Vietnam eyes annual GDP growth of 6.5-7 percent from 2016-2020

By Toan Dao   March 22, 2016 | 02:50 pm GMT+7

The Vietnamese government has set an annual economic growth target of 6.5-7 percent during the 2016-2020 tenure, Deputy Prime Minister Nguyen Xuan Phuc told the National Assembly on Monday.

Phuc was nominated for prime minister by the Party Central Committee in January. The NA is expected to approve the appointment on April 7, a day after Prime Minister Nguyen Tan Dung is scheduled to step down.

As part of the key measures to achieve the target, Vietnam will develop its socialist-oriented market economy, stabilize the macro-economy and restructure the national economy, Phuc said.

Vietnam’s GDP rose 6.68 percent in 2015 compared to 5.98 percent in 2014. Its GDP last year was valued at $193.4 billion, with GDP per capita at $2,109, he added.

The country’s average GDP growth from 2011-2015 was 5.91 percent, lower than the target of 6.5-7 percent set by the outgoing government, according to Phuc.