Vietnam issues action plan on economic restructuring for the 2021-2025 period

Wednesday, 2022-04-13 10:12:51
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A facility to manufacture and inspect electronic circuits of Young Poong Electronics VINA in Vinh Phuc Province. (Photo: VNA)
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NDO - The Vietnamese government has issued a plan of action to implement the National Assembly’s resolution on economic restructuring for the 2021-2025 period.

The overall goal is to enhance the productivity, competitiveness and resilience of the Vietnamese economy.

Specifically, Vietnam targets annual productivity growth of 6.5% and aims to raise the contribution of technology and innovation towards economic growth, with total factor productivity (TFP) at 45% of GDP.

By 2025, the gap in national competitiveness between Vietnam and ASEAN-4 countries will be narrowed, especially in the criteria of institutions, infrastructure and human resources.

Under the plan, Vietnam will strive for a spending deficit of 3.7% of GDP, with total social investment at 32-34% of GDP and non-performing loans at below 3%.

The capitalisation of Vietnam’s stock market is expected to reach 85% of GDP by 2025.

Vietnam aims to have about 1.5 million enterprises, with about 60,000-70,000 being medium and large-sized businesses, while the private sector will contribute about 55% of GDP.

In order to realise such targets, the plan outlines a number of key measures, including focusing on fulfilling the goals of restructuring public investment, state budget and the system of credit institutions.

The government will also seek to enhance effectiveness in the allocation and use of resources, promote links between businesses in different sectors, boost regional connectivity, and foster the role of key cities and economic regions.