PM: Việt Nam GDP would reach $2.5 trillion and per capita income of $18,000 by 2045

November 02, 2018 - 09:00

At the current growth rate, Việt Nam’s GDP in 2045 is set to reach US$2.5 trillion with per capita income of US$18,000, Prime Minister Nguyễn Xuân Phúc said during a speech yesterday in front of the National Assembly.

The section of Võ Chí Công Street near the end of the Nhật Tân Bridge in Hà Nội. — VNA/VNS Photo Thành Đạt
Viet Nam News

HÀ NỘI — At the current growth rate, Việt Nam’s GDP in 2045 is set to reach US$2.5 trillion with per capita income of US$18,000, Prime Minister Nguyễn Xuân Phúc said during a speech yesterday in front of the National Assembly.

However, achieving this scenario would be “a tremendous challenge” and required current and future generations to be ambitious and never stop aiming towards prosperity, PM Phúc said.

[The year 2045 will mark a century since Việt Nam declared independence]

With average yearly growth surpassing 6 per cent and the economy’s scale expanding 17.4 times in the last three decades, the country has made significant strides in poverty reduction, joining the ranks of middle-income countries.

“In the beginning of the 90s, the per capita income of Singapore was 125 times higher than Việt Nam, now it is 24 times. Thailand used to be 16 times higher than Việt Nam, now the figure is 2.5 times. Compared to Japan, the figure came down from 267 times to 16 times, or the US, the figure decreased from 252 times to the current 25 times,” PM Phúc said.

The Government leader however admitted Việt Nam is at a difficult juncture as it faces the middle-income trap.

With the downward trend in growth rate of the labour force (falling from 2.7 per cent a year in the 2001-10 period to below 1 per cent in 2011-30) and rising wages, labour productivity is now key to stable growth.

“The improvement in labour productivity must be based on innovation and the application of science and technology. Reforms and innovation is an inherent and pressing demand of the economy,” PM Phúc concluded, warning that the path forward would be more challenging.

He said the overarching goal is to put people at the heart of the development process and pursue sustainable growth in socio-economic and environmental development, ensuring all members of society can contribute and benefit proportionately from this development and that no one is left behind.

PM Phúc also noted the priorities the Government aims to focus on, including ensuring a stable macroeconomy, reining in inflation, economic restructuring, reviewing policies to boost the private economy, streamlining the public sector workforce, investing in education and health and improving efficiency in foreign affairs and international integration.

The Government leader was the last cabinet member to answer queries from NA deputies during the three-day hearing session (October 30-November 1), part of the ongoing 6th meeting of the 14th parliament.

Aside from the speech, he also spent some time answering questions from NA deputies.

To ensure more consistent performance from all sectors of the Government, PM Phúc said more robust supervision from leadership is needed.

“Even with the same policies and mechanism, some localities and agencies succeed while others face delays and make mistakes, the difference comes from the top leadership,” the Government leader affirmed.

Responding to Buddhist politician Thích Thanh Quyết, PM Phúc reaffirmed Việt Nam is a country with freedom of religion and belief.

“There are 15 religions with 42 religious organisations and 25.3 million believers in the country, accounting for 29 per cent of the population. Thousands of churches and pagodas are present across Việt Nam. All religions are equal before the law and are given equal opportunities for growth,” PM Phúc said.

According to PM Phúc, the law on religion and belief is one of the most important legal instruments that seeks to concretise human rights, which include freedom of religion.

PM Phúc also reiterated the Government’s plan regarding climate adaptation for the vulnerable Mekong Delta region, with the first task switching to crop varieties and animal breeds resistant to climate change.

Initial results have been positive as yields increased on a year-on-year basis, he said.

The Government has also allocated VNĐ12 trillion ($515.8 million) plus an additional VNĐ 2.5 trillion for related projects and commenced 20 green growth projects with total investment of VNĐ7 trillion, he said, commending localities in the Mekong Delta that have mobilised funding from non-public sectors.

Nuclear watch

Responding to queries on nuclear safety preparedness against potential disasters caused by nuclear power plants that recently went into operation in China’s southern provinces near the northern border of Việt Nam, Minister of Science and Technology Chu Ngọc Anh said the ministry has perceived the risks and consulted the Government on approving a nuclear monitoring network and incident response plans.

Minister Anh said the delayed implementation of the observation network was due to a lack of time and budget.

“However, the exigent nature of the plan requires [us] to mobilise all resources available, including from research institutes,” science minister said.

Five nuclear monitoring sites have been established in five northern localities – Lạng Sơn, Hải Phòng, Quảng Ninh, Lào Cai and Hà Nội, with all of them directly connected to the science and technology ministry.

Minister Anh urged NA and Government to prioritise funding for the network.

He also told the NA that in last year’s trip to China by General Secretary and President Nguyễn Phú Trọng, the two sides signed agreements on sharing nuclear data.

Education issues

Minister of Education and Training Phùng Xuân Nhạ, who received the lowest votes of confidence by NA last week, continued to field questions on hot-button issues.

Minister Nhạ admitted to wastefulness caused by current textbook designs, which encourage students to write their answers directly into the books, limiting reuse.

“This technical design is derived from international experience, however, in the context of the country’s current development level, this approach is ill-suited and causing wastefulness,” Nhạ said.

The ministry has issued instructions for teachers and students but the effectiveness has been unsatisfactory, he said, adding the design of textbooks would be reconsidered.

In response to a question on whether Việt Nam has an education philosophy, Deputy Prime Minister Vũ Đức Đam affirmed the country has adopted UNESCO’s five pillars of learning: learning to know, to do, to be, to live together and to transform oneself and society.

However, Nguyễn Văn Hiển from Lâm Đồng Province said that while the philosophy has been manifested in education goals and principles, it needs to be abbreviated into a concise and easy-to-understand motto.

Lawmakers also raised questions about various other hot-button issues.

According to NA Chairwoman Nguyễn Thị Kim Ngân who presided over the hearing, 135 deputies raised questions for 19 Government ministers and various leaders.— VNS