Vietnam eyes $32,000 GDP per capita by 2050

By Anh Minh   January 5, 2023 | 06:00 am PT
Vietnam eyes $32,000 GDP per capita by 2050
Minister of Planning and Investment Nguyen Chi Dung speaks to the National Assembly on January 3, 2022. Photo by VnExpress/Pham Thang
The Vietnamese government expects to nearly double the country’s GDP per capita by 2030 and increase it eightfold to $32,000 by 2050.

The country recorded a per capita GDP of VND95.6 million ($4,100) last year, up 10.8% from 2021. The government wants to boost this figure to $27,000-$32,000 by 2050, Nguyen Chi Dung, Minister of Planning and Investment, said in a proposed nationwide development plan that was presented to the National Assembly on Thursday.

This means Vietnam needs to achieve an average GDP growth of 6.5-7.5% annually between 2030 and 2050.

Dung said that according to the plan, by 2030, Vietnam will prioritize the North-South economic corridor and two East-West economic corridors, (namely Lao Cai - Hanoi - Hai Phong - Quang Ninh and Moc Bai - Ho Chi Minh City - Vung Tau).

The country will focus on key industrial sectors and prioritize high-technology and digital transformation, with plans to build regional and global financial centers.

Lawmakers, however, said that the proposed plan has not identified specific strategies to achieve growth.

"The proposed policies are general and there are no breakthroughs," said Vu Hong Thanh, chairman of the National Assembly’s Economic Committee.

The committee said that more clarification is needed concerning the resources required to achieve the high growth targets.

The plan said that VND4,830 trillion will be needed to achieve an average growth of 7% between 2021 and 2030, which would triple the investment required in the 2011-2022 period, which was around VND1,500 trillion.

The plan requires the government to mobilize around VND9,700 trillion for the 2021-2030 period, or 20% of the total investment needed, even though the National Assembly has already decided that only VND2,870 trillion be used for the 2021-2025 period.

Thanh said that according to the proposal a lot of money will be needed for infrastructure investment but he added that the country’s resources are limited.

He said that more strategies concerning education, training and improving people’s healthcare should be added to the plan.

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