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Vietnam Economy To Expand 6.7 Percent In 2016

  • Wednesday, 28 October 2015 03:09

The Vietnamese economy is projected to expand by 6.7 percent in 2016, riding the success of this year’s growth—the highest in past five years at above 6.5 percent, more than the initial forecast of 6.2 percent.

According to prime minister Nguyen Tan Dung at the 10th session of the 13th National Assembly’s opening session, the country will aim to keep annual inflation at below five percent in 2016.

During the session, the government presented a report on the socio-economic situation in 2015, five-year period of 2011-2015, directions and missions for 2016, and five-year period of 2016-2020.

This report projected the country’s average economic growth rate to reach 6.5-7 percent a year from 2016-2020. The gross domestic product (GDP) per capita is set to stay at US$2,450 by 2016 and US$3,750 by 2020.

To realise these targets, the government will focus on developing and stabilising economy, creating opportunities for socio-economic development and boost economic restructure, and improve productivity and competitiveness.

The recently signed Trans-Pacific Partnership (TPP) will also create ample opportunities and favourable conditions for the development of the country’s socio-economy, especially with respect to exports and foreign investment.

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