Vietnam determined to emerge stronger from COVID-19 pandemic

Vietnam is determined to recover quickly from the Covid-19 pandemic and become an industrialized nation by 2025.

Vietnam aims to emerge stronger from the pandemic. Photo: Tuan Anh

The move was revealed in a resolution recently signed off by the Chairman of the National Assembly (NA) Vuong Dinh Hue on the 5-year socio-economic development plan (2021-2025).

Under the resolution, the overall goal would be to push for rapid and sustainable economic development on the foundation of a stable macro-economy.

“With science, technology, and innovation serving as driving forces for growth, Vietnam targets the next five years’ GDP growth to be higher than the 2016-2020 period,” stated the resolution, stressing no one would be left behind in the process of economic development.

In this regard, the NA expected the average GDP growth in 2021-2205 of 6.5-7% and a GDP per capita of $4,700-5,000 by 2025; the contribution of the manufacturing and processing to GDP would be greater than 25%; digital economy at 20%; and a budget deficit of 3.7%.

Meanwhile, labor productivity growth is set to average over 6.5% per year, the urbanization rate would be 45%.

The NA targeted the multi-dimensional poverty rate to decline by 1-1.5% per year and the unemployment rate in urban areas below 4%.

To realize these goals, the resolution urged the government to focus on the twin goal of both fighting the pandemic and boosting economic recovery.

“Depending on the situation at each locality, protecting public health and social welfare is the utmost priority,” it added.

For the long term, Vietnam remains steadfast in pursuing the socialist-oriented market economy with flexible management of monetary and fiscal policies to stabilize the macro-economy and foster sustainable growth.

The economy is expected to continue going through the restructuring process for greater productivity and competitiveness, eventually forming a digital economy and society.

Another aspect mentioned by the resolution is to balance socio-cultural and economic development along with stricter management of natural resources and environmental protection.

“Vietnam would stay active in preventing and mitigating impacts from natural disasters while strengthening its resilience against climate change,” stated the resolution.

In addition to measures to boost socio-economic growth, Vietnam would enhance its defense and security capabilities to protect the sovereignty and keep a peaceful, stable environment for country development.