Gov’t crafts Resolution on socio-economic development plan

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Specifically, the Ministry of Planning and Investment (MoPI) was asked to work with relevant agencies to collect comments to perfect the Resolution. 

The MoPI was asked to research and collect comments from the eighth session of the 12th Central Committee of the Communist Party of Viet Nam and the sixth session of the 14th National Assembly and deal with social pressing issues. 

Ministers, ministerial-level leaders, provincial leaders were urged to give feedback on the Resolution. 

Earlier, the National Assembly passed the Resolution on socio-economic development plan for 2019. The supreme legislative body targeted the GDP growth rate of 6.6 – 6.8%; the consumer price index (CPI), a gauge of inflation,  to be around 4%, and the export growth rate at 7 – 8%.

The National Assembly also targeted the trade deficit to stay below 3% of total export revenue, and social investment capital equivalent to 33 – 34% of GDP.  

The country also aimed to reduce the poverty rate by 1 – 1.5 %. In poor localities and areas inhabited by ethnic minority groups, the reduction rate should be 4 %.

Additionally, the unemployment rate in urban area is targeted at below 4%. 

In order to fulfill the plan, the National Assembly requested the government to implement the monetary policy in an efficient and flexible manner, which is consistent with the fiscal policy.

The National Assembly also approved the State budget estimates for 2019. Accordingly, Viet Nam's state budget revenue is projected to increase by 7% on an annual basis to US$ 61 billion in 2019. Meanwhile, Vietnam is expected to spend US$ 70 billion, up 7.2% on an annual basis, resulting in a budget deficit of US$ 9 billion, or 3.6% of GDP./.  

By Kim Loan