Vietnam has set the economic growth target for next year at 6% in the wake of its relatively effective efforts in containing the Covid-19 pandemic, the country’s legislative body said.
The Southeast Asian country has recorded 1,266 cases and 35 deaths as of November 11. Following a third wave of outbreaks in the central coastal city of Danang in July, it has acted fast to control the virus spread, and no community transmission has been reported over the past 70 days.
The new growth goal puts the 2021 target for GDP per capita at about US$3,700, the National Assembly resolution shows.
In the World Economic Outlook released this October, the International Monetary Fund forecasts that Vietnam’s 2020 GDP will be about US$340.6 billion, or a GDP per capita of almost US$3,500. That ranks the country at sixth place among the 10 members of the Association of Southeast Asian Nations.
Before the National Assembly resolution came out, Vietnamese Prime Minister Nguyen Xuan Phuc told the legislative body that the country created US$1.2 trillion in GDP over the past five years amid macroeconomic stability. Measured in terms of purchasing power parity, GDP per capita is now around US$9,000.
In calling for a strong economic revival, the PM has repeatedly used the popular saying “build the nest to welcome the eagles” as he highlighted the need to increase exports and attract more foreign investments.
Vietnam, in its latest adjustment, projected this year’s GDP growth at 2-2.5%, putting it on track to become one of the world’s fastest-growing economies in 2020. The nation is aiming for an average growth of 6.5-7% between 2021 and 2025.