<figure id="attachment_3183986" aria-describedby="caption-attachment-3183986" style="width: 1598px" class="wp-caption alignnone"><img loading="lazy" class="wp-image-3183986 size-full" src="https://media.freemalaysiatoday.com/wp-content/uploads/2025/10/1434e353-vietnam-skyline-epa-15_10_25.webp" alt="A general view of the skyline of Hanoi, a rapidly developing city. Vietnam has targeted annual growth of 6.5% to 7.0% for the 2021–2025 period. (EPA Images pic)" width="1598" height="999" /><figcaption id="caption-attachment-3183986" class="wp-caption-text">A general view of the skyline of Hanoi, a rapidly developing city. Vietnam has targeted annual growth of 6.5% to 7.0% for the 2021–2025 period. (EPA Images pic)</figcaption></figure>
HANOI: Vietnam&#8217;s ruling Communist Party is targeting faster annual economic growth over the next five years, despite potentially &#8220;severe&#8221; economic challenges, according to a draft document prepared for its upcoming congress.
The party expects the country&#8217;s economy to grow by at least 10% a year over the 2026-2030 period, according to the document released on Wednesday.
Vietnam targeted 6.5% to 7.0% annual growth over the 2021-2025 period. The economy expanded at an annual average of about 5.7% in the 2021-2024 period although growth is on track to be above 8% this year.
The draft document sets the stage for discussions at the party congress, which will define the country&#8217;s main strategies and policies for the coming five years. The congress, held every five years, is expected to take place after the parliament ends a legislative session in mid-December, but a precise date has still to be announced.
Officials are also aiming to lift gross domestic product per capita to US$8,500 by 2030, according to the document posted on the party&#8217;s website, up from a target of US$4,700 to US$5,000 for the 2021-2025 period. It reached US$4,700 last year.
&#8220;Over the next five years, our country will face several difficulties and challenges, with some aspects expected to be harsher and more severe than the previous (five-year) period,&#8221; the document said.
The export-reliant country faces 20% tariffs on its exports to the United States, its main market.
Among other economic challenges, the party said Vietnam risked falling behind on technology, was experiencing &#8220;faster than forecast&#8221; population aging and needed to confront risks from climate change, natural disasters and corruption.
The party aims to develop a new growth model in which the private economy is the &#8220;driving force&#8221; with the state taking the &#8220;leading role&#8221;, the document said.
To boost growth and offset possibly declining revenues from trade, it also plans to increase public spending on infrastructure and other projects, with a budget deficit of about 5% of GDP in the next five-year period, up from a range of 3.1% to 3.2% in 2021-2025.

MatchPoint Times

Vietnam Communist Party targets faster growth for next five years amid challenges

The party aims to develop a new growth model in which the private sector serves as the “driving force”, while the state takes the lead in guiding progress.

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