VietNamNet Bridge - The National Assembly (NA) on November 8, approved the Resolution on the five-year socio-economic plan for the 2011-2015 period--with 10 economic, eight social and two environmental targets.
The NA basically agreed with the Government’s proposal to set a target for GDP growth of 6.5-7 percent, lower than the target set by the 11th National Party Congress – 7.7.5 percent, while ensuring that social investment represents around 33.5-35 percent of GDP.

By 2015, the trade deficit should be less than 10 percent of export value; with the State budget deficit below 4.5 percent and public debt no more than 65 percent of the country’s GDP.

The plan sets targets of providing jobs for 8 million people and reducing the unemployment rate in urban areas to less than 4 percent. It also aims to reduce the poverty rate by 2 percent every year.

In comparison with the Government’s plan, the Resolution includes new targets, which measure sustainable development and closely link to renovation of economic growth model and economic restructuring.

Specifically, the NA asked the government to reduce energy consumption by 2.5-3 percent a year (based on GDP) while labor productivity must rise by 29-32 percent over 2010. Hi-tech products must account for 30 percent of the total industrial production output while technological renovation must reach 13 percent per annum.

To attain the above targets, the NA asked the government to speed up economic restructuring, particularly in three areas: investment (mainly government’s spending), the financial market (focusing on the system of commercial banks, financial organizations) and enterprises (State-owned groups).

In addition, inflation control and the stabilization of the macro-economy and the currency will be maintained through synchronous and persistent implementation of financial policy and control of the trade deficit.

In terms of education, the NA requested comprehensive renovation of education and training; to improve quality of the human resources, particularly personnel for management, business administration, science and technology, art and culture; to raise quality of education, especially higher education; to attach importance to vocational training, emphasizing on training one million rural laborers annually, etc.

The Resolution also confirms the determination to effectively carry out the national program on fighting crime, corruption and traffic accidents.

Phuong Loan