“State budget overspending accounts for 5.3% of GDP, while the pubic, government and foreign debts are lower than the permitted level set by the National Assembly (NA) in its Resolution 10 released in 2011”, affirmed Prime Minister Nguyen Tan Dung.

Prime Minister Nguyen Tan Dung

Prime Minister Nguyen Tan Dung spoke at the 13th NA’s eighth session in Hanoi on October 20.

In his opening speech at the 13th NA’s eighth session in Hanoi on October 20, PM Dung reported to NA delegates the socio-economic development situation in 2014 and tasks next year.

He noted that the word experienced many fluctuations in 2014, resulting in slow economic recovery. Conflicts occurred in many countries, and the situation in the East Sea and the East China Sea remained tense.

Dung reported that State budget collection in the past 9 months saw an increase of 17.2% compared to the same period last year. Inflation was kept under control, while macro-economy was stabilized. Consumer price index (CPI) increased at the lowest level of 2.25% compared to figures recorded in the past 10 years. The average CPI growth for the whole 2014 is predicted to be close to 5%, he added.

The Government leaders praised credit growth rate in the nine-month period, which reached 7.26%, and is likely to rise to 12-14% by the year-end. Foreign exchange rate was stable, and foreign currency reserves were estimated at the highest level so far. The trust in Vietnamese currency has been built up, he underscored.

Vietnam’s total social investment from January to September 2014 enjoyed a 10.3% increase from a year earlier, making up around 30.1% of GDP. The non-State sector’s investment rose by 12.8%, and is forecast to be 5.45% by the end of this year, Dung said.

The PM highlighted the disbursement of foreign direct investment (FDI) that hit US$8.9 billion in the first three quarters, up 3.2% over the same period of 2013. This year’s total FDI disbursement may reach US$12.5 billion, up 8.7%.

About US$4.1 billion in official development assistance (ODA) loans was disbursed in the reviewed period, rising by 10%. The whole year’s figure is expected to post at US$5.5 billion, up 7.1%. Investment from the State budget and Government bonds is forecast to increase 18.3% by the end of 2014, Dung stated.

He appreciated a number of effective measures implemented by the Government in early this year, with focus on promoting administrative reform, improving investment climate, and sharpening competitiveness, particularly in the customs, taxation, credit, social insurance, and real estate sectors.

Regarding the socio-economic plan for 2015, PM Dung set out targets of 6.2% for GDP growth and an inflation rate of 5%; a 1.7-2% decrease in poverty overall and a 4% decrease in poverty in poor localities; and 1.6 million new job opportunities.

Later in the ongoing session, deputies heard a summary report on voters’ opinions, and a report on the NA Economic Committee's verification of the government's report on socio-economic development in 2014 and tasks for 2015.

They also debated reports on the prevention of and fight against corruption in 2014, and a proposal on the revision of textbooks for general education.

During the October 20 session, deputies also heard a report on the implementation of the State budget estimate for 2014, and a report on the budget estimate and central budget allocation for next year.