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NA approves 2022 GDP growth target at 6%-6.5%

The Saigon Times

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HCMC – The National Assembly (NA) on November 12 adopted a resolution on the country’s socioeconomic development plan for next year, approving the gross domestic product (GDP) growth target at 6%-6.5%.

The resolution, which received the support of all NA deputies, featured the goals of adapting safely and flexibly to and effectively controlling Covid-19, protecting the health and lives of residents, eliminating difficulties in production and business and effectively supporting residents and enterprises, the local media reported.

In addition, the country must take advantage of all opportunities to help the economy recover and develop, maintain the driving forces of economic growth, stabilize the macroeconomy and improve the self-control and adaptability of the domestic economy.

Besides the GDP growth of 6%-6.5%, the NA also targeted the GDP per capita at US$3,900, the consumer price index growth at 4% and the jobless rate in urban areas at below 4%.

Earlier, several NA deputies raised concerns over the feasibility of the GDP growth target, saying the target was ambitious. They targeted the GDP growth for next year at 5%-5.5%.

However, the NA Standing Committee stated that the GDP growth target for next year was built on the analysis and forecast of the domestic and global situations, with advantages and disadvantages in 2021 being taken into account.

The target also demonstrated the Government’s strong determination and ensured harmony and flexibility in achieving targets in 2022, said Vu Hong Thanh, head of the NA’s Economic Committee.

The resolution included 12 groups of key tasks and solutions to reach the targets set for next year, including flexibly and effectively fighting Covid-19, restoring socioeconomic development, accelerating economic restructuring in combination with renewing the growth model, improving the efficiency, quality and competitiveness of the economy, maintaining an environment of peace and stability, and ensuring political security and social safety and order, among others.

On the same day, the NA also approved a resolution on the restructuring of the economy in the 2021-2025 period with seven targets.

Specifically, the average labor productivity was expected to grow 6.5% per year. In addition, the contribution of science, technology and innovation to the economic growth and the competitiveness of Vietnam will be improved.

The State budget overspending in the period was targeted to reach 3.7% of the GDP and the total investment of some 32%-34% of the GDP.

The NA also expected to have around 1.5 million enterprises, including 60,000-70,000 medium and large ones. The private sector was expected to contribute 55% of the GDP and the digital economy will account for 20% of the GDP and at least 10% in each sector.

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