The government of Vietnam is setting a growth target of 6.7% for 2016 and an average annual gross domestic product (GDP) goal of 6.5% to 7% for the next five years, according to a report released on the government’s portal.
GDP per capita is expected to be US$2,450 in 2016 and $3,750 by 2020.
The report said Prime Minister Nguyen Tan Dung stressed that the general target for the 2016 socioeconomic development plan is ensuring macroeconomic stability and striving for a higher economic growth from the previous five years.
Dung made the statement while delivering a report to the National Assembly on the socioeconomic situation in the 2011-2015 period, and on the administration’s plans for the period 2016-2020.
The ratio of industry and services in the GDP will be over 85%. Total social investments in 2016 and the next five years are expected to account for 31% of GDP.
The government’s report also disclosed proposed solutions to develop the economy, stabilize the macro-economy, and create a stimulating environment for socioeconomic development.
Exports up 9.7% in September
Meanwhile, Vietnam Customs reported that the country’s total merchandise turnover in September 2015 went down 2.7% compared to the month earlier but was up 24% year-over-year. September exports fell 4.6% to $13.81 billion from US$14.48 billion in August, but were 9.7% higher than exports in the same month last year.
The decline in total merchandise exports in September from August this year was attributed to the downturn in the sale of telephones, mobile phones and parts (down by $194 million); footwear (down by $175 million); and textiles and garments (down by $154 million).
From January to September 2015, Vietnam’s trade-in-goods reached $244.46 billion in value terms, 12.4% higher than the corresponding period of 2014. Compared to the same period last year, total merchandise exports in January-September of this year rose in value 9.2% to $120.22 billion.
From January to September 2015, Vietnamese merchandise trade with partners in Asia totaled $159.92 billion in value terms, up 11.2% compared to the same period of 2014. Trade-in-goods with America followed, reaching $41.25 billion in value to post a growth of 22.1%. Trade with Europe amounted to $34.73 billion, up by 11.3%, while Oceania transactions added up to $4.43 billion, down by 14.4%. Trade with Africa reached $4.12 billion, up by 17.5%.
The US was the biggest destination for Vietnamese products with a total value of $24.8 billion in the first nine months of 2015, followed by China, Japan, South Korea, and Hong Kong.
Photo: NDS
