Vietnamese PM: Economy on recovery, most key targets fulfilled in 2013

Vietnam's economy has been on its recovery, with 11 out of 15 key socio-economic development targets for 2013 are forecast to be fulfilled, said Vietnamese Prime Minister Nguyen Tan Dung on Monday. In his report delivered at the sixth session of the 13th National Assembly, which kicked off in capital Hanoi on Monday, Dung highlighted the government's efforts made so far in 2013 in implementing the country's socio-economic development plan in 2013. On a high note, export earnings are expected to post a year-on- year increase of 14.4 percent (higher than the set target at 10 percent); the import surplus to total trade ratio is forecast at 0. 4 percent, far below the eight percent set level; and the consumer price index (CPI) is estimated at around 7 percent, 1 percent less than planned. However, four targets would fail the set ones in 2013, including the national gross domestic product (GDP) forecast to grow by 5.4 percent (lower than the set target of 5.5 percent); about 1.54 million jobs would be created, 60,000 less than planned; the budget deficit to GDP ratio at 5.3 percent (higher than the set 4.8 percent); and social development investment to GDP ratio at 29.1 percent (lower than the set level at 30 percent). The prime minister also presented proposal of key targets for socio-economic development in 2014, including the GDP growth at 5. 8 percent; the CPI rise at 7 percent; the export turnover up 10 percent; trade deficit at 6 percent of the total export value; total social development investment at 30 percent of the GDP; state budget overspending at 5.3 percent of the GDP; and 1.6 million new jobs will be created. In 2014, the priority will be given to macroeconomic stability and inflation control, said Dung, adding that the government will continue with the flexible monetary and tight fiscal policies, manage interest rates in line with the inflation control goal, and increase the credit growth.