Vietnam Approves Economic Growth Blueprint in Key National Assembly Meeting
The BGA Vietnam Team led by Managing Director Ha Nguyen, wrote an update to clients on the key takeaways from a recently concluded National Assembly meeting.
Context
- Vietnam’s National Assembly decided several important business-related matters at an extraordinary meeting from January 5-9 in Hanoi. Due to their importance, the agenda items were deemed too urgent to wait until the National Assembly’s next regularly scheduled biannual meeting, which will be held in May and June.
Significance
- The National Assembly passed a resolution to approve the National Master Plan for 2021-30 with a vision to 2050. The resolution emphasizes inclusive, fast and sustainable development harnessing Vietnam’s green transformation and circular economy.
- The National Assembly approved the resignations of deputy prime ministers Vu Duc Dam and Pham Binh Minh and appointed Tran Hong Ha and Tran Luu Quang as their replacements. The personnel changes were publicized as personal requests, but it is widely understood that Dam and Minh were relieved of their posts due to their perceived involvement in the Viet A test kit and rescue flight corruption scandals.
Implications
- Companies should explore investment opportunities in priority sectors undergirding Vietnam’s sustainable development, including the digital economy, circular economy, finance and science, technology and innovation, as the government will continue to focus on economic growth and recovery while striving to meet the targets set in the new master plan.
We will continue to keep you updated on developments in Vietnam as they occur. If you have any comments or questions, please contact BGA Vietnam Managing Director Ha Nguyen at vietha@bowergroupasia.com.
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