NA sets overspending below 3.5 pct of GDP by 2020

State budget overspending will be reduced to below 3.5 percent of GDP by 2020, while public debts, government debts and the country’s foreign debts will not exceed 65 percent, 54 percent and 50 percent, respectively, of GDP annually in 2016-2020.

These goals were set in Resolution on the economic restructuring plan in 2016-2020 which was adopted by 82.39 percent of National Assembly deputies during their plenary session in the afternoon of November 8.

Existent non-performing loans in the national economy will be curbed to below 3 percent, while the capitalisation of the stock market and the bond market will make up 70 percent and 30 percent of GDP, and at least 1 million businesses will be set up by 2020, among other goals.

At the NA meeting.
At the NA meeting.

The resolution stressed the need to follow closely the Party guidelines and policies, especially 12 th Party Central Committee Resolution 05-NQ/TW dated November 1, 2016, to build a growth model measured by labour productivity, the quality and competitiveness of the national economy, and mobilise, allocate and use resources efficiently based on the market’s signals and rules.

The quality of growth should be enhanced and the growth model, which used to rest on investment and exports, should be gradually based on investment, export and the local market. It should be estimated by labour productivity and quality, scientific and technological applications and innovations, the resolution said.

Internal resources should be fully tapped in combination with attracting and using efficiently external resources. The macro-economy stability must be maintained and economic growth must go along with social advancement, progress and justice, the safeguard of defence, security and ecology, scientific and technological applications, human resources quality and workforce restructuring, the document stressed.

The implementation should keep abreast with the market life, and the development of the private sector should be regarded as an important driving force in economic development.

The resolution also mentioned to tackling problems existed in the previous economic restructuring period to deter their effects on socio-economic achievements.

The economic restructuring should be coupled with reshuffling the administration, stepping up the administrative reform, and improving the quality of public services. 

The country’s free trade agreements should be soundly implemented to proactively make the best use of international integration and the fourth industrial revolution to ensure economic growth is well associated with the environmental protection and recovery and climate change adaptation, the resolution emphasised.

Key tasks were also identified, including restructuring public investment, state-owned enterprises and credit organisations; rearranging State budget and the public sector; promoting the development of the private sector and reeling in foreign direct investment; modernizing the planning and structuring of sectors and economic zones with regard to increasing productivity, quality, and efficiency and speeding up international economic integration; forming and developing various markets, including the finance market, the land use right market, the labour market and the science and technology market in a uniform fashion.

VNA

Other News

National Assembly Chairman urges renovation in leadership, working style

National Assembly Chairman urges renovation in leadership, working style

The NA's Committee for Cultural and Social Affairs has moved fast to reshuffle its organisation after the 14th National Party Congress and the election of deputies to the 16th NA, updating its work agenda to match new directives set out in the resolutions of the 14th National Party Congress and the first Congress of the NA Party Organisation for the 2025–2030 term.

Vietnam treasures ties with Croatia: PM

Vietnam treasures ties with Croatia: PM

Vietnam and Croatia should strive to double bilateral trade turnover from the current level of 161 million USD; study the establishment of a Joint Committee on Economic Cooperation to create a long-term, stable, and effective framework for collaboration, said Prime Minister Le Minh Hung.

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

President Ho Chi Minh's enduring legacy highlighted at Venezuela commemoration

Vice President of the United Socialist Party of Venezuela (PSUV) Jesús Faria expressed deep admiration for President Ho Chi Minh and Vietnam’s indomitable struggle for national independence. He described President Ho Chi Minh as an immortal symbol of 20th-century national liberation movements, whose legacy continues to inspire leftist parties, progressive movements, and peoples across Latin America, including Venezuela.

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Vietnam proposes key cooperation orientations at BRICS Foreign Ministers' Meeting

Deputy Foreign Minister Nguyen Minh Hang shared Vietnam’s approach to building an independent and self-reliant economy linked to deep international integration, while proposing several key areas for enhanced cooperation between BRICS and partner countries at the Expanded BRICS Foreign Ministers' Meeting that opened on May 14 in India.

Vietnam asks parties to respect its sovereignty over Truong Sa

Vietnam asks parties to respect its sovereignty over Truong Sa

PSNews - The spokesperson stated that the dispatch of personnel by relevant parties to features belonging to Truong Sa without Vietnam’s permission constitutes a violation of Vietnam’s sovereignty under international law. She stressed that such actions run counter to the Declaration on the Conduct of Parties in the East Sea (DOC) as well as ongoing efforts by countries to negotiate a Code of Conduct in the East Sea (COC).

Hanoi to host ASEAN Future Forum 2026 in mid-June

Hanoi to host ASEAN Future Forum 2026 in mid-June

PSNews - Vietnam’s proposals placed the highest priority on ensuring a peaceful and stable environment conducive for continued sustainable development and improving the well-being and happiness of the ASEAN people. They were praised by member states and incorporated into the core contents of the ASEAN Leaders’ Statement on the response to the Middle East crisis.

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam promotes cooperation with United Nations on crime prevention

Vietnam highly values the support of the United Nations Office on Drugs and Crime (UNODC) in strengthening national capacity in crime prevention and criminal justice, drug control, and addressing emerging challenges, particularly cybercrime, said Ambassador Vu Le Thai Hoang.

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Party, State leader calls for consolidation of central steering committees on legal, judicial reform

Consolidating the central steering committees for institutional and legal reform and for judicial reform is necessary in order to streamline organisational structures without reducing responsibilities, while ensuring clear accountability, measurable outputs and concrete results. Following the restructuring, the body will be renamed the central steering committee for institutional improvement and law enforcement, with the Party General Secretary and State President serving as its head.

Vietnam strives for substantive outcome at NPT review conference

Vietnam strives for substantive outcome at NPT review conference

At the meeting this week, Ambassador Viet briefed the UNGA President on developments during the first two weeks of the conference. He stressed that the current international geopolitical landscape poses numerous complex challenges, while reaffirming Vietnam’s determination, together with other member states, to promote substantive and balanced outcomes at the conference.

Top leader of Vietnam receives Vientiane official in Hanoi

Top leader of Vietnam receives Vientiane official in Hanoi

The host leader stressed that cooperation between localities, particularly between the capitals of Hanoi and Vientiane, plays an especially important role as a pioneering force in effectively implementing the foreign polices of the two Parties and States, while also serving as a bridge between politics and development, as well as between strategy and concrete action.