Vietnam has set a goal to obtain a gross domestic product (GDP) of USD7,500 per capita by 2030, and the figure should be even higher by 2050.

Vietnam’s GDP grew by 8.02 percent in 2022, the sharpest growth rate since 2007. Meanwhile, the inflation rate was only 3.15 percent, a nice surprise if noting that pressure on inflation was low.

The target of 6.5% economic growth set by the National Assembly for next year, lower than the growth of 8.02% recorded in 2022, will be a challenge, said General Director of the General Statistics Office (GSO) Nguyen Thi Huong.

In recent days, I have read a lot of articles about the health of enterprises by well-known economists. They talk about the layoff of workers, order cuts, exchange rate fluctuations, high interest rates and difficulties in accessing credit.

The International Monetary Fund (IMF), the World Bank (WB) and other domestic and international institutions have predicted high gross domestic product (GDP) growth rates for Vietnam and low growth rates for other Asian economies.

Dropping global consumption is a challenge for various industries in Vietnam and local businesses might lay off staff or scale down operations.

Standard Chartered Bank has raised its Vietnam GDP growth forecast for 2022 to 7.5% from the previous 6.7% and for 2023 to 7.2% from 7.0% to reflect robust Q3 growth of 13.7% year-on-year.

In 2030, the income of Vietnamese is expected to be equal to that of Malaysia in 2007. Experts calculate that if Vietnam tries its best, it can catch up with Thailand and Malaysia, but it will still be far behind China and South Korea.

The growth target of 6.5 percent set for 2022 is likely to pose a big challenge to Vietnam given difficulties in production and business at home and global uncertainties, head of the General Statistics Office Nguyen Thi Huong has said.

Vietnam’s economy is estimated to grow by 6.42% in the first half of 2022, higher than expected, heard a Government teleconference on July 4.

Vietnam is targeting to control public debt below 60 per cent of gross domestic product (GDP) by 2030 to ensure debt safety and national financial security.

Vietnam has with a low per capita income in Southeast Asia, but the ratio of tax revenue to GDP is very high. High taxes and fees have become a burden for people and businesses.

All four ministers of economy-related fields were asked to answer inquiries at the last National Assembly session, a rare occurrence in Vietnam.

The 15th National Assembly on November 12 adopted a resolution on the 2022 socio-economic development plan with all 472 legislators joining the vote saying "yes".

Some National Assembly (NA) deputies said that Vietnam should reconsider the GDP growth target of 6.5% in 2022 because the country needs a period of time for recovery.

The Government sets a growth target of 6-6.5 percent next year, according to a report presented by Prime Minister Pham Minh Chinh at the opening ceremony of the National Assembly’s second sitting this morning.

The Government has targeted the country’s gross domestic product (GDP) growth at 6%-6.5% in 2022 despite the lingering challenges caused by the Covid-19 pandemic. 

The International Monetary Fund (IMF) has forecast Vietnam’s GDP to grow at around 3.8% this year, higher than that of its regional peers, Malaysia, Thailand, the Philippines, and Indonesia.

Minister of Planning and Investment (MPI) Nguyen Chi Dung calculated economic growth in the whole of 2021 at between 3 and 3.5 per cent, but also said such a target will be difficult to reach.