Government issues action plan to boost industrialization

The Government has issued an action plan to implement the Party Resolution No. 29-NQ/TW on the acceleration of the national industrialization and modernization, the Government News has reported.

Under the resolution, Vietnam aspires to become among the top three industrial powerhouses in ASEAN, with the industrial sector contributing over 40% to GDP. 

The manufacturing and processing sector is expected to account for around 30% of GDP, with a strong emphasis on high-tech products aiming for over 45% of the sector's value. The service sector is projected to contribute over 50% to GDP, with tourism alone generating 14-15%.

The resolution sets an annual GDP growth target of 7% by 2030.

Vietnam also targets GDP per capita of about $7,500.

The resolution calls for the establishment of large-scale, globally competitive corporations and the development of industrial clusters. It also urges mastering key industrial and agricultural value chains.

By 2045, Vietnam is expected to become a developed country with high income and one of the leading industrialized nations in Asia.

Under íts action plan, the Government asked ministries, agencies and localities to implement some key tasks, including continuing to speeding up the modernization and industrialization process, perfecting regulations and policies, building a strong industry, promoting the development of science and technology, innovation and high-quality human resources training, developing modern infrastructure, and renewing financial and credit policies.