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NA adopts resolution on socio-economic development plan 2020

The National Assembly voted to pass a resolution on the socio-economic development plan for 2020 during the ongoing eighth session in Hanoi on November 11.

The resolution, adopted with 88.2 percent of approval votes, sets out some specific targets. For example, the gross domestic product (GDP) is set to increase by about 6.8 percent, while the consumer price index (CPI) is kept at below 4 percent.

The total export turnover is expected to increase by 7 percent, whilst the total amount of social development investment capital will make up about 33-34 percent of the GDP.

The rate of poor households is set to reduce by 1-1.5 percent. The unemployment rate in urban areas is below 4 percent. Up to 90.7 percent of the population will join health insurance.

General targets are set under the resolution such as stabilising macro-economy; curbing inflation; increasing productivity, quality, efficiency, self-reliance and competitiveness of the economy; improving the institutional system, and creating an equal and open business-investment environment.

Other goals include promoting the economic restructuring and growth model reform, accelerating the implementation of national key projects, and promoting the role of major economic regions and urban areas.

The resolution also aims at training high-quality human resources, developing science-technology, promoting innovation and sustainable economic growth, strengthening land management, preventing natural disasters and diseases, and coping with climate change.

Enhancing administrative and judicial reforms and improving the quality of law-building as well as preventing corruption and wastefulness are one of the objectives of the resolution.

The resolution also looks to improve the efficiency of external affairs and international integration, implement effectively free trade agreements that Vietnam is a member, and promote the country’s role as Chair of the Association of Southeast Asian Nations (ASEAN) in 2020, Chair of the 41st General Assembly of the ASEAN Inter-Parliamentary Assembly (AIPA), and a non-permanent member of the UN Security Council for 2020-2021.