Vietnam government announces 7 socioeconomic development measure packages in 2012

Vietnam Government recently issued Resolution No.01, in which it specifies seven packages of measures to accomplish the country’s socio-economic development plan in 2012.

In 2012, the Government targeted to curb inflation below 10%, narrow state budget deficit to 4.8%, trade deficit at 11.5-12% export revenue, development investment at 33.5-34%GDP and the economic growth (GDP) at 6-6.5%.

To reach the targets, the government has set 7 packages of measures:

(1) Govern the monetary policies tightly, cautiously and flexibly; continue tight, efficient fiscal measures; closely monitor the market; encourage exports and narrow trade deficits.

(2) Prioritize resources to restructure the economy, modernize the growth model to increase the productivity and competitiveness. The Prime Minister asked the Ministry of Planning and Investment to submit the plan to restructure investments within the first quarter of 2012 and requested the State Bank of Vietnam to speed up restructuring the banking sector.

(3) Improve quality of the human resources; boost up scientific and technological application in the economy.

(4) Ensure social welfare; reduce poverty sustainably; improve the quality of health care services, etc.

(5) Strengthen natural disasters prevention and mitigation, environment protection and response to climate change.

(6) Perfect the legal framework; speed up administrative reforms; enhance the efficiency of state management and corruption prevention.

(7) Strengthen the national defense, security and improve the effectiveness of foreign affairs.

Source Sophie/ StoxPlus

Tags: Vietnam economic, Vietnam economic growth, Vietnam economy, Vietnam economy 2011