Vietnam to become developed nation with high income by 2050

Thursday, 19/01/2023 16:05
Vietnam is striving to become a developed nation with high income, full and harmonious socialist-oriented market economy institutions, and a fair, democratic and civilised society by 2050, reported Vietnam News Agency according to the National Master Plan for the 2021-2030 period with a vision to 2050.
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Van Don-Mong Cai expressway (Photo: VNA)

National Assembly Chairman Vuong Dinh Hue recently signed to promulgate Resolution No.81 on the master plan.

The country's GDP growth is expected to reach 7% per year during the 2021-2030 period and 6.5-7.5% annually in the 2031-2050 phase.

The GDP per capita in current price equivalent is projected to increase to 7,500 USD by 2030 and 27,000-32,000 USD by 2050.

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Illustrative image (Photo: VNA)

The plan also aims to raise the proportion of urbanisation to over 50% by 2030 and 70-75% by 2050. The digital economy will account for 30% of the GDP by 2030.

During 2021-2030, Vietnam will focus on inclusive, rapid and sustainable development based on science-technology, innovation, digital and green transformation and circular economic development.

By 2030, the service sector will make up 50% of the GDP, and industry-construction and agriculture, forestry, and fishing sector, 40% and 10%, respectively. The share of Total Factor Productivity (TFP) in the economic development will reach 50%.

Thousands of poor workers supported to return home for Tet

The Hanoi Federation of Labour held a programme at Thang Long Industrial Park on January 19 to take disadvantaged workers to their hometowns for the upcoming Lunar New Year (Tet) festival, reported Vietnam News Agency.

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Illustrative image (Photo: VNA) 

It is the 15th consecutive year that the city’s trade unions have held the activity for the group.

Chairman of the Hanoi Federation of Labour Pham Quang Thanh said last year, the city’s trade unions earmarked over 48 billion VND (2 million USD) to support poor workers and helped 1,200 others return home for Tet on thousands of coaches.

This year, the Binh Duong Confederation of Labour decided to triple funding in support of workers in especially difficult circumstances during Tet.

Accordingly, each will receive gift worth 1 million VND from the local State budget, doubling that last year. The number of beneficiaries also increases by 25,000.

In collaboration with the provincial Department of Culture, Sports and Tourism, the confederation also staged 20 night music shows in the locality.

Music performances will also get underway from January 22-24, the first to third day of the Lunar New Year.

Vietnam targets 8 million foreign tourist arrivals in 2023

Vietnam’s tourism sector targets to welcome about 8 million foreign tourist arrivals from a total of 110 million next year, reported Vietnam News Agency according to the General Administration of Vietnam Tourism.

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Vietnam’s tourism sector targets to welcome about 8 million foreign tourist arrivals next year. (Photo: VNA) 

The country expects to earn about 650 trillion VND (USD27.5 billion) from tourism.

Minister of Culture, Sports and Tourism Nguyen Van Hung said that last year, Vietnam targeted to welcome 5 million international arrivals., but the country received only 3.6 million due to limitations.

Hung said that to achieve this year’s target, the entire industry is determined to implement the Prime Minister's conclusion at the conference to promote attracting international tourists to Vietnam.

Accordingly, the sector will coordinate more closely with relevant ministries, especially the Ministry of Transport, the Ministry of Public Security, the Ministry of Foreign Affairs, and the Ministry of Industry and Trade, to create a favourable mechanism to welcome international tourists.

To attract international visitors, ministries, sectors, and localities must innovate and diversify products, he said, adding that the tourism authorities have just set a target that each locality must have a unique tourism product and pay more attention to regional linkages.

Under Vietnam’s tourism development plan for 2023, the industry will implement some projects and strategies, the tourism administration revealed.

They include tourism network planning from 2021 to 2030 with a vision to 2045, the Vietnam Tourism Marketing Strategy to 2030, the project "Application of Industry 4.0 technology to develop smart tourism, turn tourism a spearhead economic sector", and a project on developing Vietnam's community-based tourism, among others.

Communication campaigns will be launched on CNN and some major international media channels, while tourism authorities will actively participate in international events to seek cooperation opportunities, it added.

In 2022, Vietnam’s tourism gradually recovered, especially the domestic segment. The number of local tourists reached some 101 million. Total revenue from tourism is estimated at 21 billion USD, 23% higher than planned and 66% higher than that of 2019.

Vietnam remains attractive destination for Hong Kong (China) businesses

Several Hong Kong (China) businesses, as well as those from the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), remain keen on investing in the Vietnamese market following China’s reopening, reported the Voice of Vietnam according to industry insiders.

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Photo: VOV 

This comes following a delegation of more than 70 entrepreneurs and businesses from Hong Kong (China) and the GBA recently arriving in the nation to seek further investment and economic co-operation opportunities.

Pham Binh Dam, consul general of Vietnam in Hong Kong, revealed that Hong Kong enterprises boast strong financial potential and have been conducting business for a long time in the Vietnamese market, thereby making them to become one of the nation’s major trading partner and investors.

According to details given by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment, Vietnam is currently Hong Kong (China)’s eighth largest trading partner. As of November, 2022, Vietnamese exports to this market reached US$10 billion, while imports hit US$1.78 billion, up 19.8%.

At present, Hong Kong (China) ranks fifth among foreign investors in the Vietnamese market, with 2,164 projects capitalised at approximately US$29.5 billion, thereby focusing on the processing and manufacturing and real estate sectors.

At a recent workshop held to discuss measures to promote business ties between Vietnam and the GBA, Dr. Jonathan Choi, chairman of the Chinese General Chamber of Commerce (CGCC), pointed out that as one of the fastest growing countries in the region, especially in the post-COVID period, Vietnam remains an attractive destination for Chinese firms, especially those from Hong Kong (China) and the GBA.

Dr. Choi went on to note that the cultural and geographical proximity also facilitates co-operation between Vietnam, Hong Kong (China), and the GBA region in many fields, especially trade, investment, and tourism.

There will therefore be ample room ahead to boost bilateral ties, especially in advantageous fields of Hong Kong (China), including green finance, innovation, farm produce, pharmaceuticals, the green economy, and the environment, he said.

He emphasised that in a rapidly changing world, young workforce and strong digital economy will be the future trend, adding that digital technology will also become potential fields for both sides to promote co-operation in the near future.

Furthermore, Do Nhat Hoang, director of the FIA, said the Vietnamese Government has been making every effort to fulfill its commitments at the 26th UN Climate Change Conference of the Parties (COP26) of achieving a zero-carbon economy by 2050.

The Hong Kong Special Administrative Region has been implementing a strategy aimed at expanding investment co-operation to the Asian market, with a focus on ASEAN member states, said Algernon Yau, secretary for Commerce and Economic Development. Yau went on to affirm that Hong Kong (China) will strive to create the optimal conditions for their businesses to invest in the Vietnamese market, while simultaneously facilitating Vietnamese businesses’ investment in their market./.

Compiled by BTA

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