Vietnam to become developed nation with high income by 2050

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, according to the National Master Plan for the 2021-2030 period with a vision to 2050. 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.

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%./