Vietnam remains in nations with highest economic growth in the world

	Vietnam records GDP growth of 2.12% over nine months
	Vietnam an ideal source of agricultural products and food for the world
	Vietnamese garment exports to EAEU poised to exceed trigger level

Accordingly, in the next five years, Vietnam sets a GDP growth target of 6.5-7%, continuing to be in the nations with the highest economic growth in the world. Currently, per capita income increases from US$2,750 to US$5,000.

Growth is not commensurate with potential

The meeting aimed to assess the implementation of the National Assembly’s resolutions on socio-economic development plans, economic restructuring plans, andpublic investment plans for 2016-2020, and orientations and tasks for 2021-2025.

Reporting on the implementation of Resolution No.142/2016/QH13 of the National Assembly on the five-year socio-economic development plan for 2016-2020 and expected major objectives, as well as tasks and solutions for socio-economic development for 2021-2025, Deputy Minister Tran Quoc Phuong said that we have gainedimportant and comprehensive achievements in almost all fields.

Through a preliminary assessment of 18 of 21 indicators assigned in Resolution No.142/2016/QH1, 14 have been reached and exceeded, and fourindicators have not reached the target (including economic growth, average GDPper capita, rate of trained labor and unemployment rate in urban areas).

Currently, the information and data on three indicators have not been provided, including state budget deficit compared to GDP, reduction of energy consumption per GDP unit and the rate of medical waste processed to the last year of the period.

However, the results of socio-economic development in many aspects are still not commensurate with the potential and advantages, and lack of sustainability; economic growth has failed to reach the planned target, to narrow the gap with other countries in the region.

The productivity, quality and competitiveness of the economy are not high, not based on science, technology and innovation. The strategic breakthroughs and economic restructuring associated with the growth model innovation have not achieved major breakthroughs. The growth model is still heavily dependent on foreign countries and has not focused on value chains and domestic supply.

According to the Chairman of the Finance and Budget Committee Nguyen Duc Hai, public investment capital is allocated poorlyand insufficient capital leads to delays in inauguration of projects and inefficiency, investment is still not consistent and investment capital has not disbursed due to slow progress and problems regarding procedures and site clearance.

There will be a transparent picture on public investment

Regarding the expected main targets for 2021-2025, Deputy Minister Tran Quoc Phuong said that ensuringrapid and sustainable economic growth based on macroeconomic stability, development of science and technology and innovation; striving for an economic growth rate higher than the average level of the five-year plan for 2016-2020, and becoming a developing country with modern industries, surpassing low middle income by 2025.

Accordingly, the average five-year GDP growth rate is about 6.5-7%; GDP per capita by 2025 will reach US$4,700-5,000; The proportion of processing and manufacturing industries in GDP will reach over 25%; the digital economy is about 20% of GDP.

To achieve the above objectives, Minister of Planning and Investment Nguyen Chi Dung said that we must strongly reform and innovate.

Minister Nguyen Chi Dung affirmed that the Ministry will focus on building strategies and planning under the Planning Law, including building a 10-year socio-economic development strategy; building a 5-year socio-economic development plan; building new economic models; building new mechanisms and policies, at the same time, focusing on solving problems to mobilize resources.

The ministry will also focus on closely directing the central budget source; handling outstanding debts; ODA reciprocal capital, completing outstanding projects; minimizing new construction; solving problems and shortcomings. We will have a transparent picture on public investment in the near future.

Vice Chairman of the National Assembly Phung Quoc Hien noted that the 2021-2025 period will be very different from the previous period; especially, 2021 will face difficulties, the Covid-19 pandemic cannot be stopped before June 2021. Therefore, the Ministry of Planning and Investmentshould develop a capital plan and it should tighten the plan forthe next five years.

The Ministry of Planning and Investment needs to deal with bottlenecks on policies to handle projects that are behind schedule for electricity, aviation, railway and 11 North-South expressway projects.

The Ministry needs to prepare well for the public investment plan in the coming period for the National Assembly to comment on. The ministry also needs to focus on unfinished projects going into operation; allocating sufficient capital for national key projects (such as the North-South expressway project).

Hai said that, for the plan in2021-2025, the need for capital will increase nearly double or triple, exceeding the capital capacity.

Meanwhile, the goals are still spread, the number of new projects is large, and the priority order is not specific. Therefore, the ministry needs to balance the capital capacity, and especially pay attention to disbursed public investment capital.