Vietnam is set to become a developed nation with high income and full and harmonious socialist-oriented market economy institutions by 2045.

This is part of a Resolution on the National Master Plan for the 2021-2030 period with a vision to 2050 adopted by the National Assembly (NA) during its second extra-ordinary meeting in Hanoi on January 9.

The approval came with 449 of 489 NA deputies voting in favor, or 90.52 per cent.

The national economy is due to post average GDP growth of 7 per cent annually throughout the 2021 to 2030 period.

By 2030, annual GDP per capita will stand at approximately $7,500, with the proportion of the service sector in GDP reaching over 50 per cent; the industry and construction sector over 40 per cent; and the agriculture, forestry, and fishery sector less than 10 per cent.

During the 2031-2050 period, the country will strive for average annual GDP growth of 6.5-7.5 per cent.

By 2050, annual GDP per capita at current prices will reach $27,000-32,000; the rate of urbanization will stand at 70-75 per cent; and the Human Development Index (HDI) will be 0.8 or higher, with people’s lives being happier.