Vietnam to become developed nation with high income by 2050

National Assembly Chairman Vuong Dinh Hue recently signed to promulgate Resolution No.81 on the master plan.

The country's GDP growth is expected to reach 7% per year during the 2021-2030 period and 6.5-7.5% annually in the 2031-2050 phase.

The GDP per capita in current price equivalent is projected to increase to 7,500 USD by 2030 and 27,000-32,000 USD by 2050.

The plan also aims to raise the proportion of urbanisation to over 50% by 2030 and 70-75% by 2050. The digital economy will account for 30% of the GDP by 2030.

During 2021-2030, Vietnam will focus on inclusive, rapid and sustainable development based on science-technology, innovation, digital and green transformation and circular economic development.

By 2030, the service sector will make up 50% of the GDP, and industry-construction and agriculture, forestry, and fishing sector, 40% and 10%, respectively. The share of Total Factor Productivity (TFP) in the economic development will reach 50%.

(Source: VNA)