HANOI: Vietnam’s ruling Communist Party is targeting faster annual economic growth over the next five years, despite potentially “severe” economic challenges, according to a draft document prepared for its upcoming congress.
The party expects the country’s economy to grow by at least 10 per cent a year over the 2026 to 2030 period, according to the document released on Wednesday (Oct 15).
Vietnam targeted 6.5 per cent to 7.0 per cent annual growth over the 2021 to 2025 period. The economy expanded at an annual average of about 5.7 per cent in the 2021 to 2024 period, although growth is on track to be above 8 per cent this year.
The draft document sets the stage for discussions at the party congress, which will define the country’s main strategies and policies for the coming five years. The congress, held every five years, is expected to take place after the parliament ends a legislative session in mid-December, but a precise date has still to be announced.
Officials are also aiming to lift gross domestic product per capita to US$8,500 by 2030, according to the document posted on the party’s website, up from a target of US$4,700 to US$5,000 for the 2021 to 2025 period. It reached US$4,700 last year.
“Over the next five years, our country will face several difficulties and challenges, with some aspects expected to be harsher and more severe than the previous (five-year) period,” the document said.
The export-reliant country faces 20 per cent tariffs on its exports to the United States, its main market.
Source: CNA
