Vietnam targets at least 10% GDP growth and S$6,100 per capita income in 2027
Vietnam's National Assembly has approved a 2027 socio-economic plan targeting at least 10% GDP growth and per capita GDP of S$6,100. The resolution calls for a healthy real estate market, faster infrastructure works including railways and airports, and policies to raise foreign ownership limits in n
Vietnam's National Assembly passed a resolution on the country's 2027 socio-economic development plan on Saturday, with more than 93.4 per cent of lawmakers voting in favour. The plan targets economic growth of at least 10 per cent next year while keeping inflation at around 4.5 per cent, and aims for per capita GDP of S$6,100.
The resolution calls on the government to continue prioritising growth while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances. It tasks the government with making breakthroughs in mobilising and efficiently allocating resources for development, including increasing state budget revenue, cutting expenditure (particularly recurrent spending), issuing bonds and securing official development assistance loans.
The National Assembly urged the government to manage interest and exchange rates in line with domestic and international conditions, lower lending rates and direct credit toward production, business activities and priority sectors. The government must also promptly implement policies to raise foreign ownership limits in industries and sectors that do not affect national security.
On the property front, the government is expected to introduce effective measures to address trade deficit, develop a healthy and sustainable real estate market, and resolve long-standing stalled projects. To ensure energy security, the resolution requires the government to guarantee sufficient supplies of electricity and petroleum products under all circumstances.
Infrastructure targets include completing the expressway network in line with approved plans, particularly the eastern and western sections of the North-South Expressway and East-West transport corridors. The government must also accelerate major national railway projects: the Lao Cai-Hanoi-Hai Phong railway, the North-South high-speed railway, international rail connections and urban railway networks.
The resolution calls for faster progress on two major airport projects: Long Thanh International Airport in Dong Nai, about 40 kilometres east of Ho Chi Minh City, and Gia Binh International Airport in Bac Ninh Province, 40 km east of central Hanoi. Long Thanh is being developed to ease pressure on HCMC's Tan Son Nhat International Airport and eventually handle 100 million passengers annually; Gia Binh is planned as a major aviation gateway for northern Vietnam, serving passenger and cargo transport, international transit and aircraft maintenance.
In the energy sector, the National Assembly requires the government to develop a national energy reserve strategy and accelerate planned power generation, transmission grid and solar power projects. It also urged authorities to firmly address the trend of localities pursuing airport, seaport, data center and free trade zone investments without proper planning, warning against wasteful spending.
