Vietnam to Strive for 8 per cent GDP Growth in 2006

Vietnam to Strive for 8 per cent GDP Growth in 2006 

Vietnam’s Prime Minister has issued a directive on socio-economic development next year, targeting the country’s Gross Domestic Product (GDP) to grow 8 per cent in the year, compared to the 8.5 per cent rise expected for 2005.

In order to achieve this goal, the PM required high growth in all economic sectors, including a 10.5 per cent rise in industrial added value, 8 per cent for the services sector and 3.5 per cent for agriculture.

The PM also wanted to raise domestic reserves and invest 37 per cent of GDP in development projects.

Regarding State budget plans, the top government leader wanted 2006’s budget revenues to account for over 22 per cent of GDP, of which tax revenues will contribute more than 21 per cent.

Domestic tax revenues are set to increase by 12-14 per cent against the achievement in 2005.

Meanwhile, the PM gave priority to budget spending on national key projects and programs and development programs in disadvantaged areas.

The country will set aside 18.6 per cent of its total State budget spending in 2006 for education and training, while the budget for culture and information activities is set at 1.5 per cent, science and technology 2 per cent and environment 1 per cent.

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