms, and ensuring efficient diplomatic works and international integration.
Relevant agencies have been asked to make more committed efforts in the fight against corruption and wastage, as well as in improving State management of the press and safeguarding national sovereignty and social order.
Further, according to the plan, the rate of poor households according to the "multi-dimensional poverty line" will be reduced by 1-3 per cent, while the unemployment rate in urban areas will be less than four per cent. As much as 85.2 per cent of the population will be covered by health insurance, a modest rise from the 82.1 per cent recorded in June this year. The ratio of trained workers is expected to reach 58-60 per cent of the country’s workforce.
The National Assembly adopted a resolution on socio-economic development plan for 2018 with 84.93 per cent of the deputies voting yes.
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To realize the aforementioned goals, the National Assembly asked the Government, the Supreme People’s Court, the People’s Supreme Procuracy and the State Audit Office to implement measures to safeguard macro-economic stability; ensure a balance in State budget, development investment capital, import and export, payment, food and power security.
The relevant bodies must also have to restructure the State budget towards increasing the proportion of domestic revenue and development investment expenditure while reducing the proportion of regular expenditures.
The bodies are also required to encourage and support start-ups, innovative businesses and small-and-medium businesses; restructure the agriculture sector; develop the processing and manufacturing industries; and address production and accommodation land for ethnic minority groups.
It is also necessary to continue striving to reduce lending interest rates in line with macro-economic conditions; ensure liquidity and strictly control and improve the credit quality, especially loans to the real estate securities markets, to ensure the safety of the banking system.
These tasks will be carried out in tandem with promoting sales of domestically made products, preventing smuggling, tightening management of natural resources and environmental protection and addressing the threats of climate change and natural disasters, as well as implementing education and training reforms, and ensuring efficient diplomatic works and international integration.
Relevant agencies have been asked to make more committed efforts in the fight against corruption and wastage, as well as in improving State management of the press and safeguarding national sovereignty and social order.
