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Viet Nam targets average annual growth rate of 7% for 2021-2025

VGP – The Prime Minister recently issued Directive No. 18/CT-TTg on the building of the five-year socio-economic development plan for 2021-2025, in which Viet Nam sets a target of attaining an average growth rate of 7%.

04/14/2020 14:54

Viet Nam targets average annual growth rate of 7% for 2021-2025

The directive pointed out that in the coming period, the world economic situation continues to evolve in a complicated and unpredictable manner, while the domestic economy still faces numerous difficulties and potential risks, posing many challenges to the sustainable development process, including the complicated development of the COVID-19 pandemic. Given that fact, the tasks set out for 2021-2025 will be very heavy.

To continue building on the obtained results, overcoming challenges and implementing the 10-year socio-economic development strategy for 2021-2030, paving the way for socio-economic development in the next period, the PM requested ministries, ministry-level agencies, government bodies, economic groups, state corporations, provinces and centrally run cities to design a five-year socio-economic development plan for 2021-2025 and develop an action program for the realization of the five-year plan for approval and implementation immediately after the five-year plan is adopted by authorized levels.

The five-year socio-economic development plan for 2021-2025 is designed in the context of complicated and unpredictable evolutions in the world situation, with strategic competition, trade wars, and competition for resources, markets, technology and high-quality human resources among countries becoming increasingly fierce; global economic growth likely to be slower than the previous period; the Fourth Industrial Revolution continuing to have a strong and broad impact on all aspects of life; non-traditional security challenges, especially climate change, reporting the growing impact and intensity; and the diseases developing complicatedly, particularly the COVID-19 pandemic.

In that context, the PM asked ministries, central agencies and localities to study and identify the basic issues of the five-year socio-economic development plan for 2021-2025. With Viet Nam targeting an average GDP growth rate of 7% during the period, ministries, central agencies and localities should rely on the growth reality of sectors, areas and localities to work out appropriate growth plans, while proposing a number of basic targets for ministries, sectors and localities in the 2021-2025 period.

The Government will also focus on improving institutions of the socialist-oriented market economy; promoting rapid and sustainable growth on the basis of maintaining macroeconomic stability and controlling inflation; and accelerating economic restructuring associated with renovating the growth model, improving productivity, quality, efficiency and competitiveness, and strengthening the resilience of the economy.

In addition, efforts will be made to promote  comprehensive digital transformation, develop a digital economy and form Vietnamese digital enterprises with global competitiveness, as well as improving the business environment, promoting startup and innovation and effective participation in regional and global value chains, overcoming consequences and reviving production and economic growth after natural disasters and disease, and expanding the import & export markets and diversifying partners and goods sources./.

By Vien Nhu