The National Assembly Economic Committee held a plenary session yesterday to review the implementation of the national socio-economic development plan in the first nine months of 2016 and tasks for the remaining three months of the year.
The Government report says that Việt Nam’s gross domestic product grows 5.93 per cent in the first nine months in 2016 against the 6.63 per cent in the same period last year. However, it is much higher than the figure of 5.52 per cent in the first six months of 2016.
The report says in the period under review, the country’s macro economy was stable while the inflation rate was put under the control and major balance factors of the national economy was basically ensured.
It is projected that the inflation rate for the whole year will be capped bellow 5 per cent – the target set by the National Assembly.
In the period under review, the government focused its efforts to carry out the three main tasks, namely research; completion of the country’s legal system and construction of the basic infrastructure; and creating a motivation for a sustainable development of the national economy.
“In the period under review, the three main tasks laid down in the national economic restructuring, namely the restructuring of the public investment, the State owned enterprises (SOEs) and commercial banks have achieved positive results”, the report says.
In the first nine months of the year, the government has paid much attention to education and training, science and technology, employment, the people’s social welfare, including their health and social benefits. Particularly the government has timely given support to people affected by natural calamities, including drought and salinity water intrusion as well as people living in the four central provinces in the Formosa incidents in late April.
In addition to achievements mentioned above, the country still faces many difficulties and challenges. Its economic growth rate in the first nine months of this year failed to meet the target. As a result, spending of the State budget surpassed the figure projected by the National Assembly while the public debt and government debt were also higher than the projection.
The report also raises an alarm that if the government does not adjust the debt structure, it is likely that by the end of the year public debt will be climbing up.
Commenting on the government’s report, Nguyễn Lâm Thành, Vice Chairman of the Council of Nationalities expressed his approval of the report.
Lê Minh Chuẩn, a delegate from the northern province of Quảng Ninh gave a number of reasons why Việt Nam’s GDP in 2016 might not reach the target of 6.7 per cent as laid down by the National Assembly and the inflation rate would be around 5 percent more or less against the target of 4.2 per cent.
Referring to measures on socio-economic development for 2017, Chuẩn suggested that the government should speed up the process of applying the market economy mechanism in various public services, including health, education, electricity, runner water and others.
Meeting of the Committee on Social Affairs
Another report was delivered at the two-day meeting of the National Assembly Committee on Social Affairs, which opened in Hà Nội yesterday, to discuss the implementation of the country’s socio economic development and the State Budget in 2016 and plan for 2017, particularly those related to the areas under the management of the Ministry of Labour, Invalids and Social Affairs (MOLISA) and the Ministry of Health.
The report from MOLISA said in the first 9 months of this year, all targets set by the National Assembly on the unemployment rate, poverty reduction and trained employees have all met targets set by the National Assembly.
“In 2016, the unemployment rate is expected to be capped bellow 4 per cent while the poverty rate will be dropped from 8.62 per cent to 8.42 per cent,” the report said.
One of the key tasks laid down by the MOLISA in 2017 is to develop the labour market and create a good harmony of the labour market to ensure the unity, flexibility of the labour market, particularly in the employment service.