The 2020 socio-economic plan stressed the importance of restructuring the economy by revising the growth model, and accelerating the implementation of major projects that serve as driving forces for growth.

There could be another wave of investment capital to Vietnam in 2020 in anticipation of the enactment of the EU – Vietnam Free Trade Agreement, as well as impacts of the US – China trade war, leading to a surge in imports of equipment, machinery and input materials, said Minister of Industry and Trade Tran Tuan Anh.

This would result in income per capita of VND136 million (US$5,871), significantly higher than Vietnam’s GDP per capita of US$3,000 in 2016 – 2020 and an estimated US$4,688 in 2021 – 2025.

Vietnam’s inflation in 2020 is forecast to hit 3.5%, higher than the government’s estimated 3.17 – 3.41% in 2019, while the pressure will build up right at the beginning of next year.

Business sectors that could capitalize on the 100 million population will be set for strong growth, said an expert.