Vietnam - 5.5 percent growth in GDP expected in 2013

A resolution on the country’s socio-economic development plan for 2013 that will see growth of 5.5 percent GDP and a 10 percent increase in export turnover was adopted by The National Assembly (NA) on November 8.

Additional targets include reducing trade deficit and maintaining CPI growth of 8 percent. State budget overspending will account for 4.8 percent of GDP, and total social development investment, 30 percent of GDP.

The goal set for 2013 is to strengthen macro-economics, decrease inflation and see healthier growth than that of 2012. The country will ensure social security and welfare whilst speeding up the implementation of three strategic breakthroughs in combination with economic restructuring and changing growth models.

Improving foreign relations, strengthening defence and security and ensuring socio-political stability are also major objectives for 2013.

The targets aim to create firmer foundations for the country’s development in following years.

Next year will see closer links between fiscal and monetary policies to amplify economic development.

Vietnam will attract more foreign investment and official development assistance that will be disbursed effectively and complete mechanisms to ensure the interests of the State and concerned parties in order to encourage public-private partnership (PPP).

The country will remove obstacles and create conditions for businesses to access loans as well as lower credit interest rates in line with reduced inflation.

With 91.77 percent of votes, the National Assembly agreed to adopt the 2012 socio-economic development resolution.

The same day, the legislature discussed a draft 2013 NA supervision programme.

On the basis of the proposals, the NA Standing Committee suggested they consider and supervise two of the three topics in 2013.

They include investing in infrastructure with government bonds to facilitate community money-saving schemes and a waste management law in the 2006-12 period. The implementation of health insurance policies and laws in the 2009-12 period, and forest management, protection and development policies and laws in the 2006-12 period.

The majority of deputies agreed with the report, adding that it will benefit the lives of Vietnamese people.

VNA

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