Vietnam's annual growth to reach 6.5 pct. during next decade: Fitch Solutions
Vietnam’s economy will grow 6.5 percent each year over the course of the next 10 years as the Government diversifies export markets and improves infrastructure, according to market researchers Fitch Solutions.
Vietnam imports hi-tech machinery to serve production (Photo: VNA)
Hanoi (VNA) - Vietnam’s economy will grow 6.5 percent each year overthe course of the next 10 years as the Government diversifies export marketsand improves infrastructure, according to market researcher Fitch Solutions.
Although its forecast is lower than the Government’s 6.5-7 percent growthtarget for the 2021-2025 period, Fitch said newly-signed free trade agreementswill help the country expand market access while avoiding any overdependence ona single trade partner.
Vietnam plans to prioritise the importation of machinery and high-techequipment, it went on, adding that this requires an increase in skill levels,which may only improve slowly over the next decade.
Regarding infrastructure development, Vietnam plans to complete the easterncluster of the North-South Expressway, the first phase of Long ThanhInternational Airport, and over 1,700 km of coastal roads from the northernprovince of Quang Ninh to the southernmost province of Ca Mau.
Its targets posting a budget deficit of 3.7 percent of GDP, with public debt at47.5 percent of GDP in the next five years - less than the 65 percent limit.
Fitch believes this is feasible given the country’s economic potential.
Due to the impact of COVID-19, Vietnam’s GDP grew 2.9 percent last year but itwas one of only a few countries to post positive growth, which was higher thanChina’s 2.3 percent.
Meanwhile, economists from the Bank of America forecast economic growth of 9.3percent for Vietnam in 2021 - substantially higher than the 6.8 percent projected by theWorld Bank./.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Vietnam imports hi-tech machinery to serve production (Photo: VNA) 
