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The Vietnam News

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Vietnam targets higher GDP growth in next few years

Vietnam targets gross domestic product (GDP) growth of 7.5-8.5 percent each year from 2006 to 2010, local newspaper Investment reported Monday. Under an ambitious plan being drafted by the Ministry of Planning and Investment, the country eyes GDP growth of 8-8.5 percent, and per capita income of US$1,000 in the period, said the report.

Meanwhile, the ministry is also working out another plan, under which, GDP growth will reach 7.5-8 percent and per capita income is expected to range from 940 to US$970. With the planned per capital income, Vietnam will be removed from the list of low- income earning countries. To realize the plans, Vietnam will have to overcome difficulties regarding quality of economic growth and the competitiveness of its economy.

Per capita income of Vietnam is estimated at US$584 in 2005, much lower compared to US$1,980 of Thailand, US$1,020 of the Philippines and US$710 of Indonesia in 2002, the paper said. Vietnam, which recorded an economic growth of 7.1 percent in the first half of this year, has targeted GDP growth of 7.5-8 percent this year. It achieved 7.24 percent growth in GDP that stood at 605.5 trillion Vietnamese dong (nearly US$38.6 billion), ranking the second in Asia after China, and obtained GDP per capita of nearly US$480 last year.

Xinhua News - July 05, 2004.