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Vietnam targets annual GDP growth of 6.5-7% between 2021 & 2025

07
Oct '21

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Vietnam’s ministry of planning and investment (MPI) is coordinating with relevant ministries, sectors and localities to study and build a programme on economic recovery and development along with improving the economy’s internal capacity and self-reliance by 2023. The target is to achieve an annual average gross domestic product (GDP) growth rate of 6.5-7 per cent during 2021-2025.

By 2025, Vietnam aims to become a developing country with a modern industry. It will try to surpass the lower-middle-income level.

According to minister of planning and investment Nguyen Chi Dung, the implementation of the programme should be long enough to be able to build and carry out measures to create a strong and solid foundation for the recovery of businesses and the economy, Vietnamese media reports said.

In the immediate future, Dung suggested the government should gradually promote sustainable economic growth to overcome the pandemic’s impact; improve the capacity of the health system and identify it as an urgent solution from the beginning of 2022 to create a foundation for sustainable economic recovery and development; maintain macroeconomic stability; curb inflation; continue to implement reasonable expansionary fiscal and monetary policies; and ensure national financial safety.

Ministries, sectors and localities need to perfect institutions, administrative reforms and business conditions to remove difficulties and obstacles in production and business, and at the same time improve the efficiency of the government apparatus at all levels, restore and develop the tourism industry, stimulate domestic consumption, and enhance trade promotion, he stated.

The minister also proposed that the government should support the recovery of businesses in a number of priority industries by providing credit and financial support through interest rates, tax and fee exemptions and reductions; developing sustainable supply chains, especially in manufacturing and agriculture; and supporting digital transformation.

Fibre2Fashion News Desk (DS)

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