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Nation targets 8% growth
The nation is targeting economic growth of 7.5-8.5 per cent per year during 2011-15, under a socio-economic development strategy being drafted for the period.
At a meeting held yesterday by the Ministry of Planning and Investment and the World Bank, aimed at gathering comments on the draft, UN Resident Coordinator in Viet Nam John Hendra urged the country to adopt a strategy that took into account climate change, energy efficiency and the environment.
Viet Nam could also learn from the experiences of other countries that had gone through this stage of development, added Hendra.
However, Victoria Kwakwa, Head of the World Bank in Viet Nam, reminded participants in the meeting that the nation should avoid duplicating the development strategies of different regions, as each region has its own unique problems and advantages.
Deputy Minister of Planning and Invesment Cao Viet Sinh urged the adoption of a plan that would balance high growth with the need for sustainable development.
The draft strategy, he said, should reflect the Government's economic goals and modern development models, and it should create a fair, clean and stable business environment.
The strategy would seek to restructure the economy gradually from the current model. Industry and construction, which currently account for 40 per cent of growth, and services, which presently account for 39.8 per cent, would increase gradually over the five-year period to 40.7 and 40.3 per cent, respectively, while agriculture and seafood's share of the ecomony would decline from 19.9 per cent to 19 per cent.
The draft would qualify for improvements in labour quality and in higher education, as well as the application of advanced technology in industry, agriculture, services and public administration.
Under the plan, construction of infrustructure systems would also be a focal point for development over the next five years.
Sinh called for a focus on infrastructure development during the period that emphasised quality over quantity. Among the projects planned for the next 10 years were major highways and a north-south express railway, so it was critical that the incremental capital ouput ratio of these projects was evaluated for the medium term, not simply for the yearly period, he said.
Overarching goals in the five-year strategy would include economic stability, and improved business climate, social equity and advancement, and more efficient government.
Growth rates fell from 8.23 per cent in 2006 to 5.32 per cent during 2009, due to the global economic crisis. It has been predicted to reach 6.5 per cent this year.
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