AsemconnectVietnam - The government will continue consolidating macro-economic fundamentals in the 2016-2020 period to curb inflation at under 5 percent a year and cut budget deficit to less than 3.5 percent of gross domestic product (GDP) in 2020.

According to an action programme for implementing two economic restructuring resolutions of the Party and the National Assembly, public debt will be limited at no higher than 65 percent of GDP in the next five years. By 2030, public debt will fall to below 60 percent of GDP, government debt under 50 percent of GDP and foreign debt at less than 45 percent of GDP.

Besides, the government plans to make the average lending rate in the country competitive with that of the Asean-4 group, and improve the stock, government bond, corporate bond and insurance markets. In 2020, stock market cap would account for 70 percent of GDP, bond market 30 percent of GDP and insurance revenues a minimum of 4 percent of GDP.

The government also pledges to divest capital from all enterprises where the State has no need to own more than 50 percent. In 2020, the nation will have at least one million active businesses, and 15,000 cooperatives and agricultural cooperative unions with healthy operations.

Source: Intellasia.net