A large regional service center will be formed in Hanoi and Ho Chi Minh City

The Prime Minister has just approved the overall strategy for the development of the service sector of Vietnam for the period 2021-2030, with a vision to 2050, in which the service sector development orientation accounts for a large proportion in the economy and is Competitive force is high, on par with the group of developed countries in ASEAN-4.

A large regional service center will be formed in Hanoi and Ho Chi Minh City

The overall strategy for the development of the service sector of Vietnam for the period 2021-2030 with a vision to 2050 has just been approved by the Prime Minister. Photo: AEON.

In which, the growth rate of the service sector in the period of 2021-2030 sets the target of about 7-8%, higher than the general growth rate of the economy. By 2030, the share of the service sector will account for about 50% of GDP. In the period 2030-2050, the service sector will continue to maintain a higher growth rate than the general growth rate of the economy, accounting for about 60% of GDP.

According to the orientation, some industries and products and services with a high content of knowledge and high technology, with competitive advantages will be focused on development such as tourism, information technology, finance – banking, logistics, education and training, health … At the same time, the service area will also form a number of tourism service centers with high quality tourism products with regional and international competitiveness.

The promotion of socialization must be associated with the general direction to develop education, health, physical training and sports services and employment services,… according to market mechanisms, meeting domestic needs and gradually international integration.

In particular, the logistics and transport service sectors are oriented to develop the market in association with improving the operational capacity, efficiency of production and business, and competitiveness of enterprises; Use and invest effectively in developing transport infrastructure and encourage enterprises to improve capacity and quality of logistics services; Establish a network of multi-level distribution centers (dry ports, warehouses, goods yards) and goods transportation and collection routes in big cities and key economic regions.

High quality human resources are also focused on developing to meet the development and needs of the domestic and foreign industry.

The banking and financial services industry will be developed in the direction of reforming processes and procedures and enhancing the application of information technology. The market components must be developed synchronously, so that finance – banking will continue to become an effective channel to mobilize and guide capital for the economy; Attaching importance to the development of the size and quality and enhancing the competitiveness of intermediaries, creating the link between the securities market’s operations, insurance and the money-credit market to develop balance equilibrium between the components of the financial market.

The development of financial and banking services must be associated with financial market integration and the liberalization of financial services sectors and sub-sectors. Developing the stock market and the insurance market in the direction of approaching international standards and practices, in accordance with practical conditions.

At the same time, the development of financial and banking services should be based on the technology of automation, multidimensional connectivity and modernization of technology. Electronic payment is also focused on developing, serving e-commerce in the direction of improvement, enhancing the connection between the electronic payment infrastructure of the banking system with other units.

In the coming time, the banking and finance industry will develop channels to supply capital to the market and expand the system of investors, especially investors who are large organizations; Strongly transforming the business model of commercial banks from “credit monoculture” to a model of diversifying non-credit banking services.

Regarding the development orientation by regions, the service area will form large regional and world service centers in trade, tourism, finance and logistics in big cities such as Hanoi, Hai Phong, Da Nang, Ho Chi Minh City and Can Tho …; Strengthen connectivity of major service centers and service centers on regional economic corridors such as the new corridor of international road and sea trade (from Chongqing city of China to Singapore; East-West economic corridor, Southern economic corridor …).

The Prime Minister assigned the Ministry of Planning and Investment to assume the prime responsibility for general coordination and development of mechanisms and policies to develop the service sector. The Ministry of Planning and Investment is also assigned to research and propose mechanisms and policies to manage and develop new service sectors; To assume the prime responsibility for, and coordinate with ministries, branches, provinces and centrally run cities in attracting domestic and foreign resources to invest in service branches.

Source: ndh.vn – Translated by fintel.vn

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