Vietnam’s economy set to grow 6.7 percent in 2016

Vietnam's economy is set to expand by 6.7 percent in 2016, according to a government's report on socio-economic situation in 2015, five year period of 2011-2015, directions and missions for 2016 and five-year period of 2016-2020.


The report was presented by Vietnamese Prime Minister Nguyen Tan Dung at the 10th session of the 13th National Assembly (NA) which kicks off Tuesday in Vietnam’s capital Hanoi.


According to the report, the country’s average economic growth rate is set to reach 6.5-7 percent a year in 2016-2020 period. The Gross Domestic Product (GDP) per capita is set to stay at 2,450 U.S. dollars by 2016, and 3,750 U.S. dollars by 2020.

State budget deficit in 2016 is set to stay at 4.95 percent, reads the report. The country will strive to curb inflation rate at less than five percent in 2016.

In order to realize the targets set for 2016 and 2016-2020 period, the country will focus on developing socialist-orientated market economy, stabilizing macro-economy, creating environment and momentum for socio-economic development; boosting economic restructure along with renewing the growth model and improving productivity and competitiveness.

The country will also pay attention to increase the effectiveness of state management and anti-corruption work, improve human resource quality and the potential of science-technology, among others.

Regarding the participation of Vietnam in the Trans-Pacific Partnership (TPP), the government’s report states that Vietnam has always followed the Politburo’s instruction in negotiations, especially on ensuring the highest national interest and not to sign the agreement at all costs.

The TPP is expected to create more chances and favorable conditions to the development of Vietnam’s socio-economy, especially in exports and foreign investment. Besides, Vietnam will have to face difficulties and challenges while joining in the TPP, reads the report. A full version of the agreement will be submitted by the government to the NA for ratification.

According to the report, in 2015, Vietnam’s GDP growth is expected to surpass the target of 6.2 percent to reach 6.5 percent.

Among the 14 targets set earlier for 2015, the only one which will likely fail to be realized is on forest coverage rate, while eight targets are forecast to surpass the set levels, reads the report. Enditem

Source: Xinhua

Send your news stories to and via WhatsApp on +233 244244807
Follow News Ghana on Google News


Please enter your comment!
Please enter your name here