VIETNAM STRIVES TO REACH GDP GROWTH OF UP TO 6.5 PER CENT AND GPD PER CAPITA OF $3,900 IN 2022

The government has set targets to achieve a GDP per capita of $3,900 in 2022, with GDP growth of 6-6.5 per cent each year.

Deputy Prime Minister Le Minh Khai presented a draft resolution of the Vietnamese government on the major tasks and solutions for carrying out this year's objectives and an estimate of the state budget in 2022 at a conference on the implementation of the conclusions of the Central Committee and the Resolution of the 15th National Assembly on the socioeconomic development plan in 2022.

Accordingly, in 2022, the GDP per capita is supposed to be $3,900. In 2020, GDP per capita in Vietnam was $2,785.72, according to World Bank data.

There are 180 distinct activities that make up the 12 primary solution tasks specified in the draft.

As a first step, the DPM emphasised that the government would manage the objectives of COVID-19 prevention, control, and rehabilitation, as well as socioeconomic development in a flexible and effective manner.

"The prime objectives in 2022 are national GDP growth of 6–6.5 per cent and a GDP per capita of $3,900," the DPM said.

To that end, the law requires fiscal and monetary reforms to be implemented to promote domestic consumption by aiming to increase total retail sales of consumer goods and services by 8 per cent and maintain macroeconomic stability by keeping inflation around 4 per cent, among others.

In addition, the government plans to optimise the vaccination of youngsters and booster doses, ensuring efficacy and fostering technology transfer. Advanced research and manufacturing of vaccines and medicinal pharmaceuticals in the country would be highlighted as well.

These main goals are being pursued to meet the government's aim for GDP growth of 6–6.5 per cent, aiming to revive and promote production; enhance exports; and marshal public-private resources to expand the infrastructure system.

The DPM also highlighted the importance of efficient land and resource management and use; environmental protection; preventing and combating natural catastrophes; and adapting to climate change.

The state agency would construct a synchronised and modern infrastructure system, as well as accelerate the development of critical infrastructure projects, increase regional, inter-regional, and international links, and particularly essential transportation infrastructure projects, such as the building of certain road sections, the construction of an expressway on the North-South East route, the construction of an expressway between My Thuan and Can Tho; and the construction of the Long Thanh International Airport.

Source: VIR