Vietnam has prepared the best conditions to spur its economic growth as the global economy is grappling with the severe impacts of the COVID-19 pandemic, experts have said.

Tran Hong Quang, Director of the Vietnam Institute for Development Strategies,
speaks at the forum (Photo: vneconomy.vn)

At the Vietnam Economic Scenario Forum in Ho Chi Minh City on January 11, the experts said Vietnam has mapped out a socio-economic development strategy for 2021-2025. Vietnam aims to become a developing country with a modernity-oriented industry by 2025 and a developing nation with a modern industry and high middle income five years later.

Tran Hong Quang, Director of the Vietnam Institute for Development Strategies under the Ministry of Planning and Investment, said the country’s GDP growth rate is projected at about 7% annually in the 2021-2030 period. Its GDP per capita is set at US$4,700-5,000 in 2025, and around US$7,500 in 2030, he added.

To that end, Vietnam should boost key economic sectors that would serve as the driver 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 suggested enhancing the private economic sector in terms of volume, quality, efficiency and sustainability, making them become an engine of the national economy.

Some said the selection of foreign investments would help Vietnam attract projects with high technologies, modern governance and connected with the 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 EU and ASEAN this year.

Pham Thanh Ha, Director of the State Bank of Vietnam (SBV)'s Monetary Policy Department, 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 to lure foreign investment to the country.