VINACHEM

Macro-economic stability will remain high on the Government’s agenda, according to a socio-economic development plan for 2016-2020 approved by the National Assembly (NA) on the final day of its session in Hanoi on April 12.

Annual economic growth in the 2016-2020 period is targeted at 6.5-7% and average gross domestic product (GDP) per capita at US$3,200-3,500 by 2020.

Industries and services are expected to be responsible for around 85% of GDP. Meanwhile, total investments in the period would make up 32-34% of GDP and budget deficit would slide to 4% of GDP.

Total factor productivity is set to account for 30-35% of GDP, labor productivity would increase

by 5% annually on average, and the urbanization rate is targeted at 38-40% in 2020.

In addition, laborers in the agricultural sector would be around 40% of the total workforce in 2020, and the ratio of trained laborers would be 65-70%.

Unemployment in cities would be brought down to below 4% while the number of poor households would go down by 1-1.5% annually.

By 2020, 95% of urban residents and 90% of rural residents would have access to clean water. The respective treatment proportions of hazardous and medical waste would be 85% and 95-100%.

The forest coverage target is 42%.

To achieve these targets, the NA requested the Government to implement six groups of solutions, including increasing the efficiency of state management, ensuring freedom and democracy for people and legal compliance, and better combating corruption and wastefulness.