The National Congress, held every five years, will choose the country’s new leadership and set socio-economic goals for the next 5-10 years. All eyes will be on who the next “four pillars” will be, namely who will fill the top four positions: party general secretary, prime minister, state president, and chair of the National Assembly. That said economic policy is expected to be largely consistent without significant changes. In each congress session, key economic goals, including GDP growth and GDP per capita for the next five years will be unveiled, according to HSBC. Due to pandemic challenges, Vietnam’s 2016-2020 average GDP growth only reached 6 per cent, missing its target of 6.5-7 per cent set in the 12th National Congress in 2016. In October 2020, Vietnam’s Ministry of Planning and Investment proposed a 6.5-7 per cent growth target for 2021-2025, with a GDP per capita target of $4,700-5,000 by 2025. In the first week of 2021, the government set its 2021 growth target at 6.5 per cent. Over the medium term, Vietnam strives to become an upper-middle country by 2030 and ultimately a high-income one by 2045. In addition to multiple quantitative targets, it is also worth watching what specific… Read full this story
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