Deputy Le Quoc Dung agreed with the government’s projected target, saying the 6.5 percent growth rate is within reach.

“Vietnam has set a target of achieving an economic growth rate of 6.8 percent in the fourth quarter of this year, creating the prerequisite for higher growth in 2010. This is a viable plan given the fact that the global economy is showing green shoots of recovery, especially in China, Japan and India,” said Mr Dung.

However, he proposed that the government pay special attention to increasing the quality of growth to meet the target. 

Many deputies expressed concern about the 6-percent export growth target set for 2010 which is 3 percent more than this year. They pointed to the fact that it is much more difficult to increase the export growth than the GDP growth, but they acknowledged that Vietnam’s economy is driven by exports and the GDP growth relies a lot on the export growth.

“It is very important to achieve the export growth rate of 6 percent next year as it will lay a firm foundation for the national economy to grow at 6.5 percent, generate more jobs, ensure the payment balance and reduce the trade deficit,” said Mr Dung.

The deputies argued that estimated trade deficits of 6.9 percent for 2009 and 6.5 percent for 2010 are too high, which poses a high risk of financial instability and the return of high inflation. They all proposed that the 2010 figure be kept at a reasonable rate of 6 percent.

They also asked the government to keep a close watch on tax collection to avoid loss to the State budget. They said tax debt and evasion remain out of control, and tax and financial agencies must help the government better manage tax collection.