Nov 29, 2021 / 14:24

Safe, flexible adaptation to Covid-19 remains priority for Vietnam in 2022

Vietnam pursues the GDP growth target of 6-6.5% next year, which would result in a GDP per capita of US$3,900.

Safe and flexible adaptation to the Covid-19 pandemic remains a priority for Vietnam in 2022 to continue protecting public health and provide support for the people and businesses.

 Cargos handling for export at Haiphong port. Photo: Cong Hung

Chairman of the National Assembly Vuong Dinh Hue signed off resolution No.32/2021/QH15 on the socio-economic development plan in 2022, stressing the country should take every opportunity to push for socio-economic recovery, with a view to keeping long-term growth driving forces intact.

“Vietnam stands firm in stabilizing macro-economic foundation and enhancing economic resilience against external shocks,” noted the resolution.

In this regard, the NA asked the Government to soon launch a comprehensive socio-economic recovery plan that is in line with the Covid-19 response strategy. The plan focused on enhancing the health sector capability and flexible management of fiscal and monetary policies to aid production activities and smooth movements of goods and products.

Other priorities should be to finalize legal framework and improve efficiency in the law enforcement process; accelerate the plan to upgrade infrastructure system, especially projects of national scale; develop high-quality human resources and promote innovation.

The Vietnamese Government should continue to push for administrative reform for a transparent and healthy business environment while optimizing resources allocation for substantial development.

Facing greater challenges from climate change, the NA’s resolution stressed the necessity to ensure greater efficiency in land management, environmental protection, and better preparation against extreme weather conditions.

In 2022, the resolution sets the GDP growth target of 6-6.5%; GDP per capita of US$3,900; the contribution of manufacturing and processing in GDP to be 25.5-25.8%; the consumer price index (CPI) to average 4%; and the labor productivity expansion of 5.5%.

Vietnam’s economic competitiveness to be among top ASEAN countries
 

The NA has also issued a resolution No.31/2021/QH15 on restructuring the economy during the 2021-2025 period, with a focus on pushing for digital transformation, innovation, and promoting the role of urban economy, major economic zones, and provincial linkage in economic development.

The resolution identifies seven key criteria, including an average productivity growth of over 6.5% per year, in which the rate in the manufacturing and processing would be 6.5-7%; the GDP growth of major economic hubs and five cities of the first level of administrative division higher than the national average; raising the contribution of science, technology, and innovation in total growth; and narrow the national economic competitiveness gap vis-à-vis top countries in ASEAN, especially in terms of legal capabilities, infrastructure, and human resources.

Other key indicators include keeping budget deficit during 2021-2025 at 3.7% of the GDP; creating 1.5 million enterprises by 2025, of which 60-70,000 are of medium and large scale; the contribution of the private sector into the GDP growth at 55%; digital economy accounting for at least 20% of the GDP.

By 2025, Vietnam would have 35,000 cooperatives applying hi-tech in production and farm produce distribution, and around 35% of farm cooperatives to cooperate with enterprises under the value chains.