Industry expected to contribute 40 percent to GDP by 2030

05:02' PM - Tuesday, 03/04/2018

Vietnam’s industry is expected to contribute 40 percent to the country’s gross domestic product (GDP) by 2030, according to a newly issued resolution.

Under Resolution 23-NQ/TW to develop the national industry until 2030, with a vision to 2045, issued recently by the Politburo, the processing and manufacturing industry will make up some 30 percent.

The value of high-tech processing and manufacturing products is targeted to reach at least 45 percent, while industrial labour productivity will increase by 7.5 percent on average annually.

The industrial growth rate will average over 8.5 percent, of which the processing and manufacturing industry will see a rise of 10 percent yearly.

The resolution also sets the country’s competitive industrial performance index among the top three countries in the ASEAN, while the percentage of workers in the industrial and service sectors is over 70 percent.

Under the new plan, the Politburo aims to finalise the country’s industrialisation and modernisation targets and become one of the top three countries in industry in the ASEAN by 2030.

To meet the targets, Vietnam will focus on changing the restructuring of the industry, besides issuing policies on business, investment, human resources and science and technology to develop the industry, especially prioritised segments.

Some large industrial clusters will also be built to link domestic industrial enterprises and help them gain international competitiveness.

- VNN -

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