Party General Secretary Nguyen Phu Trong on November 1 signed into issuance a resolution on several major policies and guidelines to continue renewing growth model; improving growth quality, labour productivity and economic competitiveness. 




The resolution No. 05-NQ/TQ, adopted at the fourth plenum of the 12th Party Central Committee, affirms that renewed growth model is meant to forge comprehensive economic, social and environmental transformation for rapid and sustainable development.

It adds that growth will not be promoted by all means as the act will potentially hurt macro-economic stability, national defence-security, social progress and fairness, and the environment. 

It also targets making the best use of internal power in tandem with attracting and effectively using external power. 

Annual inflation is set to be curbed below 5 percent while public debts for 2016-2020 will not exceed 65 percent of the gross domestic product (GDP), government and foreign debts are to be maintained below 55 percent and 50 percent of GDP, respectively. 

Between 2016 and 2020, nearly 30-35 percent of businesses will engage in innovation and creativity activities. 

By 2020, the rate of agricultural workers will fall to below 40 percent, narrowing national competitiveness bridge with ASEAN-4 comprising Singapore, Malaysia, Thailand and the Philippines. 

The fourth meeting took place in Hanoi from October 9-14, with a focus on Party building and rectification, preventing and taming ideological, ethical and lifestyle degradation as well as manifestation of “self-evolution” and “self-transformation” inside the Party. 

The meeting also examined the country’s socio-economic situation in 2016 and socio-economic development plan in 2017. 

The Party Central Committee mulled over a number of major policies and guidelines aiming to continue renewing the growth model, improving the quality of growth, productivity and competitiveness of the economy, while effectively implementing the international economic integration, maintaining political-social stability in the context of Vietnam joining new-generation free trade agreements.-VNA