Gov’t outlines key socio-economic targets, solutions for five years

Prime Minister Nguyen Tan Dung on Thursday presented a report on 2011 socio-economic performance and socio-economic development plans for 2011-2015, at the second session of the 13th National Assembly.

The report says that the overall target for the 2011-2015 period set out by the 11th National Party Congress is fast and sustainable development in combination with growth model renovation towards higher competitiveness.

The second session of the 13th National Assembly opens in Hanoi on Oct. 20, 2011

Meanwhile, the central priority for 2012 is inflation curbing, macro-economic stability, reasonable growth combined with growth model renovation and economic restructuring.

The State should play a decisive role in creating premises for and regulate the socialist-oriented market economy in accordance with our country’s realities, according to the report.

Regarding major norms, the Government said it will strive to pull down inflation rate to one digit next year and 5 - 7% by 2015.

The GDP is expected to expand at least 6-6.5% in 2012 and 6.5-7% on average throughout the period.

Other norms include budget overspending rate which will be kept at 4.8% of the GDP by 2012 and reduced to 4.5% by 2015. Public debt is projected at 60 - 65% of the GDP by 2015.

The Government set the target of export turnover growth rate of 12 - 13% for 2012 and trade deficit equivalent to 11.5 - 12% of the total export value. The figure is expected to fall down to 10% by 2015.

Key solutions

To achieve the above targets, the Government said that it will focus on seven key solutions with the first one is inflation curbing, macro-economic stabilization, and the guarantee of macro indexes.

In 2012, macro-economic stabilization must be seen as the key priority, the report says.

Second, more resources should be allocated to realize three strategic breakthroughs, economic restructuring, growth model renovation for higher efficiency and competitiveness.

The Government underlined the importance of changing way of thinking in investment, upgrading investment decentralization mechanism, and speeding up equitization and rearrangement of State-owned enterprises.

Third, while implementing tightened monetary and fiscal policies, more favorable conditions should be created to ease difficulties faced by businesses.

Fourth, continued effort should be made to secure social welfare and address pressing social problems.

Fifth, speeding up science and technology development and enhancing effort in environment protection and improvement.

Sixth, improving the efficiency of State management and expanding efforts in the fight against corruption.

Seventh, consolidating national defense, security and heightening the efficiency of diplomatic work.

Source: Government Website

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