Vietnam targets average GDP growth of 6.5-7pct in 5 years

24-Jul-2021 Intellasia | Hanoi Times | 5:02 AM Print This Post

Vietnam is expected to move to a group of upper-middle-income countries by 2025.

Vietnam targets an average GDP growth of 6.5-7 percent in the 2021-2025 period as the country continues to set eyes on rapid and sustainable economic development.

According to Dung, the growth target is part of 23 major socio-economic indicators of the five-year plan, which also include budget deficit to GDP ratio of 3.7%; a decline of 1-1.5 percent per year in multi-dimensional poverty; health insurance coverage at 95 percent of the population and forest coverage of 42%.

“Vietnam economic growth should be based on a solid macro-economic foundation, while science, technologies, and science are key to realise the country’s potential,” Dung noted.

With such economic development pace, Dung expected Vietnam to become a developing country with modernised industry by 2025 and to be included in the group of upper-middle-income countries.

Throughout the development process, Dung said the government aims at “not leaving anyone behind” by ensuring a high-quality living environment, addressing environmental issues, and tackling climate change.

“Vietnam stands firm in protecting its sovereignty and maintaining a peaceful environment for growth, at the same time pushing for global integration,” he added.

Pushing for Covid-19 vaccines

For the time being, minister Dung said the priority should be to focus on the twin goal of fighting the Covid-19 pandemic and supporting economic recovery.

“Among measures to contain the pandemic, the government expects to carry out an effective and comprehensive vaccination roll-out, targeting to achieve herd immunity by late 2021 early 2022,” Dung said.

As long-term measures, Dung added Vietnam needs to perfect legal framework for development, especially for the socialist-oriented market economy, along with economic restructuring for greater productivity and competitiveness through the promotion of digital economy and society.

“By 2025, the government would complete the restructuring of state-owned enterprises and financial institutions,” the minister added.

On issues facing Vietnam, Chair of the NA’s Committee for Economic Affairs Vu Hong Thanh said the low rate of people getting vaccinated requires greater urgency from the government.

As of July 13, Vietnam received a total of eight million doses of vaccine, four million of which have been administered. The figure, however, remains far way off the target of 150 million doses injected to 70 percent of the population, he added.

Deputy prime minister Pham Binh Minh at the sitting said the government plans to mobilise all legal channels to get access to Covid-19 vaccines, including purchases and technology transfer for domestic production.


Category: Economy, Vietnam

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