HO CHI MINH CITY – Vietnam has prepared the best conditions to spur its economic growth as the global economy grapples with the severe impact of the Covid-19 pandemic, experts have said.
At the Vietnam Economic Scenario Forum in Ho Chi Minh City yesterday, experts said Vietnam has mapped out a socio-economic development strategy for 2021 to 2025. Vietnam aims to become a developing country with a modernity-oriented industry by 2025, and five years later, a developing nation with a modern industry and high middle income, Vietnam news agency reported.
Tran Hong Quang, Vietnam Institute for Development Strategies director under the Planning and Investment Ministry, said the country’s gross domestic product (GDP) growth rate is projected at about 7% annually in the 2021 to 2030 period. Its GDP per capita is set at US$4,700 (RM19,103) to 5,000 in 2025, and around US$7,500 in 2030, he added.
To that end, Vietnam should boost key economic sectors that will serve as drivers of the national economy, and complete the restructuring of State-owned enterprises, he suggested.
The country needs to swiftly complete the infrastructure system, particularly in transport, energy, IT, major urban areas, and climate change response, according to Quang.
Other experts suggest enhancing the private economic sector in terms of volume, quality, efficiency and sustainability, making them the engine of the national economy.
Some said a selection of foreign investments would help Vietnam attract projects with high technologies, modern governance and connected with global supply chains.
Nguyen Xuan Thanh, a member of the prime minister’s Economic Advisory Group, held that the national economy will be driven by the domestic market, private investments and exports to the European Union and Asean this year.
Pham Thanh Ha, State Bank of Vietnam’s Monetary Policy Department director, said the central bank will continue to manage the monetary policy proactively and flexibly.
Andy Ho, managing director and chief investment officer of VinaCapital, said Vietnam’s enhanced prestige in the international arena has helped lure foreign investment to the country. – Bernama, January 12, 2021
