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

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

Minister of Planning and Investment Nguyen Chi Dung. Source: quochoi.vn

Minister of Planning and Investment Nguyen Chi Dung addressed the government’s five-year socio-economic plan at a sitting of the National Assembly (NA) today [July 22].

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% per year in multi-dimensional poverty; health insurance coverage at 95% 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 realize the country’s potential,” Dung noted.

With such economic development pace, Dung expected Vietnam to become a developing country with modernized 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.

Overview of the NA's sitting.

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, Chairman 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% of the population, he added.

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