Government presents action plan to accelerate industrialization

A corner of HCM City (Photo: VNA)

Hanoi – The Vietnamese government has drawn up a comprehensive action plan to accelerate the country’s industrialization and modernization by 2030, with a long-term vision until 2045.

The plan, detailed in a recently issued resolution, sets targets for various economic sectors.

To stimulate economic growth, the government aims to achieve average GDP growth of about 7 percent per year, bringing per capita income to about USD 7,500 by 2030. The focus is on reducing the number of agricultural workers to less than 20 percent of the total labor force.

Vietnam aims to become one of the top three industrial powers in ASEAN, with the industrial sector contributing more than 40 percent of GDP. The manufacturing and processing sector is expected to account for around 30 percent of GDP, with a strong focus on high-tech products aiming to account for more than 45 percent of the sector’s value. To further boost the economy, the services sector is expected to contribute more than 50 percent of GDP, with tourism alone generating 14-15 percent.

The resolution calls for the creation of large-scale, globally competitive companies and the development of industrial clusters. It also urges the control of key industrial and agricultural value chains.

To achieve these goals, the government has directed ministries, agencies and local authorities to take a series of measures. These include encouraging innovation, improving policies and institutions, building a robust and self-sufficient domestic industry and improving the capabilities of the construction sector.

Other priorities mentioned in the resolution include the modernisation of agriculture and rural areas, further restructuring of the service sector based on science, technology and innovation, human capital development, construction of modern infrastructure and promotion of sustainable urbanisation.

The government also pledged to reform financial and credit policies, optimize resource management, protect the environment in the face of climate change and deepen global integration, while protecting the domestic market.

The resolution emphasizes the importance of cultural identity and stresses the importance of preserving Vietnamese values ​​and building a skilled workforce that can lead the country’s industrialization and modernization while ensuring social prosperity.

Vietnam emerging as regional industrial hotspot It is clear that Vietnam is emerging as an industrial hotspot in the region, and even to some extent in global supply chains. Peter De Boeck, partner at McKinsey & Company’s Vietnam office, told Mai Dang how Vietnam is in the spotlight in global trade and investment.

Industrial and export processing zones urged to modernise to attract FDI According to experts, Vietnam’s industrial parks and economic and export processing zones need to overcome their weaknesses to attract more high-quality foreign direct investment.