WORDS ON THE STREET 70th anniversary of Hanoi's Liberation Day Vietnam - Asia 2023 Smart City Summit Hanoi celebrates 15 years of administrative boundary adjustment 12th Vietnam-France decentrialized cooperation conference 31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Home / Economy / Industry
Vietnam fails to realize 5-year economic target on Covid-19
Ngoc Thuy 18:03, 2020/10/20
This comes as Vietnam’s GDP growth in 2020 is set to expand by 2 – 3%, much lower than the 6.8% target initially set for the year, Prime Minister Nguyen Xuan Phuc has said.

The emergence of the Covid-19 pandemic has slowed Vietnam’s economic growth during the 2016 – 2020 period to 5.9%, lower than the 6.5 – 7% target for the five-year term, according to Prime Minister Nguyen Xuan Phuc.

 Prime Minister Nguyen Xuan Phuc at the opening session of the National Assembly. 

This comes as Vietnam’s GDP growth in 2020 is set to expand by 2 – 3%, much lower than the 6.8% target initially set for the year, stated Mr. Phuc at the opening session of the one-month National Assembly sitting on October 20.

A lower than expected GDP growth rate also leads to income per capita of US$2,750, below the target of US$3,200 – 3,500.

Mr. Phuc noted of the nine economic objectives for the 2016 – 2020 target, only six would meet their targets.

Nevertheless, from a global perspective, Mr. Phuc said Vietnam’s economic performance in 2020 is considered a success.

Vision for 2021 - 2025

For the 2021 – 2025 period, the government’s target would be rapid and sustainable development, while the dual target of both containing the pandemic and boosting economic growth is considered a priority in 2021. In the remaining years, Vietnam aims to modernize the industrial sector and escape the low-middle income status.

Among key economic indicators for the next five years, Vietnam targets an average GDP growth rate of 6.5 – 7%. By 2025, the country’s GDP per capita is set to reach US$4,700 – 5,000.

Additionally, the digital economy is expected to make up 20% of GDP, and productivity growth to average over 6.5% per year.

The PM added the government would focus on speeding up the construction of major transport infrastructure projects in the next five years, including the North – South expressway, Long Thanh International Airport, and urban railway projects, among others.

Mr. Phuc expected Vietnam to soon complete construction of over 1,700 kilometers of coastal road from Quang Ninh province to the southernmost province Ca Mau.

RELATED NEWS
TAG: Vietnam covid-19 coronavirus nCoV pandemic socio-economic development GDP economic expansion Nguyen Xuan Phuc Prime Minister 5-year plan
Other news
22:44, 2024/11/28
Internet users in Vietnam to hit 100 million by 2029
Internet Day 2024 highlighted the rapid growth of internet penetration in Vietnam and the country's strategic plans for digital transformation.
20:55, 2024/11/27
Prime Minister calls for active participation in innovative start-ups
Techfest 2024 is taking place November 26-28 in the northern city of Haiphong.
17:00, 2024/11/26
Hanoi advocates traceability for safe food
Hanoi continues to implement advanced quality management processes in collaboration with various agencies and local authorities.
17:35, 2024/11/23
Hanoi gears up for Tet: ensuring a steady supply of safe food
The city will work closely with other cities and provinces to ensure that consumers in the capital have access to safe food and agricultural products.
14:47, 2024/11/15
Year-end hiring spree as Hanoi companies ramp up recruiting
In the fourth quarter, many major holidays will lead to increased hiring as companies finalize orders and anticipate new projects.
13:33, 2024/11/14
Vietnam's digital economy expected to grow big in 2024
E-commerce is expected to reach US$22 billion in 2024, leading the growth of Vietnam's digital economy.