The 5-year national socio-economic development plan is designed to stabilize the macro-economy and achieve higher economic growth than in the past 5 years. The government intends to achieve strategic breakthroughs, restructure the economy, reform Vietnam’s growth model, and improve productivity, efficiency, and competitiveness. Other tasks include responding to climate change, defending national sovereignty and territorial integrity, and elevating Vietnam’s status internationally.

Stabilizing the macro economy, and creating an environment and momentum for socio-economic development

In order to achieve its socio-economic targets for the next 5 years, Vietnam will focus on conforming its market mechanism to the market regulations that come with international integration.

Deputy Prime Minister Nguyen Xuan Phuc said: “We’ll have to develop and smoothly manage all market types to ensure fair and transparent competition among enterprises. The government will flexibly manage monetary, financial, and fiscal policies to control inflation, the value of the VND, the foreign currency reserve, and other key balances of the economy. We’ll effectively exploit international commitments, expand and diversify export markets, enhance trade promotion, build trademarks for Vietnamese products, and develop the domestic market.”

Vietnam will continue to restructure its economy and reform its growth model to boost productivity, efficiency, and competitiveness. Mr. Phuc said: “We’ll continue to reform the growth model to ensure rapid and sustainable development. The master project to restructure the economy and other sectors will continue. Corporate measures should be taken to speed up agriculture reform while developing new rural areas to create a foundation for industrialization and modernization. Tourism should be made a spearhead economic sector. The maritime economy should contribute to defending national sovereignty. Private businesses should be encouraged to invest in mining, petroleum, seaports, shipbuilding, seafood processing, maritime logistics services, and sea and island tourism.”

Vietnam will enforce the Law on Public Investment and make a public investment plan for 2016-2020 to ensure unified management, balance state investment capital, and attract more capital.

Responding to climate change

In the next 5 years, Vietnam will focus more on climate change response and natural disaster prevention. The government will improve management, international cooperation, and carry out measures to mitigate climate change, prevent natural disasters, and exploit natural resources in compliance with environmental protection regulations. Vietnam will reduce the export of unprocessed materials, improve climate change oversight capability, and comply with its commitments to reduce greenhouse gas emissions.

Defending national sovereignty, actively integrating into the world

Deputy Prime Minister Nguyen Xuan Phuc mentioned national defense tasks and external policies. “Vietnam will staunchly defend its national sovereignty, and territorial integrity, maintain socio-political stability, ensure a peaceful environment for national construction and development, and prepare for any circumstance. Vietnam’s armed forces will be modernized and its maritime security forces will be strengthened. We’ll consistently follow the Party guidelines on deepening relations with other countries and take advantage of external relations, particularly in ASEAN and the UN. Overseas affairs will be improved to better protect Vietnamese abroad and encourage them to participate in national construction and defense.”

The government report on socio-economic development in the next 5 years presented by Deputy Prime Minister Nguyen Xuan Phuc assessed Vietnam’s internal and external opportunities and challenges. Once the plan receives National Assembly ratification, the government will create an action plan for achieving the set targets.