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Tuesday, June 25, 2024

Vietnam’s 2023 per capita GDP hits US$4,284

By Van

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HCMC – Vietnam’s per capita GDP in 2023 reached US$4,284, US$174 higher than in 2022 but still well below the 2025 target range of US$4,700-5,000, according to the Ministry of Planning and Investment.

The country attracted a record-breaking US$36.6 billion in foreign direct investment (FDI), including many high-quality projects, said Deputy Minister of Planning and Investment Tran Quoc Phuong at an annual review conference held on January 11.

Minister of Planning and Investment Nguyen Chi Dung outlined strategic shifts in public investment during the conference. The Government has reduced the number of centrally funded projects from over 12,000 (in 2016-2020) to under 5,000 (in 2021-2025), streamlining resources for significant projects and eliminating redundancy in planning.

Although Vietnam’s economy expanded by 5.05% in 2023, it missed the National Assembly’s targets. Dung expressed concerns as 2023 marked the third consecutive year of falling below the 5-year (6.5-7%) and 10-year (7%) plans. He noted that the per capita GDP for 2023 remains distant from the 2025 goal of US$4,700-5,000, posing a significant challenge to achieving the 5-year growth target.

This challenge raises concerns about potential economic setbacks, the trap of average income, the aging population challenge, and underutilization of the demographic dividend.

Dung also outlined the 2024 strategy, emphasizing the acceleration of public investment disbursement, aiming to attract foreign capital into various sectors.

Looking ahead to the 2026-2030 period, Vietnam plans to prioritize resources to construct at least 5,000 kilometers of highways, develop railway infrastructure, enhance seaport networks, and optimize multimodal transport connections to boost national competitiveness.

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