Fifteen targets on economic restructuring in 2016-2020 fulfilled

Minister of Planning and Investment Nguyen Chi Dung speaks at the meeting (Photo: VNA)

Hanoi – Fifteen among 22 targets set in the National Assembly’s Resolution 24/2016/QH14 on economic restructuring during 2016-2020 have been or are likely to be fulfilled in 2020, according to the Government’s report presented to the legislature’s 10 session.

Delivering the report on October 20, the first day of the 14th NA’s 10th session, Minister of Planning and Investment Nguyen Chi Dung said five major targets have been surpassed, creating a breakthrough in economic restructuring in the past five years.

He highlighted the remarkable changes in both the way of thinking and actions of all agencies and all-level administrations in building plans and directing their implementation in this regard. Macro-economic balances and the economy’s structure have been strengthened, with inflation under control, public debt ratio dropping and debt payment pressure easing, financial infrastructure consolidated, market confidence enhanced and national credit rating improved.

Affirming the Government’s report, a verification report of the NA’s Economic Committee said the targets on productivity and technology modernization have been fulfilled. The country led the group of 29 lower-middle income countries and third in ASEAN in terms of innovative ranking. The targets regarding public debt were overfulfilled, contributing to maintaining macro-economic stability, ensuring the safety limit in public debt and national finances, and reducing the pressure on the State budget.

However, seven targets are likely to be missed, the committee said, expressing support of a proposal for a new economic restructuring plan for the next five years. It also suggested directions and major tasks for the new plan.