Achieving a double-digit economic growth rate will put Vietnam on track to become a high-income nation by 2045.

If Vietnam maintains double digit growth for several years, its economy will quadruple by 2045, said National Assembly deputy Tran Hoang Ngan.

Double-digit growth over the next several years would be a great contributor to Vietnam’s economic ambitions and will create more jobs, perk up incomes, provide more opportunities to expand business activities, develop more projects, and strengthen the country.

In the 40 years since Doi Moi (Renovation), Vietnam has continuously improved, evolving from a poor nation into a developing country.

“We broke through the lower-middle-income threshold, and will experience the middle-income level in 2025, moving toward the upper-middle-income level by 2030, and become a high-income country in 2045,” he said.

Everyone wishes for Vietnam to grow and for its citizens to lead better lives.

Aspiration and solidarity will create the strength needed to fulfill the nation’s goal for ‘A New Era - The Era of the Vietnamese Nation's Rise.’

In the 40 years since Doi Moi, Vietnam has never hit double-digit economic growth.

During the 1992-97 period, the country’s gross domestic product (GDP) floated between 8.8 and 9 percent per year.

Doi Moi has helped Vietnam accumulate experience in fulfilling all economic growth goals, monitoring its macro-economic stability, controlling inflation, and ensuring that national public debt remains low.

The Southeast Asian country must create new growth drives over the next several years in science and technology, innovation, digital transformation, high technology, artificial intelligence, and green growth.

However, in its initial stage, the nation should focus on three key growth pillars: investment, consumption, and exports.

Several changes should be taken into account, including amending personal income tax as it currently contributes nearly 50 percent to the nation’s GDP growth.

Vietnam must also step up efforts to draw more international tourists to fuel its economy.

As for investment, it is vital that the country should expand its fiscal policy to attract investment capital, especially foreign investment.

State capital will also play a role in guiding private investment.

Moreover, the law on the management of state capital should be amended to foster the efficiency of assets controlled by state-owned firms.

Long-stalled projects, particularly those in the real estate sector, will have their obstacles removed to restart their work.

Vietnam will follow a strategic approach of stronger decentralization for 10 major economic hubs, including Hanoi and Ho Chi Minh City.

The country will continue attempting to streamline its apparatus for socio-economic growth, while adopting various solutions for sustainable development.

Like us on Facebook or follow us on X to get the latest news about Vietnam!