Garment and textile production at Tien Hung company in Kim Dong district, Hung Yen province. (Photo: Pham Kien/VNA)

It said the ambitious goal was announced by Vietnamese Prime Minister Nguyen Xuan Phuc during a recent online conference with thousands of local and foreign business representatives.

The target is significantly higher than the forecast of the International Monetary Fund (IMF), which announced that it is expecting Vietnam's gross domestic product (GDP) to grow 2.7 percent. Even that prediction puts Vietnam ahead of its neighbors and ensures that the country will continue to be Southeast Asia's fastest growing economy.

The forecast growth rate, however, is in stark contrast with the 7 percent expansion of 2019.