Vietnam targets 6.5-7 pct in GDP growth from 2016-2020

Vietnam has set goals for GDP to grow by 6.5-7 percent and inflation to be kept at around 5-7 percent in the next five years, the Ministry of Planning and Investment said.
Vietnam targets 6.5-7 pct in GDP growth from 2016-2020 ảnh 1Vietnam targets 6.5-7 pct in GDP growth from 2016-2020. (Source: VNA)

Hanoi (VNA) – Vietnam has set goals for GDP to grow by 6.5-7 percent and inflation to be kept at around 5-7 percent in the next five years, the Ministry of Planning and Investment said.

It also targets to reduce the state budget deficit to 4.8 percent of GDP compared to 4.9 percent during the 2011-2015 period.

The Government will maintain its macroeconomic stabilisation policies, especially in terms of price, in pursuit of the goals.

Attention will be paid on transparency of public finance which helps enhance controls of both the Government and society on the issue, while budget planning, verification and allocation will be improved at all levels to avoid any overuse, waste and inefficiency.

The Government plans to get the private sector more involved in socio-economic development, notably in infrastructure, support industries and hi-tech projects, through an improved business climate and preferential policies on interest rates and land.

Economic restructuring at state and industry-levels will be accelerated towards sustainable growth with priorities given to state-owned enterprises and the financial markets.

Average economic growth in Vietnam between 2011-2015 was pegged at 6 percent, lower than 6.32 percent from 2006-2010 and the national target of 6.5-7 percent set for the period due to the country’s economic slowdown in 2011 and 2012.

The country witnessed a decline in GDP growth from 6.42 percent in 2010 to 6.24 percent in 2011 and 5.25 percent in 2012 as a result of the global economic downturn, inefficient reforms and overdependence on natural resources and cheap labour.

Despite these issues, economic restructuring has made progress. The Incremental Capital-Output Ratio (ICOR) fell from its peak of 42.68 percent in 2007 to approximately 31 percent in 2015.

The average ICOR during the last five years was 31.2 percent compared to 39.3 percent from 2006-2010, indicating a more efficient use of capital.

The last five years also saw a remarkable rise in export revenue, which has tripled GDP growth. Vietnam’s exports contributed 0.8 percent of global exports in 2015, up 3-fold from 0.25 percent in 2011.

Thanks to the Government’s market stablisation measures alongside the slide in oil prices, the consumer price index (CPI) rose by only 1 percent in 2015.-VNA

VNA

See more

The 21st conference of the 17th Hanoi Party Committee on January 21 (Photo: VNA)

Hanoi sets ambitious growth targets for 2025-2030

Hanoi has set a goal of achieving an annual growth rate of 10.5-11% during the 2025-2030 period, focusing on bolstering traditional economic drivers while implementing innovative solutions to promote new ones.

Minister of Industry and Trade Nguyen Hong Dien (Photo: VNA)

Vietnam commits to supporting Czech investors: Minister

Minister of Industry and Trade Nguyen Hong Dien pledged Vietnam’s support to Czech businesses and investors while addressing the bilateral business forum held in Prague on January 20 as part of Prime Minister Pham Minh Chinh’s official visit to the European country.

Processing mango products for export at the factory of An Giang Fruit and Vegetables JSC. in Lam Dong province (Photo: VNA)

UNCTAD leader highlights Vietnam’s role in global trade

Vietnam has emerged as a remarkable example of how trade and investment can fuel inclusive growth and development, according to Rebeca Grynspan, Secretary-General of the United Nations Conference on Trade and Development (UNCTAD).

Le Anh Quan, Standing Vice Chairman of the municipal People's Committee and Chairman of the Vietnam-Korea Friendship Association delivers speech at the event. (Photo: VNA)

Vietnam, RoK strengthen friendship, cooperation

The Vietnam-Korea Friendship Association (VKFA) and the Korean Association in the northern city of Hai Phong hosted a friendship exchange on January 20 during which the Vietnam-Korea Business Club in Hai Phong was launched.

2025 - Year of acceleration, breakthroughs

2025 - Year of acceleration, breakthroughs

Prime Minister Pham Minh Chinh has instructed ministries, agencies, and local authorities to drastically and effectively implement three strategic breakthroughs, six key tasks, and 12 primary solutions, striving for double-digit growth in 2025, set to be the year of acceleration and breakthroughs, and laying the foundation for the 2026-2030 socio-economic development plan.

Furusawa Yasuyuki, General Director of AEON Vietnam Company Limited, speaks at a meeting with Can Tho city's leaders. (Photo: VNA)

Can Tho creates enabling environment to attract Japanese investors

The Mekong Delta city of Can Tho is committed to creating the best possible conditions for Japanese companies to study, invest and develop projects, Standing Vice Chairman of the municipal People’s Commitee Duong Tan Hien said at a January 20 meeting with representatives from the Japanese Embassy and businesses in Vietnam.

Representatives of the Vietnamese Ministry of Industry and Trade and the Office of the US Trade Representative sign an agreement regarding anti-dumping on Vietnamese fish fillets on January 20 (Photo: moit.gov.vn)

US anti-dumping duty removed from Vietnamese fish fillets

A bilateral agreement between the Vietnamese and US Governments regarding anti-dumping duties on Vietnamese fish fillets was signed on January 20, marking the end of relevant disputes in Case DS536 at the World Trade Organisation (WTO).

The red carps for the ritual remain reasonably priced at 25,000-75,000 VND for three fish, depending on sizes. (Photo: VNA)

Hanoi markets bustle as residents prepare for Kitchen Gods’ Day

Markets across the capital city of Hanoi are teeming with fresh produce and traditional offerings as locals are preparing to bid farewell to the ong Cong (Land Genie) and ong Tao (Kitchen Gods) to the heaven, an important precursor to the Tet (Lunar New Year) celebrations.

Illustrative image (Photo: cafef.vn)

Banks step up capital mobilisation policies

Many banks have promoted capital mobilisation policies right from the beginning of 2025 to improve financial strength and meet the credit demand that is forecast to increase sharply this year.

Illustrative image (Photo: VinFast)

VinFast officially enters India market, unveils two EVs

Vietnamese electric vehicle manufacturer VinFast has unveiled two all-electric B-segment and C-segment SUVs, VF6 and VF 7, that will be sold in the Indian market within the framework of the Bharat Mobility Global Expo 2025 on January 18.