The projected economic growth of 5.2% this year, which has been confirmed by many international organizations, is not enough to secure sustainable development, especially when it comes to the efficiency of investment, they said when debating this year’s economic performance and major targets for next year.

Ho Quoc Dung, a deputy from Binh Dinh Province, worried that a certain amount of invested capital had been wasted but it was still accounted into gross domestic product.

Such a method not only lowers the GDP growth quality, but also causes a rise in the Incremental Capital Output Ratio (ICOR), he said. ICOR refers to a method that assesses the marginal amount of investment capital necessary for an entity to generate the next amount.

“If we maintain the growth (quality) like it is now, we will not only fail in securing sustainable development, but also have our achievements eroded,” he told the session.

Deputy Vu Quang Hai from Hung Yen said the country’s GDP growth this year is heavily reliant on export of raw resources, which is menacing for sustainable development.

“If the export of raw natural resources is extracted, the GDP growth this year will be of very low efficiency,” he said, adding the ICOR of 8 is too high for the country. “This will result in grave consequences if the Government is not strongly determined to make changes in 2010 or the following years, he said.

In the same tune, deputy Nguyen Ba Thanh of Danang City demanded that the Government tighten control of State spending and put on hold those national programs that have not delivered efficiency, such as the program to plant five million hectares of forest.