Deputy Prime Minister Nguyen Xuan Phuc reads the government report on Monday morning. (Photo: Minh Hue/BizLIVE)
The Vietnamese government aims to bring down the state budget deficit to 4% of gross domestic product (GDP) by 2020, from 6.1% in 2015, said Deputy Prime Minister Nguyen Xuan Phuc, who has been nominated to succeed outgoing PM Nguyen Tan Dung.
In his address on the opening of the last session of the National Assembly’s 13th tenure kicked off in Hanoi on Monday, Mr. Nguyen Xuan Phuc listed major socio-economic targets for the next five years:
- GDP to grow by an average 6.5%-6.7% and GDP per capita to reach $3,200-$3,500 by 2020.
- Total investment to be equivalent to 32%-34% of GDP.
- The urban unemployment rate to be curbed at 4%.
- The urbanization rate to hit 38%-40% by 2020.
Reviewing major setbacks of the local economy over the past five years, the deputy prime minister said that the annual GDP growth averaged 5.91%, below the target of 6.5%-7.0%.
Meanwhile, government debt reached 50.3% of GDP at end-2015, breaching the 50% ceiling.
The country’s public debt reached 62.2% of GDP last year and foreign debt 43.1%, rising from the respective 50% and 37.9% in 2011.