With its booming economy, robust manufacturing and exports, and a thriving tourism industry, Vietnam is aiming high to achieve at least 10% GDP growth and $6,100 per capita GDP in 2027, according to a news report by VnExpress. Vietnam is already one of the outstanding economies in all of Southeast Asia today and it will host the prestigious Asia-Pacific Economic Cooperation (APEC) next year.
To put things in perspective, posted below is an excerpt from the news report of VnExpress. Some parts in boldface…
Vietnam’s National Assembly has set a target of at least 10% economic growth in 2027, with GDP per capita expected to reach approximately US$6,100.
The legislature passed a resolution on the country’s 2027 socio-economic development plan on Saturday, with more than 93.4% of lawmakers voting in favor.
Under the resolution, Vietnam aims to achieve economic growth of at least 10% next year while keeping inflation at around 4.5%.
The resolution calls on the government to continue prioritizing growth while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances.
The government is also tasked with making breakthroughs in mobilizing and efficiently allocating resources for development. Measures include increasing state budget revenue, cutting expenditure, particularly recurrent spending, issuing various types of bonds and securing official development assistance (ODA) loans.
It must also promptly implement policies to raise foreign ownership limits in industries and sectors that do not affect national security.
The National Assembly urged the government to manage interest and exchange rates in line with domestic and international conditions, lower lending rates and direct credit toward production, business activities and priority sectors.
The government is also expected to introduce effective measures to address trade deficit, develop a healthy and sustainable real estate market, and resolve long-standing stalled projects.
To ensure energy security, the resolution requires the government to guarantee sufficient supplies of electricity and petroleum products under all circumstances.
On infrastructure, the government is tasked with completing the expressway network in line with approved plans, particularly the eastern and western sections of the North-South Expressway and East-West transport corridors.
It must also accelerate major national railway projects, including the Lao Cai-Hanoi-Hai Phong railway, the North-South high-speed railway, international rail connections and urban railway networks.
The resolution calls for faster progress on two major airport projects: Long Thanh International Airport in Dong Nai, about 40 kilometers east of Ho Chi Minh City, and Gia Binh International Airport in Bac Ninh Province, 40 km east of central Hanoi.
Long Thanh is being developed to ease pressure on HCMC’s Tan Son Nhat International Airport and eventually handle 100 million passengers annually. Gia Binh is planned as a major aviation gateway for northern Vietnam, serving passenger and cargo transport, international transit and aircraft maintenance.
Let me end this piece by asking you readers: What is your reaction to this development? Considering the strong economic momentum Vietnam has been enjoying recently, do you think they can achieve GDP growth of at least 10% next year? Do you think inflation won’t reach 5% anytime soon? How long do you think Vietnam’s thriving manufacturing and exports will last?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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