Directing and operating fiscal and monetary policies to achieve economic growth of 8.3-8.5% in 2025

Further improve the effectiveness of fiscal and monetary policy management to meet the capital needs of the economy .

The dispatch stated: In order to further improve the effectiveness of fiscal and monetary policy management, meet the capital needs of the economy, contribute to the successful implementation of the economic growth target of 8.3-8.5% in 2025 and double digits in the next period, in conjunction with maintaining macroeconomic stability, controlling inflation, ensuring major balances, the Prime Minister requested the Ministers, Heads of ministerial-level agencies, Government agencies, Chairmen of People's Committees of provinces and centrally run cities, Chairmen and General Directors of State-owned corporations and groups to continue to resolutely, synchronously and effectively implement the tasks and solutions set out in the Resolutions and Conclusions of the Party, Resolutions of the National Assembly , the Government, and directive documents of the Prime Minister; focusing on implementing the following key tasks and solutions:

Continue to implement a reasonable, focused, key expansionary fiscal policy and ensure efficiency.

1. On fiscal policy

1.1. The Ministry of Finance shall preside over and coordinate with relevant agencies to continue implementing a reasonable, focused, key expansionary fiscal policy and ensuring effectiveness, including:

a) Review and improve tax institutions and policies in accordance with the country's development situation and requirements, and the income of people and businesses. Strengthen the management of state budget revenue; inspect, check, combat transfer pricing, promote digital transformation, ensure correct, sufficient and timely collection; expand the collection base, especially revenue from e-commerce and food services; resolutely implement regulations on electronic invoices generated from cash registers (with a roadmap for completion in 2025), focus on propaganda, guidance and timely resolution of arising problems. Boost state budget revenue in 2025 to increase by at least 25% compared to the estimate. Thoroughly save regular expenditures, review instructions to resolutely cut unnecessary expenditures.

b) Continue to implement policies on tax, fee, land rent exemption and extension and other mechanisms and policies to facilitate people and businesses, promote production and business, create jobs and livelihoods, etc.

c) Effectively advise the Prime Minister's Working Groups to urge and remove difficulties and obstacles in production and business, import and export, infrastructure construction, promote growth and accelerate the disbursement of 100% of public investment capital at ministries, agencies and localities. Carefully assess the reasons for the slowdown in the disbursement rate of public investment capital in August 2025, propose specific breakthrough solutions to accelerate disbursement in the last months of the year (especially for ministries, agencies and localities assigned large capital plans).

d) Urgently preside over and coordinate with relevant agencies to complete the Politburo's report on the activities of Steering Committee 751 and propose solutions to remove difficulties for long-standing and stuck projects, and report to the Government Party Committee Standing Committee before September 10, 2025.

d) Have breakthrough and effective solutions and policies to attract large-scale, high-tech FDI projects, leading the value chain; quickly and decisively resolve difficulties and obstacles of foreign investment projects, cut down administrative procedures to speed up project progress. Have solutions to promote Vietnamese investment abroad.

e) Take advantage of public debt and budget deficit to mobilize more resources (including issuing government bonds) for investment in key projects and works on transportation, digital infrastructure, healthcare, education, culture, sports, and projects with great spillover effects. Complete the legal framework project to mobilize financial resources to promote the country's economic development, and report to competent authorities in 2025.

g) Resolutely implement solutions to develop a stable, safe and healthy stock market and corporate bond market, becoming an effective medium and long-term capital mobilization channel for the economy, contributing to supporting monetary policy. Urgently complete the prescribed criteria to meet the upgrading of the stock market from a frontier market to an emerging market.

h) Focus on completing the Decrees guiding the implementation of Resolution 222/2025/QH15 of the National Assembly on the International Financial Center in Vietnam, ensuring quality and progress as required. Have effective mechanisms and policies to attract large, quality financial institutions and international investment funds to the International Financial Center in Ho Chi Minh City and Da Nang. The ministries and agencies assigned to develop Decrees to operate the international financial center must complete it by September 2025.

i) Immediately complete the draft Resolution of the Government on comprehensive solutions to promptly and effectively respond to the US tariff policy, and report to the Standing Committee of the Government Party Committee by September 8, 2025.

1.2. Ministries, agencies and localities according to assigned functions and tasks:

a) Proactively grasp developments in the international and domestic situation, improve analytical and forecasting capacity, respond flexibly, promptly and effectively to policies, and avoid being passive or surprised by negative impacts on Vietnam's macro-economy.

b) Implement more drastically, strongly and effectively the tasks and solutions to promote the disbursement of public investment capital; focus on accelerating the progress of key, large-scale infrastructure projects, especially in the fields of transportation, energy, health, education, culture, sports, etc. Focus on directing, not allowing interruptions or delays in disbursement of public investment during the implementation phase of the 2-level local government model. Resolutely remove difficulties and obstacles in site clearance and construction material supply; promptly adjust capital from slow-disbursement projects to good-disbursement projects. Strive for the minimum disbursement rate to reach about 60% of the plan by the end of the third quarter of 2025; for the whole year, reach 100% of the 2025 capital plan. Promote attracting non-state investment, strengthen public-private partnership. Focus on effectively handling and resolving backlog of projects with problems according to the authority for businesses and people.

c) The Ministry of Science and Technology, ministries, agencies and localities urgently implement science and technology, innovation and digital transformation projects that have been funded by the state budget; approve the list to implement projects allocated additional capital from the increased state budget revenue in 2024 for implementation in 2025; immediately remove arising difficulties and obstacles to effectively implement Resolution No. 57-NQ/TW of the Politburo.

d) Focus on resolutely, synchronously and effectively implementing tasks and solutions for private economic development according to Resolution No. 68-NQ/TW of the Politburo and the Government's Action Program issued together with Resolution No. 138/NQ-CP dated May 16, 2025.

d) Resolutely and effectively implement the Politburo's Resolutions on integration, energy, health care, and education.

1.3. Economic groups and state-owned corporations promote their leading role, lead, improve management capacity, production and business efficiency, strive to increase output or revenue by over 10% in 2025, contribute to achieving the country's growth target and ensure major balances of the economy; focus on accelerating the progress of key infrastructure projects. Corporations such as PVN, TKV, Army Corps 19, Vinachem, etc. further promote sustainable mineral exploitation, contributing to promoting growth.

Proactive, flexible, timely, creative and effective monetary policy management

2. On monetary policy:

2.1. The State Bank of Vietnam presides over and coordinates with relevant agencies:

a) Closely follow market developments and the domestic and foreign economic situation to proactively, flexibly, promptly, creatively, and effectively manage monetary policy, closely and harmoniously coordinate with fiscal policy and other macroeconomic policies, contributing to prioritizing growth promotion associated with maintaining macroeconomic stability, controlling inflation, and ensuring major balances of the economy.

b) Manage credit in line with macroeconomic developments and monetary policy objectives, meeting the economy's credit capital needs. Direct credit institutions to continue to reduce costs, simplify administrative procedures, promote digital transformation, etc. to create room for reducing lending interest rates; direct credit to production and business sectors, priority sectors, traditional growth drivers of the economy (investment, export, consumption) and new growth drivers (science and technology, innovation, digital economy, green economy, circular economy, etc.). Effectively implement credit programs for social housing, infrastructure investment, digital technology, support for linking production, processing and consumption of high-quality rice products, etc.

c) Strengthen the handling of bad debts and strictly control credit flows in areas with potential risks. Strengthen and further improve the effectiveness of inspection, examination and supervision of credit institutions to prevent and strictly handle violations in banking activities (especially manipulation, cross-ownership, credit granting to "backyard" enterprises, etc.). Complete digital transformation in the banking system to control risks, especially control cash flow in and out of banks using digital technology, etc. in the fourth quarter of 2025.

d) Develop a roadmap and pilot the removal of credit growth target assignment measures to be implemented from 2026 according to the Prime Minister's direction in Official Dispatch No. 128/CD-TTg dated August 6, 2025. Continue to promote the development of non-cash payments and digital transformation in banking operations.

d) Use monetary and banking policy tools to manage exchange rates flexibly, harmoniously, effectively, and in reasonable balance with interest rates; strictly manage the foreign exchange market, and stabilize the value of the Vietnamese Dong.

e) Closely monitor the developments in world and domestic gold prices, promptly implement necessary solutions and tools according to regulations to stabilize the gold market, narrow the gap between international gold prices and domestic gold prices, and avoid negative impacts on exchange rates, interest rates, the monetary and foreign exchange markets, and national financial and monetary security and safety, and negatively impact macroeconomic stability. Strengthen inspection and examination to detect and strictly handle violations, especially acts of manipulation, hoarding, smuggling, speculation, profiteering, illegal trading, etc., causing instability in the gold market.

g) Promptly issue documents guiding the implementation of Decree No. 232/2025/ND-CP dated August 26, 2025 of the Government amending and supplementing Decree 24/2012/ND-CP on management of gold trading activities under authority; proactively coordinate with relevant ministries and agencies to synchronously and effectively implement Decree No. 232/2025/ND-CP. Have solutions to effectively prevent negative impacts on the gold market during the transition period.

h) Proactively carry out information and communication work well; promptly provide official, public, and transparent information on policies and strategies for management and operation of financial, monetary, foreign exchange, and gold markets, quickly stabilize the psychology of people, businesses, and market confidence.

2.2. The Government Inspectorate shall promptly develop a plan and organize effective inspection of credit, banking and gold trading activities in accordance with the law.

Close coordination in direction and operation based on a firm grasp of the situation and actual data.

3. The Ministry of Finance, the State Bank of Vietnam and relevant ministries, branches, localities and agencies closely coordinate in directing and operating on the basis of firmly grasping the situation and actual data, promoting data digitization, proactively and promptly implementing solutions on fiscal and monetary policies, ensuring synchronization, harmony, rationality and efficiency, in order to complete the annual growth target of 8.3% -8.5% associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy, creating a solid foundation for rapid and sustainable development of the country in the following years; contributing to improving the spiritual and material life of the people.

4. Deputy Prime Ministers, according to their assigned fields, are responsible for directing ministries, agencies, and localities to implement this Official Dispatch.

5. Assign Deputy Prime Minister Ho Duc Phoc to directly direct the implementation of this Official Dispatch.

6. The Government Office monitors and urges according to assigned functions and tasks; reports to competent authorities on issues arising beyond its authority.

According to Government Newspaper

Source: https://baobacninhtv.vn/chi-dao-dieu-hanh-chinh-sach-tai-khoa-chinh-sach-tien-te-de-tang-truong-kinh-te-nam-2025-dat-8-3-8-5--postid425907.bbg