Vietnam eyes GDP growth of 7% in next five years

Prime Minister Nguyen Xuan Phuc has issued Directive No. 118/CT-TTg on building a socio-economic development plan for the 2021-25 period.

vietnam eyes gdp growth of 7% in next five years hinh 0
Ho Chi Minh City, the southern economic hub of Vietnam (Photo: VNA)

Ministries, sectors and localities nationwide have been asked to determine core issues for the next five years, especially the target to obtain GDP growth of about 7% in the period. 

The PM noted that in the next five years, the national economy will face various difficulties and challenges stemming from current drawbacks, as well as social and environmental problems such as an aging population, the income gap, diseases and natural disasters, among others.

He added that the plan must be considered in line with complicated and unpredictable situations and fierce global competition. 

Furthermore, the global economy is forecast to slow due to complexities caused by the COVID-19 pandemic.