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| The 16th National Assembly (NA) votes to approve a resolution on the 2027 socio-economic development plan on the morning of November 7__Photo: VNA |
The 16th National Assembly (NA) on the morning of November 7 approved a resolution on the 2027 socio-economic development plan, with 467 of the 469 deputies present voting in favour, setting a target of striving for economic growth of at least 10 per cent.
The draft resolution was discussed in groups on October 18 and at plenary sittings on October 30-31 as part of the 16th NA’s second session.
The adoption of the resolution establishes the objectives, targets and key orientations for socio-economic development in 2027, providing a basis for the Government, ministries, sectors and localities to translate them into specific programmes and action plans. It also aims to mobilise and efficiently utilise resources to drive rapid and sustainable growth, linking economic development with social progress and equity and improvements in people's living standards.
Before the vote, Minister of Finance Ngo Van Tuan, on behalf of the Prime Minister, presented the Government's report explaining its consideration of deputies' feedback and revisions to the draft resolution.
He said NA deputies had broadly expressed agreement with the draft while proposing a wide range of practical, feasible and comprehensive measures across almost all sectors. The Government had carefully considered these recommendations in finalising the draft resolution and would incorporate them into its direction, management and implementation of the 2027 plan.
The Government will continue directing ministries, sectors and localities to implement the plan, striving to meet or exceed the targets approved by the legislature. Responsibilities will be clearly assigned to each ministry, sector and locality, together with specific timelines, deadlines and performance outcomes, he added.
Key priorities include further improving the institutional framework, unlocking resources and enhancing the efficiency of their management and use, promoting traditional growth drivers and creating breakthroughs through new ones. The Government will also accelerate economic restructuring alongside the renewal of the growth model, with a focus on science and technology, innovation, digital transformation and higher labour productivity.
According to Tuan, relevant stakeholders will work to develop all economic sectors, promote the role of the private sector and strengthen the economy's endogenous capacity, autonomy and competitiveness.
The Government will also focus on closely linking economic growth with cultural and social development, environmental protection, job creation and higher incomes and living standards. It will seek to ensure that the benefits of growth are shared more broadly and equitably across regions and population groups, enabling people to benefit directly from development achievements and laying a solid foundation for rapid and sustainable growth during 2026-2030 and beyond.
Regarding macroeconomic stability and inflation control, the report noted that the global and regional economic outlook for 2027 will remain complex and unpredictable. Higher energy, raw material and transport costs, along with uncertain monetary policy developments in major economies, are expected to put pressure on domestic macroeconomic management.
The Government identified maintaining macroeconomic stability, controlling inflation and ensuring major economic balances as essential to achieving the growth target of at least 10 per cent.
Under the resolution, the NA emphasises that 2027 will be a year of acceleration and breakthroughs, building momentum, positioning and capacity to successfully implement the Resolution of the 14th National Party Congress.
It calls for determined efforts to achieve economic growth of at least 10 per cent while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances, with tangible results, productivity and people's living standards serving as key measures of performance.
The resolution also urges stronger decentralisation and delegation of authority in tandem with resource allocation; a decisive shift from policy formulation to implementation, with clear accountability, timelines and results; and the smooth and effective operation of the two-tier local administration system.
It further emphasises balanced development across the economy, culture, society and the environment; social welfare; persistent efforts to combat corruption and misconduct; thrift practice and wastefulness prevention; stronger national defence and security; and expanded foreign relations, international integration, mass mobilisation and policy communication.
The National Assembly sets a target for per capita GDP of around 6,100 USD and average consumer price index (CPI) growth of around 4.5 per cent next year. Industry and construction are targeted to grow by 12.2 per cent, with manufacturing and processing expanding by 12.3 per cent. The services sector is expected to climb by around 9.8 per cent, while agriculture, forestry and fisheries are projected to rise 3.8 per cent.
The industrial index of production (IIP) is projected to go up by 11.5-12.5 per cent, total retail sales of goods and consumer service revenue by 14 per cent, merchandise exports by 15 per cent and imports by 12 per cent.
The legislature also calls for market development and economic expansion, targeting 1.18 million operating enterprises and e-commerce sales growth of 15-17 per cent. The digital economy is expected to account for 23.5 per cent of GDP, while 37 per cent of enterprises are targeted to engage in innovation activities.- (VNA/VLLF)
