VietNamNet Bridge - Minister of Planning and Investment Vo Hong Phuc has said the national strategy to become a world average income economy by 2020 is fully grounded with the recent GDP growth always ranking high in the world.
Addressing a global forum on emerging markets in Hanoi on June 30, Phuc pledged to speed up administrative reforms, complete its legal system, upgrade socio-economic infrastructure, intensify human resources development, expand social security network and achieve sustainable poverty reduction.
“With its great efforts, Vietnam would record higher economic growth rates in the next 10 years and by 2020 will become an average income economy in the world,” emphasised the planning chief.

Over the past 20 years of renewal, Vietnam , an emerging market economy, has “harvested the biggest fruits than ever before,” and gained a high ranking in the world with annual gross domestic product growth at 7.5 percent on average, he added.
The country has turned from a food importer into the world second largest rice exporter. Its export revenues were multiplied by 60 times from 789 million USD in 1986 to over 48.5 billion USD in 2007. FDI attraction and ODA commitments have repeatedly set records at 21.3 billion USD and 5.4 billion USD, respectively, last year.

The national poverty rate on the international standards has been reduced from 58 percent to 29 percent, achieving five years ahead of schedule the global target on poverty alleviation set forth by the UN. The nation’s human development index released by the United Nations Development Programme (UNDP) has also ranked high in comparison with other developing countries of the same per-capita incomes.