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PM Nguyen Xuan Phuc addresses the conference.

The event also saw the presence of Party General Secretary and President Nguyen Phu Trong and Chairwoman of the National Assembly Nguyen Thi Kim Ngan.

In his opening remarks, PM Phuc said this year is the second year in a row that Vietnam has accomplished all 12 major goals for socio-economic development and even surpassed five of the goals.

He asked ministries and localities to discuss action plans for 2020 which should focus on how to achieve higher targets next year, further remove barriers to improve business climate, identify new growth engine for 2020 and the following years and what needs to be done to effectively foster decentralization and local self-governance.

Delegates are scheduled to discuss 2019 socio-economic growth report, the implementation of the Government’s Resolutions No.1/NQ-CP and No.2/NQ-CP, a review report on the government’s leadership and management, and draft resolutions on major tasks and solutions for socio-economic development and State budget estimate for 2020 and on improving business environment and national competitiveness next year.

Deputy PM Truong Hoa Binh said this year’s GDP growth was at 7.02 percent, among the fastest in the region and the world and exceeding the target of 6.6 – 6.8 percent set by the NA.

Inflation was well contained – at 2.79 percent – a three-year low. Foreign reserve hit about 79 billion USD and the total State budget collection exceeded 1,400 trillion VND (60.7 billion USD) with overspending estimated at about 3.44 percent of the GDP. Public debt declined to 56.1 percent of GDP.

The country’s total social development investment made up 33.9 percent of the GDP with the non-State sector’s investment expanding to 46 percent.

Despite the global economic downturn, the country enjoyed a record high of 517 billion USD in foreign trade, with exports growing by 8.1 percent, and gained a trade surplus of over 9.9 billion USD for the fourth year in a row.

Source: VNA