Vietnam aims for GDP of $780-800 billion by 2030

DNHN - The long-term goal set by the Prime Minister is that by 2030, Vietnam will become a modern industrialized nation, with its GDP reaching approximately $780-800 billion.

On October 20, during the National Conference on implementing the Resolution of the 10th Plenum of the 13th Central Committee, Prime Minister Pham Minh Chinh highlighted significant achievements after five years of executing the 2021-2030 Socio-Economic Development Strategy. He noted that this process has yielded important results, laying a solid foundation for higher growth in the future.

The Prime Minister emphasized that Vietnam’s economy has maintained a notable growth rate, targeting around 6% annually, placing the country among those with high growth rates globally and within the region. The per capita GDP is expected to increase from $3,720 in 2021 to about $4,900 in 2025, reflecting a 32% rise. The economy has expanded from $346 billion in 2020 to $433 billion in 2023, with a projected $500 billion by 2025, ranking 33rd in the world and 4th in ASEAN.

The Prime Minister also stressed that by the end of 2025, Vietnam will complete more than 3,000 km of expressways, achieving the set targets, while continuing to implement key transportation projects during the 2026-2030 period. According to him, these accomplishments have helped Vietnam surpass the lower middle-income threshold, creating a robust platform for stronger development in the coming years.

Prime Minister Pham Minh Chinh identified 2025 as a pivotal year to boost growth and create momentum for breakthroughs. He emphasized that maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances are key elements of this strategy. Additionally, structural economic reforms and innovation in growth models will be accelerated to enhance productivity, quality, resilience, and competitiveness.

The Prime Minister's long-term vision is that by 2030, Vietnam will become a modern industrialized nation with a high middle-income status, ranked among the 30 largest economies globally, with a GDP ranging from $780 to $800 billion. Key targets to be achieved by 2025 include GDP growth of 6.5-7%, per capita GDP of approximately $4,900, and inflation maintained at an average CPI increase of around 4.5%.

The Prime Minister highlighted the North-South high-speed railway project as a symbol of the nation's "era of rise." He believes that, with the current GDP scale, Vietnam has the capacity to implement this project, and investment in it will open up new development space and create robust resources for the future.

The project has been meticulously studied and received high consensus from the Politburo and the 10th Plenum of the Central Committee. The Prime Minister noted that its implementation will involve various financing methods, including budget funds, bonds, loans, and public-private partnerships (PPP), to ensure the project's feasibility and sustainability.

Linh Anh