Services sector expected to expand by 7-8 percent this decade
Vietnam’s services sector is targeting a growth rate of 7-8 percent in the 2021-2030 period, higher than the economy’s average growth rate, and eyeing to account for 50 percent of GDP by 2030.
In the 2030-2050, the sector is expected to grow faster than the average rate of the national economy and occupy 60 percent of GDP.
The goal is set out in the strategy on the development of the services sector for 2021-2030, with a vision to 2050.
The strategy looks to reform institutions, boost the services sector in a more transparent, efficient, and competitive manner, and speed up the restructuring of the sector in the context of the fourth Industrial Revolution.
The strategy attaches importance to knowledge-intensive and competitive services including distribution, tourism, IT, finance-banking, logistics, education and training, and healthcare. Tourism service centers will be set up with a view to churning out high-quality and competitive tourism products with bold national and cultural identity.
Domestic and foreign economic components will be mobilised to upgrade and build modern infrastructure and technical facilities in favor of service development. Especially, State budget allocation will give a priority to modernisation and upgrading key infrastructure sites namely transport, airports, seaports, telecom, tourism, finance, and banking.
The strategy looks to open service markets in line with Vietnam’s international commitments.
The sudden, unexpected and virulent spread of the Covid-19 pandemic brought about a change in perception and planning in consumer sales behavior, and many well established businesses made a strong shift towards online delivery servicing.