Vietnam Sets Ambitious Economic Growth Targets Amid Global Challenges

Vietnam's Communist Party aims for 10% annual economic growth from 2026-2030 despite potential challenges. The party seeks to increase GDP per capita to $8,500 by 2030. The congress, convening post-December 2023, will define strategies to address challenges like tariffs, technology gaps, aging population, climate change, and corruption.

Vietnam's ruling Communist Party has laid out its ambitious economic aims, targeting a 10% annual growth rate over the next five years, according to a draft document for its upcoming congress.

This aggressive growth target represents a significant increase from the 6.5% to 7.0% aimed for over the current five-year plan. As the nation's economy expanded by an average of 5.7% between 2021 and 2024, surpassing 8% in the current year, officials are gearing up to redefine growth models and economic priorities.

Ahead of the party congress, which is set to outline strategies for the 2026-2030 period once parliament concludes in December, the document revealed plans to boost GDP per capita to $8,500 by the decade's end. Vietnam faces challenges that include tariffs on exports, technology lags, an aging population, and climate-related risks, driving the push for increased public spending and a revised economic model emphasizing private sector growth.

(With inputs from agencies.)