14TH NATIONAL CONGRESS OF THE COMMUNIST PARTY OF VIETNAM

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

Ngoc Thuy

Apr 07, 2021 / 02:36 PM

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%.

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