Vietnam’s service industry development strategy: the growth rate of the service industry during 2021-2030 will reach 7%-8%

Vietnam’s “Vietnam +” reported on April 6 that the Prime Minister of Vietnam recently approved the overall strategy for the development of Vietnam’s service industry from 2021 to 2030, looking forward to 2050. The specific goal of the strategy is that the growth rate of Vietnam’s service industry during 2021-2030 will reach 7-8%, which is higher than the overall growth rate of the economy. By 2030, the service industry’s share will account for about 50% of GDP. During the period 2030-2050, the growth rate of the service industry will continue to be higher than the overall growth rate of the economy, accounting for about 60% of GDP.

The overall direction of the strategy is to accelerate system reforms and improve the transparency, efficiency and competitiveness of the service industry in the context of the fourth industrial revolution and Vietnam’s deep international integration.

In addition, it is necessary to accelerate the structural adjustment of the service industry based on modern technology and apply the fruits of the fourth industrial revolution, especially in the service sector, such as finance, banking, insurance, medical care, education, transportation, logistics, trade and other industries . Keep the growth rate of the service industry higher than the growth rate of GDP ; gradually increase the proportion of the service industry in GDP.

 

 

Source: China – ASEAN Business Council