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MPI releases socio-economic targets for 2011
Strong national economic recovery in 2010 will serve as the basis for Vietnam to build a socio-economic development plan for 2011. Vietnam intends to obtain a 7-7.5 percent GDP growth rate in that year.
Socio-economic development targets for 2011 have been revealed by the Ministry of Planning and Investment (MoPI). The main task is to retain a high economic growth rate based on continued economic structure adjustment, competitiveness improvement and global integration.
The Ministry of Planning and Investment has set up an ambitious plan for economic growth in 2011. While GDP growth for 2010 is forecasted to reach 6.5-6.8 percent, MPI has decided to set the target for 2011 at 7-7.5 percent, requiring Vietnam’s GDP to be 2,231,000-2,252,000 billion dong, or $112 billion (The exchange rate is 20,000 dong per dollar). If so, the average GDP per capita will be $1270.
MPI also mentioned goals for three economic sectors, including agriculture, forestry and seafood, industry and construction, and services. The added value of the three sectors would be 2.5-3 percent, 7.5-8.2 percent, and 8.2-8.5 percent, respectively. All targets represent considerable increases over 2010.
Similarly, after predicting that 2010 export revenues would increase by 12-13 percent over 2009, MPI built its guiding framework for 2011 socio-economic development with the hope that the export revenue would reach $70.4-71.7 billion, an increase of 10-12 percent over 2010.
Meanwhile, total investment capital will remain at the high level of 930,000 billion dong, equal to 42 percent of GDP, increasing by 15.5 percent in comparison with the implemented figure for 2010.
Regarding inflation, Vietnam will curb the inflation rate at less than eight percent, just as in 2010. With this goal, the Government is clearly pursuing policies to obtain high economic growth and macroeconomic stability.
According to MPI, budget overspending in 2010 will total some 5.5 percent of the GDP. Total import revenue is forecast to reach $86 billion and the trade deficit is predicted to stand at $14.3-15.6 billion, a relatively high figure equal to 20-22.2 percent of export revenues.
Regarding the general payments balance, Vietnam will have a surplus of $1.3 billion, obtained thanks to the high capital surplus of $11.4 billion.
Explaining these high and ambitious goals, MPI analysts explained that, after the global economic crisis, the world will enter a new development stage with many opportunities. Vietnam’s economy is now recovering very rapidly in all economic sectors: the macroeconomy has stabilized, the investment environment has improved, while the domestic market has become prosperous.
Economic experts also aver that the first half of 2010 showed that the national economy has been recovering very rapidly, much more quickly than predicted. The trend will continue into the latter half of the year, serving as a strong base for Vietnam to initiate its new five year socio-economic development plan for 2011-2015 and to implement its 10 year socio-economic development strategy for 2011-2010.
vietnamnet, Dau tu
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