GDP per capita by 2030 will reach about 7,500 USD

GDP per capita by 2030 reaching about 7,500 USD is the target set out in Decision 412/QD-TTg approving the National Credit Rating Improvement Project to 2030.

GDP per capita by 2030 will reach about 7,500 USD

GDP per capita by 2030 will reach about 7,500 USD (Artwork)

Specifically, the specific objectives of the Project are as follows:

- By 2030, achieve a credit rating of Baa3 (for Moody's) or BBB- (for S&P and Fitch) or higher.

- Key macroeconomic indicators:

+ The average growth rate of gross domestic product (GDP) for the whole period is about 7%/year;

+ GDP per capita at current prices by 2030 will reach about 7,500 USD ; total social investment averaged 33-35% of GDP.

- Fiscal targets:

+ Control the state budget overspending approved by the National Assembly in the annual state budget estimate and the 5-year national financial plan, striving for the state budget deficit to be about 3% of GDP by 2030;

+ Public debt does not exceed 60% of GDP, government debt does not exceed 50% of GDP.

- Indicators in the monetary and banking sector:

+ The minimum capital adequacy ratio of commercial banks in the 2021-2025 period will reach 11-12%; by 2030 maintain at least 12%;

+ The ratio of equity to risky assets of the banking sector is at least 9%;

+ Maintain foreign exchange reserves equivalent to a minimum of 16 weeks of imports.

- Key social indicators: The Human Development Index (HDI) remained above 0.7.

- Main environmental indicators:

+ The forest cover rate is stable at 42%;

+ Rate of treatment and reuse of wastewater into the river basin environment reaches over 70%;

+ 9% reduction in greenhouse gas emissions.

Decision 412/QD-TTg takes effect from March 31, 2022.

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