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Socio-economic goals for 2011-15

Vietnam aims to maintain sustainable economic growth during 2011-2015, focusing on infrastructure and human resources.

According to the first draft of a socio-economic development plan for the 2011-2015 period recently released by the Ministry of Planning and Investment (MPI), the average economic growth rate is set to be 7-8 per cent, a bit higher than the 6.9 per cent growth rate estimated for 2006-2010.

By 2015, the per-capita income would be USD 2,100 while the annual average growth rate of export turnover would reach 12 per cent.

The overall objective during this period, as proposed in the draft plan, would be rapid and sustainable economic development as a result of the economic restructuring.

To ensure the expected economic growth, capital investment would account for 40-41 per cent of the gross domestic product (GDP), said the draft.

In details, the MPI estimates that the total investment capital for the national economic development during the next five years would reach about USD 320 billion, nearly doubling that of the 2006-2010 period, of which, 70 per cent would come from domestic sources and the rest from foreign capital. The need for disbursed foreign direct investment capital would be USD 56 billion and disbursements for official development assistance fund USD 10-12 billion.

The draft plan sets the objective of increasing the proportion of domestic skilled workers to 55 per cent by 2015, from 30 per cent in 2009.

Priority would also be equally given to industry and construction and service sectors to turn Vietnam into an industrialized country by 2020. By 2015, the industry and construction sectors would account for 40-41 per cent of the country’s GDP, the service sector, 40-41 per cent, and agriculture, forestry and fisheries sectors, 19-20 per cent. During the next five years, the average added-value growth in the industry and construction sectors would be expected at 7-8 per cent, while the average industrial production value growth would be 12.5-13.5 per cent.

Apart from prioritizing industrialization and modernization, the draft paper also points out targets for poverty reduction and environmental protection. The Government would close as many as eight out of every 10 polluting production establishments by 2015. Meanwhile, poverty would be reduced by up to 2 per cent each year from 10 per cent estimated in 2010.-

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