The Government aims to achieve a GDP per capita of VND190 million (US$7,500) by 2030.

Industrial production at Lai Xa Industrial Park, Hoai Duc District, Hanoi. Photo: Hai Linh/The Hanoi Times

This is part of the action program issued by the Government on July 22 to implement Resolution No. 29 of the 13th Party Central Committee on further promoting the industrialization and modernization of the country until 2030, with a vision to 2045.

According to the World Bank, GDP per capita provides a basic measure of the economic output value per person and serves as an indirect indicator of average income. GDP growth and per capita GDP are widely regarded as broad measures of economic growth.

The General Statistics Office estimates that the GDP per capita in 2023 at current prices was estimated at VND101.9 million ($4,284.5), an increase of $160 compared to 2022. The government's target therefore represents a 75% increase over last year's result.

S&P Global Ratings forecasts that Vietnam's GDP per capita will reach about $4,500  this year, or 60% of the target set for 2030. Meanwhile, the International Monetary Fund (IMF) predicts this figure will be $4,620 this year. Compared to the year 2000, Vietnam's GDP per capita has increased more than nine times.

In addition to GDP per capita, the Government's action program aims for an average annual GDP growth rate of around 7%. By the end of this decade, Vietnam is expected to be among the top three Southeast Asian countries in terms of industrial competitiveness.

Accordingly, the industrial sector's share in GDP is targeted to exceed 40%, with the manufacturing and processing industry alone accounting for around 30% of GDP. The average per capita value added in manufacturing and processing industries per capita is expected to reach over $2,000.

To achieve this, Vietnam aims to establish several large-scale industrial corporations and enterprises with international competitiveness in basic, priority, and key industries. Additionally, the country plans to build and develop several domestic industrial clusters with international competitiveness, mastering some production value chains.

Besides industry, the service sector is expected to account for over 50% of GDP, with tourism alone contributing 14-15% of GDP.