Vietnam targets 7% growth, $7,500 per capita GDP by 2030

Vietnam has targeted a GDP growth of 7% and a per capita GDP of $7,500 by 2030 as it keeps advancing in its modernization and industrialization push.

According to an action plan issued by the government Monday, the country aims to be among the top three ASEAN nations in industrial competitiveness.

The industrial sector will comprise 40% of GDP by 2030, with manufacturing and processing accounting for 30% of this sector.

The value of high-tech industrial products is expected to constitute 45% of the manufacturing and processing sectors, with value-added per capita exceeding $2,000 in these industries.

To achieve its manufacturing and processing goals, Vietnam will establish globally competitive large-scale corporations in key, prioritized industrial sectors. The country will develop major inter-industry clusters and master some manufacturing value chains.

Meanwhile, the service sector is projected to contribute over 50% to GDP, of which tourism will account for 14-15%.

Vietnam also aims to achieve per capita GDP of $7,500 by 2030, up 75% from $4,284 in 2023, which was a nine-fold increase from 2000.

S&P Global Ratings and the IMF have estimated the nation’s per capita GDP at $4,500 and $4,620 this year, respectively.

Vietnam's GDP expanded 6.42% in the first half of 2024, the second fastest growth rate for the six-month period in the 2020-2024 period, behind the 6.58% in 2022 when Vietnam opened up post-pandemic, according to government data.