Vietnam has seen a considerable increase in GDP per capita, but more efforts were needed to achieve the goal of USD3,200 by 2020.

The country’s GDP per capita in 2018 would reach USD2,540

At a meeting held by the National Assembly Standing Committee on Monday, Minister of Planning and Investment Nguyen Chi Dung said that this year, Vietnam’s GDP would surpass the target of 6.7%. The country’s GDP per capita in 2018 would reach USD2,540; up USD155 compared to the figure of 2017 and USD325 against 2016. It represented a 1.21 fold increase against 2015. 

However, Dung added that Vietnam needed more drastic efforts to achieve the target of USD3,200-3,500 in 2020.

According to the minister, in the first nine months of this year, 96,610 new enterprises were set up, but around 73,100 firms suspended their operations, up 48% on-year. 

Head of the National Assembly Economic Committee Vu Hong Thanh worried that the high number of companies that are no longer operating would challenge the country’s objective to have one million businesses by 2020.

At the meeting, Deputy Prime Minister Vuong Dinh Hue highlighted the importance of improving the country’s business climate and simplifying administrative procedures.

The deputy PM also noted that it was vital to improve the operation of existing companies, contributing to the country’s economic development.

Tien Phong/Dtinews