Vietnam to become a developed nation by 2050

Vietnam is set to become a developing nation with modern industry, high average incomes, and economic growth based on science and technology, innovation, and digital transformation by 2030.

Under the National Master Plan for 2021-2030 with a Vision to 2050, which was launched on April 20 at a conference chaired by Prime Minister Pham Minh Chinh, Vietnam will aim for average annual GDP growth of around 7 per cent during the 2021-2030 period.

GDP per capita income is to reach $7,500 by 2030.

Vietnam targets becoming a developed nation with high incomes and a fair, democratic, and civilized society by 2050. The country will strive to achieve net-zero emissions, and average economic growth during the 2031-2050 period will reach 6.5-7.5 per cent annually.

The plan emphasizes the need for an efficient, integrated, and sustainable spatial organization model for national development, including the establishment of dynamic zones, economic corridors, and growth poles, supported by modern and interconnected infrastructure. It also emphasizes the importance of promoting economic balance and enhancing the resilience of the economy.

The plan identifies six socio-economic regions with development orientations following the strengths of each region. There will also be four locomotive zones, including the northern, southern, central, and Mekong Delta locomotive zones, with Hanoi, Ho Chi Minh City, Da Nang, and Can Tho, respectively, being the growth poles.

The master plan also provides clear guidelines for the development orientation of the maritime space, the spatial allocation of key industries, and the development of infrastructure at the national level.

This is Vietnam’s first national development master plan and was approved by the 15th National Assembly in Resolution No. 81/2023/QH15, dated January 9, 2023.

Speaking at the launch ceremony, Prime Minister Chinh urged ministries and agencies to adopt concerted and effective measures to put the national master plan into practice, with priority going to allocating capital for projects and programs of national significance, adding that attention must also be paid to contents regarding policies, mechanisms, human resources development, development investment attraction, social welfare, science and technology, the environment, national defense and security, and international cooperation.