The event also saw the presence of Party General Secretary and President Nguyen Phu Trong and Chairwoman of the National Assembly Nguyen Thi Kim Ngan.
In his opening remarks, PM Phuc said this year is the second year in a row that Vietnam has accomplished all 12 major goals for socio-economic development and even surpassed five of the goals.
He asked ministries and localities to discuss action plans for 2020 which should focus primarily on how to achieve higher targets for next year. Namely, to further remove barriers to improve the business climate, identify new growth engines for 2020 and for the following years and what needs to be done to effectively foster decentralization and local self-governance.
Delegates are scheduled to discuss 2019 socio-economic growth reports, the implementation of the Government’s Resolutions No.1/NQ-CP and No.2/NQ-CP, a review report on the government’s leadership and management, and draft resolutions on major tasks and solutions for socio-economic development and State budget estimate for 2020 as well as on improving the business environment and national competitiveness for next year.
Deputy PM Truong Hoa Binh said this year’s GDP growth was at 7.02%, among the fastest in the region and the world and exceeding the target of 6.6% – 6.8% set by the NA.
Inflation was well contained – at 2.79% – a three-year low. Foreign reserve hit about US$79 billion and the total State budget collection exceeded VND1,400 trillion (US$60.7 billion) with overspending estimated at about 3.44% of the GDP. Public debt declined to 56.1% of GDP.
The country’s total social development investment made up 33.9% of the GDP with the non-State sector’s investment expanding to 46%.
Despite the global economic downturn, the country enjoyed a record high of US$517 billion in foreign trade, with exports growing by 8.1%, and gaining a trade surplus of over US$9.9 billion for the fourth year in a row.
