Business

Vietnam sets best conditions to spur economic growth

Nation has socio-economic development strategy for 2021 to 2025, also beyond

Updated 5 years ago · Published on 12 Jan 2021 12:00PM

Vietnam sets best conditions to spur economic growth
Its domestic market, private investments, and exports to the European Union and Asean will help Vietnam drive its economy out of the severe hit it has taken due to the pandemic. – AFP pic, January 12, 2021

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

Related News

World / 5d

Bangkok floods: The real pain starts when waters recede

Malaysia / 2w

Anutin’s first year: Restoring Thailand’s political status quo

Malaysia / 3w

Northern Malaysia must prepare for the consequences of lower rainfall

World / 1mth

The Vietnamese economy and the challenges ahead

Opinion / 1mth

Massive attacks in the Thai Deep South aimed at destroying the economy

Malaysia / 1mth

Malaysia records 6% GDP growth in Q2 despite global headwinds, says Sim

Spotlight

Malaysia

Do not hide school safety issues to protect reputation - IGP

World

Flydubai pilot planned to crash plane into terminal at Ben Gurion Airport

Malaysia

Sabah Pan Borneo Highway: Only 4 of 35 packages complete after a decade

Malaysia

School caning was never abolished, Minster says

Malaysia

Sepang draws record crowd as Bahrain GP puts Malaysia back on F1 map

Malaysia

Irene Sofiya died from blunt-force head injuries, post-mortem confirms

Malaysia

No CCTV at spot where Irene was killed, says Minister

Malaysia

Irene’s only focus was her studies and her dream to become a doctor - aunt

You may be interested

Business

Middle East conflict puts Malaysian SMEs under growing financial pressure - BNM

Business

Oil supply risks mount as Brent tops US$102 on threat of Middle East shipping routes disruption

Business

Oil prices ease as Middle East exports recover towards pre-war levels

Business

Tabung Haji posts record RM4.64b profit on stronger investment performance