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 implementing policies on tax and fee exemptions, reductions, and extensions, as well as land rent and other mechanisms and policies to facilitate people and businesses, promote production and business, create jobs, and improve livelihoods…

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 take the lead and coordinate with relevant agencies to finalize the report to the Politburo on the activities of the Steering Committee 751 and propose solutions to overcome difficulties for long-standing and stalled projects, and report to the Standing Committee of the Government Party 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) Utilize the remaining public debt and budget deficit to mobilize additional resources (including issuing government bonds) for investment in key projects in transportation, digital infrastructure, healthcare, education, culture, sports, and projects with significant spillover effects. Complete the draft legal framework for mobilizing financial resources to promote the country's economic development, and submit it to the competent authorities in 2025.

g) Implement decisively solutions to develop a stable, safe, and healthy stock market and corporate bond market, making them effective channels for mobilizing medium and long-term capital for the economy, contributing to supporting monetary policy. Expeditiously complete the criteria as stipulated to meet the requirements for upgrading 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 monitor international and domestic developments, enhance analytical and forecasting capabilities, and respond to policy changes flexibly, promptly, and effectively, avoiding passivity and surprise regarding negative impacts on Vietnam's macroeconomic situation.

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, other ministries, agencies, and localities shall urgently implement science and technology, innovation, and digital transformation projects that have been allocated state budget funds; approve the list of projects to be implemented with additional capital from increased state budget revenue in 2024 to be implemented immediately in 2025; and promptly resolve any difficulties and obstacles arising 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. State-owned economic groups and corporations should play a leading role, improve their management capacity and production and business efficiency, striving for a growth in output or revenue of over 10% in 2025, contributing to the national growth target and ensuring the major balances of the economy; focusing on accelerating the progress of key infrastructure projects. Groups such as PVN, TKV, Brigade 19, Vinachem, etc., should further promote sustainable mineral exploitation, contributing to boosting growth.

Conduct monetary policy proactively, flexibly, promptly, creatively, and effectively.

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 credit capital needs of the economy. Direct credit institutions to continue reducing costs, simplifying administrative procedures, and strengthening digital transformation… to create room for lowering lending interest rates; direct credit towards production and business sectors, priority sectors, traditional growth drivers of the economy (investment, exports, consumption) and new growth drivers (science and technology, innovation, digital economy, green economy, circular economy…). Effectively implement credit programs for social housing loans, infrastructure investment, digital technology, and support for the linkage of production, processing and consumption of high-quality rice products….

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 targets, to be implemented from 2026, as directed by the Prime Minister in Official Dispatch No. 128/CĐ-TTg dated August 6, 2025. Continue to promote the development of cashless payments and digital transformation in banking operations.

d) Utilize monetary and banking policy tools to manage exchange rates in a flexible, harmonious, effective, and reasonably balanced manner with interest rates; strictly manage the foreign exchange market and stabilize the value of the Vietnamese Dong.

e) Closely monitor developments in world and domestic gold prices, and promptly implement necessary solutions and tools within their authority as prescribed to stabilize the gold market, narrow the gap between international and domestic gold prices, and prevent negative impacts on exchange rates, interest rates, the monetary and foreign exchange markets, and national financial and monetary security, as well as adverse impacts on macroeconomic stability. Strengthen inspections and audits to detect and strictly handle violations, especially acts of manipulation, hoarding to drive up prices, smuggling, speculation, profiteering, and illegal business activities that destabilize the gold market.

g) Timely issue guiding documents for the implementation of Government Decree No. 232/2025/ND-CP dated August 26, 2025, amending and supplementing Decree 24/2012/ND-CP on the management of gold business activities within its authority; proactively coordinate with relevant ministries and agencies to implement Decree No. 232/2025/ND-CP synchronously and effectively. Develop effective solutions to 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 the effective implementation of inspections 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. Deputy Prime Minister Ho Duc Phoc is assigned to directly oversee the implementation of this directive.

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