Legislature approves 6 percent GDP growth target for 2021

At its 10th session on November 11, the 14th-tenure National Assembly approved major socioeconomic targets for 2021, including GDP growth of six percent, consumer price index (CPI) growth of four percent, and per capita GDP of some US$3,700.

Legislature approves 6 percent GDP growth target for 2021

The general goals set for next year focus on efficient prevention and control of the Covid-19 pandemic, people’s health protection, and socioeconomic recovery and development. The plan also looks at macroeconomic stability, inflation control, strong promotion of economic restructuring associated with growth model innovation, improved productivity, quality, efficiency, autonomy and competitiveness, and strong domestic market development.

To achieve the targets, the National Assembly urged the government to continue minimizing the impacts of Covid-19 and other diseases, and to accelerate research and international cooperation in Covid-19 vaccine development. The government was also asked to promote export and develop the domestic market, with importance attached to stimulating consumer demand.

The 2021 GDP growth target was based on 2020 achievements and international organizations’ forecasts. It reflects the government’s determination to achieve economic recovery once the pandemic is controlled.

Worker training, health insurance

Some other targets approved by the National Assembly include a 4.8 percent labor productivity growth rate, a 66 percent rate of workers passing some kind of training, a 25.5 percent rate of trained workers with degrees and certificates, a 45-47 percent proportion of total factor productivity (TFP) to growth, a health insurance coverage rate of about 91 percent, a 1-1.5 percentage point reduction in the rate of poor households, a 90 percent rate of urban population having access to clean water, more than 87 percent of urban solid wastes to be gathered and treated, a forest coverage rate of 42 percent, and 91 percent of operational industrial parks and export processing zones having a central standard wastewater treatment system.

Also proposed are plans to speed up the implementation of important projects, promote the role of key economic regions and big urban centers, accelerate digital transformation, develop the digital economy and build a digital society.

Other goals are development of high-quality human resources for science, technology and innovation development, promotion of cultural and intellectual values of Vietnamese people, arousing aspirations for national development and national pride, cultural and social development, ensuring social security, improving people’s living standards, environmental protection, and confronting with natural disasters, epidemics and climate change.

The National Assembly’s socioeconomic development resolution for 2021 will diversify types of trade infrastructure, and encourage development of market models meeting food safety and hygiene standards in shopping centers, supermarkets and convenience stores in urban areas.

The National Assembly also set out a requirement for publicity and transparency in setting electricity and petroleum prices as well as prices of other essential goods and services and strengthening price inspection and tax administration to prevent illegal price increases, especially of important raw materials and essential consumer goods.

As many as 430 out of 439 legislators voted in favor of a Resolution on the government-initiated socioeconomic development plan which calls for efficient implementation of measures to prevent and control the Covid-19 pandemic and foster recovery and development on the basis of macro-economic stability, inflation control, and promoting economic restructuring, improving labor capacity and resilience and competitiveness of the economy, and advancing the development of the domestic market.

VietNam Economic News

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