Vietnam’s growth quality sees clear improvement

The Prime Minister affirmed: “The larger the scale is, the more difficult it will be to achieve a percentage point in growth, but it is not impossible.”
Vietnam’s growth quality sees clear improvement ảnh 1Party General Secretary and State President Nguyen Phu Trong, National Assembly Chairwoman Nguyen Thi Kim Ngan, Prime Minister Nguyen Xuan Phuc and other party and State leaders attend the conference to realise the resolution of the 14th National Assembly on socio-economic development tasks for 2020. (Photo: VNA)

Hanoi (VNA) - The socio-economic achievements recorded in 2019 attested Vietnam’s strong will, efforts, solidarity and firm determination. Many of the goals were very hard to achieve.

This was stressed by Prime Minister Nguyen Xuan Phuc at a conference to realise the resolution of the 14th National Assembly on socio-economic development tasks for 2020, held on December 30.

According to the Prime Minister, Vietnam’s economic scale in 2018 was nearly 250 billion USD, 9.3 times that at the start of the renovation process (in 1986). Last year, Vietnam’s growth was 7.02 percent, broadening the economic scale to over 266 billion USD.

“This proves that the larger the scale is, the more difficult it will be to achieve a percentage point in growth, but it is not impossible,” he affirmed.

In the earlier stage, Vietnam had to accept a slower growth for the sake of the macro stability. But in 2019, the country not only achieved a rapid growth and held a leading position in the region and the world over but also maintained the stability of the economic foundation, an inflation rate under 2.79 percent and a stable interest rate and foreign exchange rate in the context of strongly changing global financial markets. As of December 23, the state budget balance was 1.469 quadrillion VND, or 104.1 percent of the projection. Besides, public debts were brought down to about 56 percent of the GDP from 64 percent of a year earlier.

With the previous growth models, the rapid growth often went along with a lower quality. However, in 2019, Vietnam belonged to the groups of the top states with high and stable economic growth in Asia.

“The quality of our growth sees a very clear improvement,” the Prime Minister said.

Analysing the 2019 achievement, the leader pointed his finger on weak pints, analysed chances and difficulties in 2020, and tabled main tasks and measures to better accomplish socio-economic goals in 2020 as well as the five-year plan as follows:

First, to continue and further bring into full play the socio-economic achievements recorded in 2019. The ministries, sectors and localities should work out higher goals and ways to achieve those goals at an early date.

Secondly, to continue removing hurdles in business environment, immediately amend discrepancies in mechanisms, policies and laws.

Thirdly, to look for solutions that can cause strategic breakthroughs in terms of institutions, infrastructure and human resources. The unofficial and betty corruption must be ended.

Fourthly, sectors, authorities and localities should point out new driving forces for growth, or build them for 2020 and the subsequent year on the basis of the chances created by the Fourth Industrial Revolution.

Fifthly, as Vietnam’s economic scale had broadened four folds over the past five years and forecast to reach 20 percent of the GDP in the five years, a foundation should be created for the digital economy to develop and accelerate in 2020 and subsequent years.

Sixthly, breakthroughs should be made in the delegation and decentralization of power for localities to boost up the creativeness in implementing policies and advocates.

Seventhly, to well implement the advocate of the Party and the National Assembly on cultural development.

Eighthly, to intensify investment for national security and defence capability matching the challenges of the new era. And

Ninthly, to take measures caring for the livelihood and raising the working motivation for state employees.

"We must help the people have an enjoyable lunar New Year. There will be many localities that achieve sustainable development under the viewpoints manifested in documents of the 12th Party Congress as well as resolutions of the Party and the National Assembly,” PM Phuc concluded./.


See more