Optimistic Socio-Economic Development for Viet Nam

Medical equipments are made for exports at the NIKKISO Vietnam Corporation in Ho chi Minh City.

Viet Nam witnessed the highest ever FDI in the final quarter of 2006 and has thus fulfilled its socio-economic development ideals for 2006, Deputy PM Nguyen Sinh Hung said at the final session of the 11th National Assembly.

Nearly 500 NA deputies from across the country gathered in Ha Noi yesterday for the opening of the 11th National Assembly’s last session, which drew the participation of many key government officials and party leaders.

Deputy Prime Minister Nguyen Sinh Hung presented a Government report outlining the implementation of socio-economic development plans and the State budgets for 2006 and 2007.

According to the government’s reports, the economy responded well to the economic structure-shift, which saw a reduction in man-power and resources for the agriculture, fisheries and forestry sectors and a subsequent increase in industrial, construction and service sector banking. The non-state sector saw the highest growth rate.

In 2006, the country saw the highest annual amount of direct investment capital, an increase of US$10.47 billion from last year. Notably, the scale of investment projects has expanded with an average of US$9.4 million now invested per project. Total investment capital within the country reached VND393.5 trillion, equal to 40.4% of the GDP.

Deputy PM Nguyen Sinh Hung speaks at the meeting.

Some 42,000 enterprises were also established last year, their operations with a total registered capital of VND128 trillion. In late 2006, the number of non-state enterprises had therefore risen to 243,000.

Mr. Hung also reported that there were 193 companies listed on the domestic stock market by the end of 2006, with a total trade value of over VND221.1 trillion, a threefold increase from 2005 and a thirty-fold increase from the opening stages of the market six years ago.

However, according to the NA office, many weaknesses remain in the future realization of socio-economic development plans; the quality of growth is poor and corruption and wastefulness are still big challenges facing development.

11th NA review to renew operations in the 12th NA

During the two-week long final session of the 11th NA discussions will take place considering the passing of new bills. The main topic for discussion will be about passing a new bill on the amendments and supplements to the Law covering the organization of the National Assembly, which party members had discussed earlier in the NA.

National Assembly Chairman Nguyen Phu Trong

Other hearings held during this final session, will focus on the burning issues of the Law on Anti-Corruption, the Law on Thrift Practice, combating the problem of waste and other issues of public concern.

In his opening speech, NA Chairman Nguyen Phu Trong emphasized that during the past year, despite facing many difficulties and challenges, Viet Nam maintained a high and stable rate of economic growth and fulfilled or surpassed almost all of the year’s set targets.

The country made significant progress in reducing poverty and ensuring national defense and security, political stability and social order and safety of the country. Notably, successes in foreign affairs and international cooperation created favorable conditions for Vietnam to promote socio-economic development and the international integration process.

According to Mr. Trong, in the first two months of 2007, the speed of socio-economic development remained as high as the remaining months of last year and the NA praised people and soldiers throughout the country for making every effort to overcome all difficulties in order to obtain such important results.

By staff writers – Translated Trong Khuong

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