Vietnam’s government will likely set a target of total investments at 34 percent of the country’s gross domestic product in 2013, almost unchanged from 33 percent target this year, prime minister Nguyen Tan Dung said at a meeting in Hanoi July 4.
Vietnam’s total disbursement for development projects is estimated to have soared 10.1 percent from a year earlier to VND431.7 trillion ($20.65 billion) in the first six months of this year. The figure accounted for 34.5 percent of the country’s GDP.
The country’s GDP growth, meanwhile, slew to 4.38 percent in the first half due to tightening policies which pulled down gross demand.
The government has been trying to cut public investments to tame inflation through issuing Resolution No. 11 in late February 2011, which includes both monetary and fiscal policies. However, the country is now trying to boost credit to the economy.
In 2012, total investment for development projects is forecasted at 33 percent of GDP, compared to a higher ratio of 34.6 percent in 2011.