The National Assembly (NA) approved a Resolution on the socio-economic development plan in 2016 on November 10.
Accordingly, 100% of the NA delegates (447) consented with the goals on Gross Domestic Products (GDP) growth rate of 6.7% and Consumer Price Index (CPI) growth rate under 5% in 2016.
The goals on the growth of export turnover of 10%, the proportion of trade deficit below 5% and the total investment for social development accounting for 31% of the GDP were also ratified.
In addition, the rate of energy consumption per one GDP unit will be cut down by 1.5% compared to 2015 and the skilled labor rate will be raised to 53%.
The health insurance coverage of up to 76%, 85% of the industrial and processing zones having environmentally-friendly wastewater treatment systems and the forest coverage of 41 % are also approved.
The NA also asked the Government to direct and enhance the implementation of strategic breakthroughs, restructure the economy in accordance with renewing the growth model, improving the capacity, quality, effectiveness and competitiveness as well as take measures to tackle difficulties for businesses and promote production and manufacturing.
The Government was also required to flexibly and effectively monitor the monetary and fiscal policies, the interest and exchange rates and credit growth and handle with bad debts as well as closely control public debt, the Government debt and foreign debt within the limit.
Especially in 2016, the NA required establishing a legal framework to ensure the implementation of purchasing State assets and accelerating the progress and effectiveness of State-owned enterprise restructuring.
Some criteria for 2016 approved by the NA
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Basic salary (common minimum salary)
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Up 5 % (from VND1,150,000 to VND1,210,000 per month)
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State budget revenues
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VND1,014,500 billion
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State budget overspending
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VND254,000 billion
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Gross domestic product (GDP) growth
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6.7%
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Consumer price index (CPI) growth
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Below 5%
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Trade deficit
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Below 5%
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Total social development investment
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31% of GDP
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Rate of energy consumption per one GDP unit
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Less than 1.5% compared to 2015
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Rate of household poverty according to multi-dimensional poverty standards
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Down 1.3-1.5%
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Urban unemployment rate
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Under 4%
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Skilled labor rate
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53%
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Health insurance coverage
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76%
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Forest coverage
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41%
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Industrial and processing zones having environmentally-friendly wastewater treatment system
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85%
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