Monday , March 4 2024

Vietnam needs to aim for high growth: President

Vietnam needs to target high growth and streamline its institutions to achieve breakthrough and sustainable development in the next 20-30 years, President Nguyen Xuan Phuc said Friday.

The Vietnamese leader was referring to the second of two growth scenarios for the 2021-2030 period, with a vision until 2050, which the government laid out for the National Assembly to study.

In the first scenario, average annual GDP growth would be 6.3% from 2021 to 2030 and 6.49% from 2031 to 2050. GDP per capita, based on current prices, would reach $7,500 by 2030.

In the second scenario, average GDP growth rise 7.05% and 7.16% in the respective periods, while GDP per capita is set to reach $27,000-$32,000 by 2050.

The higher growth scenario should be chosen, Phuc said.

“Only through fast growth can we expand our economy and achieve the goal of becoming a high-income country by 2045.”

Some lawmakers, however, are concerned about the possibility of achieving the higher growth targets.

Nguyen Manh Hung, a standing member of the National Assembly’s Economic Committee, said that to achieve the $27,000-$32,000 GDP per capita target means Vietnam has just 20 years to quadruple the expected 2030 figure of $7,500.

Hung said the goal was a challenging goal, adding that only by setting achievable targets could Vietnam develop specific plans and solutions.

Another concern is mobilizing money to achieve these targets.

Nguyen Thanh Phuong, a lawmaker from Can Tho City, said that State coffers can only cover about 20-30% of the money needed to reach these goals, with the rest mobilized from private companies.

“The plan needs to identify key areas to focus the investment on instead of pouring it all over the country,” said Phuong.

Hung said that there are uncertainties about how special economic zones could raise money, and there can be competition between various zones for resources.

The plan has identified both Hanoi and Ho Chi Minh City to become the next financial hubs for the region and the world, Hung continued.

But if both cities become major hubs at the same time, he asked, where can the necessary resources be found.

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