English
Industry to contribute 40% to Vietnam’s GDP by 2030
The Hanoitimes – The Poliburo recently issued Resolution 23-NQ/TW to develop the national industry until 2030, with vision to 2045, aiming to finalize the industrialization and modernization targets and become one of the top three countries in industry in ASEAN.
According to the resolution, Vietnam’s industry will contribute 40 percent to the national GDP by 2030. The proportion of processing and manufacturing industry will be some 30 percent, of which 20 percent will be from the manufacturing industry.
The value of high-tech processing and manufacturing products will reach at least 45 percent while the industrial labor productivity will increase by 7.5 percent on average annually.
The industrial growth rate will average at over 8.5 percent, of which the processing and manufacturing industry will see a rise by 10 percent yearly.
The resolution also sets the country’s competitive industrial performance (CIP) index to be among the top three countries in ASEAN while the percentage of workers in the industrial and service sectors is over 70 percent.
Some large-sized clusters will be built to link domestic industrial enterprises and help them have international competitiveness.
To meet the targets, Vietnam will focus on changing the restructuring of the industry besides issuing policies on business, investment, human resource, science and technology to develop the industry, especially prioritized segments.
According to experts, the development of the industry will be also the key driver to boost the country`s GDP growth in the first quarter this year.
According to the National Centre for Socio-Economic Information and Forecast (NCIF) under the Ministry of Planning and Investment, GDP growth in Q1 is estimated at 6.23 percent, much higher than 5.15 percent in the same period last year. Of which, the industry and construction will lead all sectors with the growth rate of 6.87 percent.
Dang Duc Anh, head of the NCIF’s Department of Analysis and Forecast, said the surge of 17 percent of the manufacturing and processing industry in the first two months of this year would drive the whole industry sector.
GDP growth in 2018 is now predicted to hit 6.83 percent, higher than the NCIF’s forecast in December last year.
The government’s efforts in removing difficulties facing businesses are expected to help boost the industry and construction sectors.
According to NCIF, main factors boosting economic growth this year include drastic actions of the government in improving the business environment, and stability in macro-economic policies.
Besides, major projects in the processing and manufacturing sector and the newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are predicted to lift investment and trade, they added.
Earlier, Director of Saigon Securities Incorporate (SSI) Nguyen Duc Hung Linh also forecast that Vietnam can be confident that its GDP growth in the first quarter of the year will be equivalent to the second half of 2017, or 6.17 percent.
Linh recommended that the recovery of the domestic firms is a positive signal and it is necessary to continue to have policies to promote the development of the firms.
“Supports should be given to domestic major firms to help them create spearheads for the country’s growth,” he said, adding that it is also important to seek and develop new growth drivers such as special administrative and economic zones, high-tech agriculture or tourism.
The GSO’s Business Sentiment Survey of manufacturing and processing enterprises also showed that 48.2 per cent of businesses were optimistic that the trend would improve, 35.7 per cent of businesses believed business would be stable and 16.1 per cent of enterprises predicted more difficulties.
The industrial growth rate will average at over 8.5 percent, of which the processing and manufacturing industry will see a rise by 10 percent yearly.
The resolution also sets the country’s competitive industrial performance (CIP) index to be among the top three countries in ASEAN while the percentage of workers in the industrial and service sectors is over 70 percent.
Some large-sized clusters will be built to link domestic industrial enterprises and help them have international competitiveness.
To meet the targets, Vietnam will focus on changing the restructuring of the industry besides issuing policies on business, investment, human resource, science and technology to develop the industry, especially prioritized segments.
According to experts, the development of the industry will be also the key driver to boost the country`s GDP growth in the first quarter this year.
According to the National Centre for Socio-Economic Information and Forecast (NCIF) under the Ministry of Planning and Investment, GDP growth in Q1 is estimated at 6.23 percent, much higher than 5.15 percent in the same period last year. Of which, the industry and construction will lead all sectors with the growth rate of 6.87 percent.
Dang Duc Anh, head of the NCIF’s Department of Analysis and Forecast, said the surge of 17 percent of the manufacturing and processing industry in the first two months of this year would drive the whole industry sector.
GDP growth in 2018 is now predicted to hit 6.83 percent, higher than the NCIF’s forecast in December last year.
The government’s efforts in removing difficulties facing businesses are expected to help boost the industry and construction sectors.
According to NCIF, main factors boosting economic growth this year include drastic actions of the government in improving the business environment, and stability in macro-economic policies.
Besides, major projects in the processing and manufacturing sector and the newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are predicted to lift investment and trade, they added.
Earlier, Director of Saigon Securities Incorporate (SSI) Nguyen Duc Hung Linh also forecast that Vietnam can be confident that its GDP growth in the first quarter of the year will be equivalent to the second half of 2017, or 6.17 percent.
Linh recommended that the recovery of the domestic firms is a positive signal and it is necessary to continue to have policies to promote the development of the firms.
“Supports should be given to domestic major firms to help them create spearheads for the country’s growth,” he said, adding that it is also important to seek and develop new growth drivers such as special administrative and economic zones, high-tech agriculture or tourism.
The GSO’s Business Sentiment Survey of manufacturing and processing enterprises also showed that 48.2 per cent of businesses were optimistic that the trend would improve, 35.7 per cent of businesses believed business would be stable and 16.1 per cent of enterprises predicted more difficulties.
Source: http://www.hanoitimes.vn/economy/2018/03/81E0C3B7/industry-to-contribute-40-to-vietnam-s-gdp-by-2030/