Vietnam had a positive GDP growth in the first half of the year, and budget collections were beyond expectations. But there is still a dark side to Vietnam’s economy.

The COVID-19 pandemic has caused a slowdown in the property market but many experts believe this is only temporary and are pinning their hopes on a rebound once the virus is under control.

How will Vietnam overcome challenges to realize its development plans? Nguyen Dinh Cung, former head of Central Institute for Economic Management (CIEM), shares his perspective with VietNamNet.

The 13th Party Congress Resolution says Vietnam aims to become a developed country with high income by 2045, when it will celebrate the 100th anniversary of the country's establishment.

The Vietnam 2035 Report, issued by the Government of Vietnam and the World Bank (WB), points out that if Vietnam doesn’t carry out reform, the average income per capita will be no more than $4,500 per annum by 2035.

Vietnam needs to design proper solutions and policies to reach its development goals. How will the country overcome challenges to realize its development plans?

Several signs suggest slowdown in economic activity if the pandemic is not contained in the short term.

In the current circumstance, countries that are able to reopen their borders will stand a bigger chance to spur economic growth. Such a chance are worth every effort to be made by Vietnam to grasp it. 

While foreign-invested enterprises (FIEs) have been growing and prospering, Vietnamese enterprises have been developing inadequately because they lack favorable conditions to thrive.

An International Labour Organization (ILO) report shows that Vietnam loses 3 percent of GDP by not employing people with disabilities in the labor market.

The Vietnamese economy could grow by about 6-6.3 percent in 2021, said chief economist Pham The Anh from the Vietnam Institute for Economic and Policy Research (VEPR) 

Newly appointed Minister Nguyen Hong Dien on April 12 more than once mentioned the spirit of "making every effort" and "learning with humility" at a conference on implementing the Party and State’s resolutions on personnel work.

Vietnam’s services sector is targeting a growth rate of 7-8 percent in the 2021-2030 period, higher than the economy’s average growth rate, and eyeing to account for 50 percent of GDP by 2030.

The People’s Committee of central Dang Nang city and the Import-Export Pan Pacific Group (IPPG) has signed a Memorandum of Understanding (MoU) on the development of an international and regional finance centre to attract investors in the future.

Vietnam’s consumer price index (CPI) is set to average 2.89% in 2021, below the government’s target of 4%.

Vietnam aims to become the second largest economy in Southeast Asia by 2030 thanks to its sound economic performance, Prime Minister Nguyen Xuan Phuc has said.

Vietnam and China are the only two economies in East Asia and Pacific experiencing a V-shaped rebound where output has already surpassed pre-pandemic levels.

A 10-member working group to promote digital economic development has been established by the Ministry of Information and Communications (MIC), led by Deputy Minister Nguyen Huy Dung.

To become a developed country by 2045, Vietnam needs to obtain a GDP per capita of $20,000 per annum. As such, it needs to reach a GDP growth rate of 7.5-8 percent per annum in the next 25 years.

Many commercial banks now pay trillions of dong worth of dividends to shareholders and have completed restructuring after a decade of difficulties. As a result, their share prices are expected to rise.