Vietnam’s economic growth rate is expected to range from 6.5 to 7.0% per year in the period 2016-2020, according to a report Deputy Prime Minister Nguyen Xuan Phuc during the 13th National Assembly’s Session. Last year the GDP grew by 6.68%, above the target of 6.2% and a record since 2008.
The PM pointed out that in general large development gaps compared to other regional countries might limit the expectations for the upcoming 5 years. He did not explicitly mention ASEAN (Association of SouthEast Asian Nations), but it can be assumed that the regional economic integration and the gradually lowered import duties to 0% in 2016, are for some less advanced industries a challenge to grasp aims.
Also, smuggling, counterfeit goods and food safety are worrisome concerns in achieving agricultural targets. Reorganizing the market, intensifying inspections, and strictly punishing violators are necessary measures to steer the (agricultural) economy in the right direction.