Economic growth rate estimated to reach 5.8%

The economic growth rate expanded 5.62% over the past nine months of 2014 and was expected to reach around 5.8% for the whole year.

Other economic indicators showed positive signs such as the industrial production up 6.7%, agricultural production up 3.5%, the service sector up nearly 6%, the total retail sales and service revenues up 11.1%, the Consumer Price Index up 2.25% (the lowest over the past 10 years), and the credit growth rate up 7.26%.

Export and import, which witnessed increases of 14.4% and 11.6% in the nine-month period, are expected to obtain US$148 billion and US$146.5 billion by the end of the year, up 12.1% and 11%, respectively.

The Government has moved to promote the development of culture and society as well as guaranteeing social security, especially poverty reduction, resource management, environmental protection, climate change adaption, natural calamity prevention, anti-corruption and anti-waste programs.

Higher targets for 2015

In his speech at the National Assembly, PM Nguyen Tan Dung highlighted goals for 2015, including stabilizing the macro-economy, implementing strategic breakthroughs, restructuring the economy in accordance with growth model transformation and improving national economy capacity, effectiveness and competitiveness to achieve a higher economic growth rate.

In terms of economics, the Government has set a GDP rise of 6.2%, a CPI increase of 5%, an export turnover rise of 10% and a total investment for social development accounting for 30% of GDP.

The proportion of poor households is estimated to decrease 1.7-2% and the unemployment rate in urban areas under 4%.

To achieve these goals, the Government has identified nine crucial solutions, including improving the business and investment environment, stabilizing the macro-economy, facilitating production activities, accelerating economic restructuring in accordance with growth model transformation, completing the socialist-oriented market economy, perfecting institution, mechanisms and policies, fully implementing the market economy, especially in terms of price management, resources allocation, healthy competition, transparency and effective operation of all markets.

In terms of education and training, it is necessary to renew textbooks, launch national programs on scientific research, develop culture and society, improve material and spiritual lives, enhance natural resource management, protect the environment, prevent natural calamity and actively respond to the climate change as well as practicing thrift, strengthening national security and increasing the effectiveness of diplomacy and international integration activities.