5.8% GDP growth rate set for 2014

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GDP growth rate set for 2014The National Assembly on November 11 approved a resolution on key development targets for 2014, setting GDP growth at 5.8% and inflation at 7%.

Among other targets, the export value is projected to grow by 10% or 4.4% lower than 2013.Total social development investment capital to GDP is estimated to rise to 30% from 29.1% in 2013.

Vietnam will strive to generate 1.6 million jobs next year, or 60,000 more than in 2013.

Budget deficit remains unchanged at 5.3%.

According to the NA Standing Committee, the national economy has yet to get out of the woods, and it is unlikely to achieve high growth in the next one or two years.

Therefore, it is imperative to maintain steady growth, rein in inflation and stabilise its macro-economic level in 2014.

The government is facing a big challenge in executing the economy in 2014 when public investments and prices of key commodities such as coal, electricity and public services will increase considerably.

Many deputies proposed an inflation rate of less than 7% for 2014, but the committee held the 7% rate will help the government to have more rooms in its performance.

The committee also asked the government to increase the efficiency of its investment.

(VOV)

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