GOV’T UNVEILS ACTION PLAN TO ACCELERATE INDUSTRIALISATION

The Vietnamese Government has outlined a comprehensive action plan to continue fasttracking the country's industrialisation and modernisation by 2030, with a long-term vision extending to 2045.

The plan, detailed in a newly issued resolution, sets targets across various economic sectors.

To boost economic growth, the Government aims for an average GDP growth rate of around 7 per cent per year, lifting per capita income to approximately 7,500 USD by 2030. A key focus is placed on reducing the agricultural workforce to less than 20 per cent of the total labour force.

Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40 per cent to GDP. The manufacturing and processing sector is expected to account for around 30 per cent of GDP, with a strong emphasis on high-tech products aiming for over 45 per cent of the sector's value. To further drive the economy, the service sector is projected to contribute over 50 per cent to GDP, with tourism alone generating 14-15 per cent.

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

To achieve these goals, the Government has ordered ministries, agencies, and local authorities to take a series of measures. These include fostering innovation, improving policies and institutions, building a robust and self-reliant domestic industry, and enhancing the construction sector's capabilities.

Additional priorities outlined in the resolution are modernising agriculture and rural areas, further restructuring the service sector based on sci-tech and innovation, developing human capital, building modern infrastructure, and driving sustainable urbanisation.

The Government also pledged to reform financial and credit policies, optimise resource management, protect the environment in adaptation to climate change, and deepen global integration while safeguarding the domestic market.

Underscoring the importance of cultural identity, the resolution underlines preserving Vietnamese values and building a skilled workforce capable of leading the nation's industrialisation and modernisation while ensuring social welfare.

Source: VIR