By 2023, the Ministry of Planning and Investment (MPI) of Vietnam will have studied and developed a program on economic recovery and development as well as increasing the economy’s internal capacity and self-reliance. During the year 2021–2025, a gross domestic product (GDP) growth rate of 6.5-7% is the desired outcome.

Vietnam wants to have a modern economy and become a thriving nation by 2025. It will make an effort to surpass lower middle-class income.

Nguyen Chi Dung, the minister of planning and investment, said that the program’s implementation should last long enough to allow for the development and implementation of policies that will lay a strong and stable foundation for the recovery of businesses and the economy, according to Vietnamese media reports.

In order to analyze and construct a program on economic recovery and development as well as enhancing the economy’s internal capacity and self-reliance by 2023, Vietnam’s ministry of planning and investment is working in coordination with the pertinent ministries, sectors, and municipalities. From 2021 through 2025, the goal is to attain an average yearly GDP growth rate of 6.5-7%.

In order to build a foundation for sustainable economic recovery and development in the near future, Dung recommended that the government gradually promote sustainable economic growth to combat the pandemic’s effects; strengthen the capacity of the health system and designate it as an urgent solution beginning in 2022; maintain macroeconomic stability; control inflation; keep enacting reasonable expansionary fiscal and monetary policies; and ensure national financial stability.

He said that in order to eliminate challenges and barriers in production and business, ministries, sectors, and localities must perfect institutions, administrative reforms, and business conditions. At the same time, they must increase the effectiveness of the government apparatus at all levels, revive and develop the tourism sector, boost domestic consumption, and improve trade promotion.

The minister also recommended that the government support the growth of companies in a number of priority industries by granting credit and financial support via interest rates, tax and fee exemptions, and reductions; creating sustainable supply chains, particularly in manufacturing and agriculture; and promoting digital transformation.

Newspaper Fibre2Fashion Desk (DS)

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