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NA elite comments upon directions for 2009

Published: 10/10/2008 05:00

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VietNamNet Bridge – The National Assembly Standing Committee met on Oct. 10 to consider reports regarding the country’s socio-economic performance and State budget in 2008 and to establish the direction of socio-economic development plans

Minister of Planning and Investment Vo Hong Phuc. (Photo: VNA)

Minister of Planning and Investment Vo Hong Phuc presented a report outlining the country’s performance and plans for 2009, pointing out that its efforts to curb the rate of inflation and stabilise the macro-economy during 2008 have yielded important initial results.

According to him, the country experienced the year’s lowest monthly consumer price index (CPI) increase - 0.18 percent – in September, and he expects the yearly CPI increase to be 24 percent.

Production continued to achieve high growth rates, with the country’s GDP growth rate in 2008 estimated at 6.5-7 percent.

The report identified the top priority for 2009 as striving to control the rate of inflation in order to achieve a one-digit inflation rate by 2010, thus gradually stabilising the macro-economy, improving social welfare, maintaining growth rates at an appropriate and sustainable level, and intensifying international cooperation and integration.

The minister estimated an annual GDP increase of 7 percent in 2009, to stand at 1,820 trillion VND or nearly 106 billion USD. The average GDP per capita is estimated to be 1,200 USD.

The country will target an export turnover of 76.7 billion USD, up 18 percent on 2008, whilst acting to keep the CPI increase below 15 percent and reducing the poverty rate to 12 percent in 2009.

According to the NA Economics Committee’s report assessing 2008’s performance, nine out of 25 major socio-economic targets are forecast to be not completed, including the failure to obtain the targeted growth rate, State budget overspend, and the delayed disbursement of development investment sourced from the State budget and Government bonds.

The committee agreed with the proposed solutions for 2009 to implement the five-year plan (2006-2010), stressing the need to continue the tightened and flexible monetary policy, maintain close control over the increase of total liquidity and credit loans whilst ensuring the liquidity of the banking system, and to deal with bad debts incurred by commercial banks.

The NA elite will continue their discussions on these issues on Oct. 11.

(Source: VNA)

Update from: http://english.vietnamnet.vn//politics/2008/10/808005/

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