Five-year plan for socio-economic development approved

On November 8, 446 out of 458 deputies (89.2 percent) to the 13th NA voted in favour of the resolution.

With regard to the implementation of the 2006-2010 plan for socio-economic development, the resolution says, the government has gained important achievements under the wise leadership of the Party and State.

Vietnam has now become a middle-income country with economic growth of 7 percent while its people’s living conditions continue to improve with a sharp decrease in the number of poor households.

Despite this fact, ten of 24 targets set by the plan are still out of reach, economic growth is not sustainable, and competitiveness remains low, the resolution says.

It calls for greater efforts to fulfill all targets of the next five-year plan with a focus on three breakthroughs and 12 directions for development as outlined in the 2011-2020 strategy for socio-economic development.

The resolution emphasizes the goal of achieving fast and sustainable development, in association with new growth patterns to improve the quality and competitiveness of the economy, social welfare, and people’s living conditions.

In addition, it says, the implementation of national defence, security, and diplomatic tasks will create a peaceful climate for Vietnam to promote socio-economic development and preserve national independence, sovereignty and territorial integrity, on the way to becoming a modern industrialised country.

According to the resolution, in five years’ time, Vietnam will achieve a GDP growth of 6.5-7 percent, raise the social investment ratio to 33.5-35 percent of GDP, reduce the import surplus to below 10 percent of total export earnings, and State budget overspending to 4.5 percent, keep public debts at less than 65 percent of GDP, government and sovereign debts at less than 50 percent of GDP each, and keep the rate of inflation at 5-7 percent.

Social targets include creating 8 million jobs, raising the level of income in 2010 by 2-2.5 times, reducing the number of poor households by 2-4 percent annually, increasing average housing to 22 square metres per person and the number of doctors and patient beds to 8 and 23, respectively, per 10.000 people, and expanding forest coverage to 42-43 percent.

** Also on November 8, the NA discussed the government’s Target Programme and Bond scheme for the next five years.