Vietnam has set a target of becoming a country with modern industry, high industrial competitiveness, and high industrial added value in global value chains by 2030.

The target was set in a master plan on restructuring the industry and trade sector approved by the Prime Minister.

Under the plan, Vietnam is expected to post average growth in industrial added value of 8.5 per cent each year, with the manufacturing and processing industry to account for around 30 per cent of GDP by 2030.

Export growth is targeted at 6-8 per cent each year and total retail sales are to increase 13-13.5 per cent annually.

The country aims to achieve annual industrial workplace productivity growth of 7.5 per cent and a yearly increase of 8.5-9 per cent in the Index of Industrial Production (IIP).

The plan also sets targets of restructuring the industry and energy sectors, restructuring domestic markets, and increasing global integration.