Achieving economic growth between 8.3% and 8.5% is the goal, as stated by the Prime Minister.
Prime Minister Pham Minh Chinh has laid out a series of specific strategies and objectives to achieve an ambitious economic growth rate of 8.3-8.5% in Vietnam for 2025. In a recent conference, the Prime Minister emphasised that while the target is challenging, it is not impossible and must be reached to ensure momentum for subsequent double-digit growth years and the country’s long-term centennial goals.
### Key Objectives
The key objectives outlined by the Prime Minister include achieving macroeconomic stability while controlling inflation around 4.5%, reaching a GDP growth rate between 8.3-8.5% in 2025, with a target of 10% or more in 2026, attaining total social investment of approximately 2.8 million billion VND, and improving people's material and spiritual life.
### Strategic Breakthroughs and Measures
The Prime Minister identified three strategic breakthroughs: investment, institutional reforms, and workforce training. The focus will be on boosting public investment disbursement, continuing ongoing restructuring of the state apparatus, and developing and training a workforce aligned with industrial and technological advancement needs.
### Addressing Challenges
The Prime Minister acknowledged that the economy still faces challenges, including high pressure to disburse public investment capital, slow recovery of domestic purchasing power, adverse effects on exports due to US tariff policies, and tremendous pressure on the macro economy.
### Proposing Growth Scenarios
The Prime Minister proposed two growth scenarios: a minimum target of 8% and an ambitious target of 8.3-8.5%, requiring rapid quarterly growth between 8.9-9.5% in the second half of the year.
### Implementation Tactics
To achieve these goals, the entire political system must work together with determination, effort, and drastic actions, focusing on key issues and assigning workers, responsibilities, and authority. The Prime Minister emphasised the need for a combined and complementary monetary and fiscal policy.
### Other Measures
Agencies are tasked with building highways, railways, coastal roads, and other infrastructure projects. The PM requested provinces and cities to use their own functions and powers proactively and creatively to enhance economic growth. Media agencies were instructed to strengthen information and policy communication.
The State budget revenue reached 67.7% of the estimate, up 28.3%. Registered foreign direct investment (FDI) capital was over US$21.5 billion, representing a 32.6% increase. Exports increased by 14.4% during this period.
The PM stressed that promoting socio-economic development must be closely linked to ensuring political stability, national defense, and strengthening foreign relations. The PM put special emphasis on new growth drivers, creating resolutions on healthcare, education, and culture for rapid and sustainable national development.
In conclusion, Prime Minister Pham Minh Chinh’s approach hinges on measured macroeconomic controls, institutional reforms, accelerated investment, and workforce development, combined with coordinated action from all levels of government and business to overcome external and domestic challenges to meet and exceed the economic growth target of 8.3-8.5% in 2025.
- The government's policy aims to control inflation at around 4.5% in the pursuit of an 8.3-8.5% economic growth rate in 2025, with a target of 10% or more in 2026.
- Achieving the country's long-term centennial goals requires reaching the ambitious economic growth target.
- The key objectives include attaining total social investment of approximately 2.8 million billion VND and improving people's material and spiritual life.
- The Prime Minister has identified three strategic breakthroughs: investment, institutional reforms, and workforce training.
- Boosting public investment disbursement and continuing ongoing restructuring of the state apparatus are part of the focus on investment.
- Developing and training a workforce aligned with industrial and technological advancement needs is a significant part of workforce training.
- In the face of challenges like high pressure to disburse public investment capital and slow recovery of domestic purchasing power, the Prime Minister has proposed two growth scenarios.
- A combined and complementary monetary and fiscal policy is essential for achieving the growth targets.
- Agencies are tasked with building infrastructure projects, while provinces and cities are encouraged to use their functions and powers proactively and creatively to enhance economic growth.
- The Prime Minister emphasized that promoting socio-economic development must be closely linked to ensuring political stability, national defense, and strengthening foreign relations.
- The emphasis on new growth drivers includes creating resolutions on healthcare, education, culture, and science for rapid and sustainable national development, with potential implications for entertainment, technology, housing, markets, space, finance, investing, politics, and general news.
