Log in
Business

Vietnam eyes services sector to make up 60% of GDP by 2030

Vietnam would restructure the services sector based on modern technologies under the Industry 4.0, especially in fields of finance-banking, insurance, healthcare, education, transportation, trade and tourism.

With an estimated growth rate of 7-8% in the next ten years, Vietnam’s services sector is expected to make up 60% of the country’s GDP by 2030.

 Activities at Dinh Vu port. Photo: Viet Linh

The figures were revealed in Vietnam’s strategy for the development of services sector in 2021-2030, with vision to 2050.

To realize the target, the plan expects the government to push for a more drastic institutional reform and promote greater transparency, efficiency and competitiveness of services sector during the Industry 4.0, which is essential as the country is expanding integration into the global economy.

In addition, Vietnam would restructure the sector based on modern technologies under the Industry 4.0, especially in fields of finance-banking, insurance, healthcare, education, transportation, trade and tourism.

A tailor-made solution would be used for certain service products and sectors with high knowledge, technological content and competitive advantages, including logistics, tourism, IT, finance-banking, education and healthcare.

For the coming time, Vietnam plans to form tourism-, finance-, logistics- and trade centers in major cities of Hanoi, Haiphong, Danang, Ho Chi Minh City, and Cantho with high quality products capable of competing at regional and international levels.

Meanwhile, the country would mobilize investment funds from domestic and foreign sources to upgrade and build new infrastructure to create favorable conditions for the development of services sector.

“Public funding is set to allocate for major infrastructure system with high spillover effects, such as airports, seaports, telecommunication, finance-banking and tourism,” it stated.

In the first quarter of this year, the service sector witnessed positive growth of 3.34% as the Covid-19 pandemic is gradually contained, contributing 35.7% to the overall economic growth of 4.48%.

Reactions:
Share:
Trending
Most Viewed
Related news
SSC launches Vietnam Governance Manual 2025

SSC launches Vietnam Governance Manual 2025

Vietnam targets 100% online processing of business-related procedures

Vietnam targets 100% online processing of business-related procedures

By 2026, corporate compliance costs must be halved compared to 2024, achieved through a 50% reduction in processing times.

Vietnam aims to create one million new businesses by 2030

Vietnam aims to create one million new businesses by 2030

Ministries and local governments are expected to cut at least 30% of processing times, compliance costs, and unnecessary business conditions this year.

Hanoi advances energy efficiency for businesses

Hanoi advances energy efficiency for businesses

Hanoi authorities, in collaboration with relevant agencies, are providing technical support to businesses in adopting advanced energy-saving technologies and developing energy efficiency indices.

Vietnamese spend US$13 million daily on coffee and tea

Vietnamese spend US$13 million daily on coffee and tea

Total revenue for the F&B industry is expected to reach VND755.4 trillion ($29.6 billion) this year.

Vietnam works to overcome US seafood export barriers

Vietnam works to overcome US seafood export barriers

Vietnam’s seafood industry is facing new trade barriers from the US under the Marine Mammal Protection Act (MMPA), which aims to reduce bycatch and promote sustainable fishing.

New IPO rules in Vietnam: How startups can raise capital faster?

New IPO rules in Vietnam: How startups can raise capital faster?

Unlocking capital flows would be crucial for the sustainable development of Vietnam's startup ecosystem.

Viettel to open new data center in Ho Chi Minh City next month

Viettel to open new data center in Ho Chi Minh City next month

Expected to be operational by 2026, the center will play a critical role in meeting the data storage and processing needs of southern Vietnam.