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Vietnam Aims to Boost GDP per Capita to $6,500 by 2030, $10,000 by 2035

The country also hopes to have two million private businesses accounting for 60-65% of the GDP by 2030.

According to a recent economic policy framework released by the Ministry of Planning and Investment, Vietnam wants to increase its GDP per capita to US$6,500 in 2030 and US$10,000 by 2035, VnExpress reports. The country's current average income is US$2,343.

Vietnam has also set goals to reduce its poverty rate to 1% and increase the size of the middle-class population to 50% by 2035, all while securing environmentally sustainable development, promoting social inclusion and increasing the country's ability to deal with climate change.

According to CafeF, Minister of Planning and Investment Nguyen Chi Dung said that in order to achieve these goals, the country needs institutional reform, along with a focus on increasing labor productivity and efficiency. Dung also vouched for further development in the private sector and the integration of digital technology in order to prepare the country for the so-called fourth industrial revolution.

Prime Minister Nguyen Xuan Phuc echoed Dung's positions during a forum on reform and development, the news source added, saying that reform and the establishment of an economic system that allows economic entities to partake in making policy and development plans is needed.

"Vietnam will focus on building its soft and digital infrastructure to convert the economy into a digital one, reform its recruitment mechanism and focus on training human resources to make use of the fourth industrial revolution as a driving force for growth," said the prime minister.

Correction: An earlier version of this article stated that Vietnam aimed to increase GDP per capita to US$6,500 by 2020. The correct year is 2030.

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