Economy to grow to $500B next year: PM

It grew from $346 billion in 2020 to $433 billion last year, and the GDP is set to expand by 7% this year, exceeding lawmakers’ target of 6.5%, he said while speaking at a conference Sunday.

Between 2021 and 2025 the annual average growth is estimated at 6%, he said.

"Vietnam’s economic growth rate is among the highest regionally and globally."

Its ranking improved from 37th to 34th and is set to climb to 33rd next year, he added.

Its GDP per capita is expected to grow by 31.7% from $3,720 in 2021 to $4,900 in 2025, he said.

In the 2021-25 period it surpassed the threshold of lower-middle-income countries, and its human development indicators improved commensurately.

The United Nations’ 2024 World Happiness Index ranked Vietnam 11 places higher than in 2023 to 54th out of 143 countries and territories.

"These achievements demonstrate that our country has never had the stature, potential, and international prestige that it boasts today," the PM said.

He said 2025 would be a year of acceleration to meet the goals of the five-year plan. Among its key targets are GDP growth of 6.5-7%.

In 2026-30 the government targets annual GDP growth of 7.5-8.5%, with GDP per capita reaching $7,400-$7,600 by 2030, becoming an upper middle-income developing country with modern industry and an economy of around $780-800 billion.

"At this pace, Vietnam will be among the top 30 largest economies in the world," Chinh said.

This would provide a solid foundation for the country to become a high-income developed nation by 2045.

To achieve these goals, the government aims to achieve strategic breakthroughs, especially in infrastructure development, he said.

By the end of 2025 the country is expected to have over 3,000 kilometers of expressways.

Several major projects for the 2026-30 period would also be rolled out, including investments in digital and power infrastructure, the PM said.

The government would continue to refine institutions and laws, increase decentralization, simplify administrative procedures and reduce administrative costs for citizens and businesses, he promised.

Science, technology, innovation, and digital transformation would be vigorously promoted to create a breakthrough in productivity, quality and competitiveness, he added.