After voting, the National Assembly approved the target of an average 5-year gross domestic product (GDP) growth rate of about 6.5-7%.

On the afternoon of July 27, with 475/477 National Assembly deputies in favor, the National Assembly passed the Resolution on the 5-year Socio-Economic Development Plan 2021-2025.

According to the resolution, the National Assembly set the target of an average 5-year GDP growth rate of about 6.5 - 7%. GDP per capita by 2025 will reach about 4,700 - 5,000 USD. The proportion of processing and manufacturing industry in GDP will reach over 25%; digital economy will reach about 20% of GDP.

The contribution of total factor productivity (TFP) to growth will reach about 45%. The average growth rate of social labor productivity is over 6.5%/year. The urbanization rate is about 45%. The average state budget deficit rate in the 2021-2025 period is 3.7% of GDP.

475/477 National Assembly deputies present (95.59%) voted to pass the Resolution on the 5-year Socio-Economic Development Plan 2021-2025.

The National Assembly's Resolution emphasizes the need to build an independent and self-reliant economy, strengthen internal strength, improve the adaptability and resilience of the economy. Quickly recover the economy in the first years of the term; make a breakthrough and develop the country in the following years.

Continue to promote industrialization and modernization based on the foundation of science and technology. Implement the National Program on increasing labor productivity; Focus on developing national products. Forming domestic and international supply chains and value chains, ensuring quality and regulations on traceability.

Develop a number of basic industries; prioritize spearhead industries, high-tech industries, and supporting industries. Focus on developing processing and manufacturing industries associated with smart technology; focus on developing green industries. Improve design, construction and installation capacity, and construction management in an advanced and modern direction; develop new, smart, energy-saving, and environmentally friendly construction materials.

The resolution also requires promoting agricultural restructuring; developing rural economy and highly efficient agriculture associated with new rural construction. Develop large-scale concentrated commodity agriculture in a modern direction, applying high technology, increasing added value and sustainable development. Encourage the development of green, clean, ecological, organic, high-tech, smart agriculture, adapting to climate change. Support and encourage the development of farm economy, agricultural cooperatives and cooperative groups. Develop markets, promote consumption of key and potential products.

Promote the development and improve the quality of service industries, prioritizing industries with advantages, high knowledge content, technology and added value. Develop new types of services, build a service ecosystem in the fields of finance, banking, insurance, law, healthcare, education - training, science, technology, telecommunications, information technology, logistics, transportation, distribution... Build and position the national tourism brand associated with a unique, dominant image, imbued with national cultural identity.

By 2025, complete the restructuring of state-owned enterprises to ensure progress and efficiency; thoroughly handle weaknesses and losses of state-owned corporations and groups. Strengthen and develop a number of large-scale, efficient and competitive state-owned economic groups. Be more drastic and effective in restructuring credit institutions and handling bad debts; develop non-cash payments; improve the efficiency of the stock market.