Next ten-year socio-economic strategy introduced at CG meeting

PM Nguyễn Tấn Dũng makes a speech at the opening session of the Mid-term Consultative Group (CG) Meeting, held in the southern province of Kiên Giang, June 9, 2010 – Photo: VGP/Nhật Bắc

PM Dũng held the point at the Mid-term Consultative Group (CG) Meeting for Việt Nam that opened this morning in the southern province of Kiên Giang.

The Government is making efforts to reduce overspending down to 6% of the gross domestic product and trade deficit down to less than 20% of export value, increase the foreign currency reserve to 12 weeks of import from the current 8, and pursue a flexible monetary policy.

He called on sponsors, including the World Bank and Asian Development Bank, to loosen their purse-strings for Việt Nam to attain the goals, particularly through legal capacity enhancement, technical assistance, and preferential loans.

2010 is considered a hinge year as the country is going to enter a new development era with a refreshing socio-economic development strategy for the period of 2011-2020.

The overall purpose of the new strategy is to convert Việt Nam into a modern industrial country with an average per capita income of US $3,000-3,200 by 2020.

Five directions to concretize the above strategy include: quick and sustainable development, proper political and economic renovation, enhancement of democracy, development of hi-tech productive force while perfecting relations of production and socialist-orientated market economy, and an independent and self-reliant economy which deeply integrate into the international community, PM Dũng said.

Việt Nam’s socio-economic development plan for the period of 2011-2015 was also introduced at the meeting.

Participants to the event appraised the Southeast Asian country’s efforts in managing to survive the global economic downturn while maintaining economic stability and high growth rate, pushing down high inflation, and keeping firm its social security.

The sponsors proposed Việt Nam to prioritize macro-economic stability, response to the global climate change, economic re-structuring, human resource development, and luring more financial resources for investment.

The event is organized by the WB in collaboration with the Ministry of Planning and Investment.

By Hải Minh