Parliament eyes average growth of 6.5 - 7 percent for five years

ABO/NDO - The National Assembly (NA) on July 27 approved a resolution on the socio-economic development plan for 2021 - 2025, targeting an average annual growth rate of 6.5 - 7 percent during the period.

A resolution on the socio-economic development plan for 2021 - 2025 was approved by the National Assembly on July 27.

According to the resolution, the overall goal is ensuring fast and sustainable economic growth on the basis of enhanced macro-economic stability while achieving an economic growth rate higher than the average of the 2016 - 2020 period so that Vietnam will become a developing country with modernity-oriented industry and escape from the lower-middle income status.

Apart from the growth target of 6.5 - 7 percent, the resolution also aims at per capita GDP of 4,700 - 5,000 USD on average, the processing - manufacturing industry making up over 25 percent of GDP, and the digital economy about 20 percent of GDP in the next five years.

To that end, it detailed 11 groups of key tasks and solutions, including working to obtain the “twin targets” of curbing COVID-19 and recovering and developing the economy and society; pressing on with building and completing development institutions, firstly the ones of the socialist-oriented market economy; stepping up economic restructuring in tandem with growth model reform, improving the economy’s productivity, quality, efficiency, and competitiveness; and developing the digital economy and digital society.

(Source: NDO)