Proportion of service sector in GDP to be at about 44 percent by 2025

SGGP
The project on the restructuring plan of the service industry by 2020 towards 2025 has recently approved by Prime Minister Nguyen Xuan Phuc with the goal to restructure the service industry in the direction of improving competitiveness, concentrating resources to develop some potential service industries with high intellectual content and technology.
The industries that will be restructured include finance, banking, logistics and transportation, information technology and communications, science and technology, education and training, healthcare, and tourism. The project aims to strengthen the export of services, reduce the deficit of the balance of the import-export of services, gain a surplus in the balance of the import-export of services, and serve the process of industrialization and modernization of the country.

The growth rate of the service sector is set to reach 6.6-7.1 percent during the period from 2016 to 2020, and around 7-7.5 percent during the period from 2021 to 2025, according to the project. The proportion of the service sector in the gross domestic product (GDP) will be at around 43-44 percent by 2025. As for the finance and banking sector, by 2025, at least two to three commercial banks will be among the top 100 largest banks in Asia in terms of the total asset. By 2025, information technology will become the economic industry with a fast and sustainable growth rate, high revenues, and large export value.

According to the project, by 2025, the country will attract 32 million turns of foreign visitors and more than 130 million turns of domestic tourists; tourism will contribute above 10 percent to the GDP; total revenues from tourists will reach around US$45 billion; the export value through tourism will touch $27 billion; about 6 million jobs will be created, of which, there will be 2 million direct jobs.

By Lam Nguyen – Translated by Thuy Doan

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