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Vietnam Today

NA approves 2020 Socio-Economic Development Plan

Released at: 10:36, 13/11/2019

NA approves 2020 Socio-Economic Development Plan

Photo: VGP

Legislature adopts associated Resolution, targeting 6.8% GDP growth.

by Nghi Do

The National Assembly officially passed a Resolution on the Socio-Economic Development Plan 2020 on November 11 in Hanoi during its ongoing eighth session.

The Resolution defined its general goal as focusing on macroeconomic stability; controlling inflation; increasing productivity, quality, efficiency, activeness, and the capacity of the economy; completing institutions and unfurling resources; creating an equitable, transparent, and fair business and investment environment; boosting the restructuring of the economy associated with growth innovation; speeding up the implementation of important projects; promoting the role of key economic regions and big cities; supporting the training and retraining of high-quality human resources associated with the development of science technology and innovation; developing a sustainable economy associated with cultural and social development, environmental protection, and the strengthening of national defense and security; and improving the material and spiritual lives of the people, etc.

Adopted with 88.2 per cent of votes, the Resolution sets out specific targets for 2020. GDP is set to increase by some 6.8 per cent, while the CPI is to be kept at below 4 per cent. Total export turnover is to rise 7 per cent, while social development investment capital is to make up about 33-34 per cent of GDP.

The rate of poor households is to decline by 1-1.5 per cent. The unemployment rate in urban areas is to be below 4 per cent, and some 90.7 per cent of the population will have health insurance.

The number of hospital beds per 10,000 people, excluding beds at commune health stations, is 28. The proportion of industrial parks and export processing zones operating with centralized wastewater treatment systems meeting environmental standards is to be 90 per cent. Forest coverage is to reach 42 per cent.

The Resolution also looks to improve the efficiency of external affairs and international integration, effectively implement free trade agreements to which Vietnam is a member, and promote the country’s role as Chair of ASEAN in 2020, Chair of the 41st General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA), and non-permanent member of the UN Security Council for 2020-2021.

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