THE SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, January 01, 2020
Major tasks and solutions guiding the realization of the Socio-economic development Plan and State budget estimates for 2020
Pursuant to the Law on Organization of the Government dated June 19, 2015;
Pursuant to the National Assembly’s Resolutions: No. 85/2019/QH14 dated November 11, 2019 on socio-economic development plan for 2020, and No. 86/2019/QH14 dated November 12, 2019 on State budget estimates for 2020.
In 2019, despite numerous difficulties and challenges, the socio-economic situation continued with positive developments, important and comprehensive achievements across fields. This is the second consecutive year all 12 socio-economic goals have been realized or outperformed. Macro-economy remained stable, inflation was put under control at low level; the economy expanded 7.02%, becoming one of the fastest-growing economies in the region and the world; the quality of growth and investment efficiency improved and labor productivity increased by 6.2%, total factor productivity (TFP) to the GDP growth reached 46.11%. Total export-import valued rose to US Dollar 517 billion, making 2019 the fourth consecutive year Viet Nam enjoyed trade surplus; disbursed volume of foreign direct investment broke new record of US Dollar 20.4 billion. Economic structure continued positive changes; industries and sectors recorded stable growth; national competitiveness ranking jumped by 10 places. Cultural and social aspects witnessed positive progress, about 1.6 million jobs were created; multidimensional poverty rate reduced by 1-1.5%; sports sector gained a lot of achievements, providing source of inspirations to economic, cultural and social development; living standards continued improvements. National defense and security were strengthened; social order and safety were maintained; diplomacy and international integration were enhanced, making significant contributions to the maintenance of a peaceful environment and reflecting the role and position of the country on the international arena.
The year 2020 is of significant importance as it is the final year of the Government’s current tenure and the last year of the implementation of the five-year socio-economic development plan (2016-2020). It is also the year to prepare for the next five-year development plan (2021-2025) and for the 10-year development strategy (2021-2030). In addition, it is also eventful year as the country will celebrate 90th founding anniversary of the Communist Party of Viet Nam, 75th founding anniversary of the Democratic Republic of Viet Nam, now the Socialist Republic of Viet Nam, 130th birthday anniversary of President Ho Chi Minh, 90th anniversary of the tradition day of the Viet Nam Fatherlands Front; organize Party congresses at all levels, the 13th National Party Congress, and elections for the local-level People’s Council and the 15th National Assembly.
The regional and global landscape is forecasted to continue with unexpected developments; global economic growth, trade and investment flows may continue to slow down; strategic competition, geopolitical tensions, trade conflicts between a number of countries and major economies as well as protectionism may continue to intensify. Domestically, achievements gained during the past over 30 years have made our country’s stronger while political and social stability and public trust have been increasingly consolidated. However, there remain shortcomings and limitations in our economy which will continue to face difficulties and challenges. The decree of economic openness is high while the quality, efficiency and competiveness of the economy is still low. The East Sea situation may continue to be complicated, tense and unexpected. Climate change, natural disasters, and epidemics may produce increasingly greater impacts on production and people’s life. The sense of responsibility of a number of cadres and civil servants remains limited, many shun or pass their responsibility. Prompt, drastic and responsible working attitude must be further promoted across the country.
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