The Government proposed to increase the growth target in 2025 to 8% or more.

Kinhtedothi - At the opening session of the 9th (extraordinary) session of the National Assembly on the morning of February 12, the Government proposed increasing the growth target to 8% or higher (higher than the target previously decided by the Central Committee and the National Assembly).

Rapid growth must be sustainable.

Authorized by the Prime Minister, Minister of Planning and Investment Nguyen Chi Dung presented the Submission on the Supplementary Plan for Socio-Economic Development in 2025.

Accordingly, thanks to the high determination, great efforts, and decisive actions of the entire political system, the people, and businesses under the leadership of the Party, our country has successfully and comprehensively achieved the socio-economic development goals for 2024; reaching and exceeding all 15/15 key targets (including 12 targets that were exceeded). Many important targets and indicators achieved outstanding results, exceeding the estimated figures reported to the Central Committee and the National Assembly, and were highly appreciated by the people and the international community.

Minister of Planning and Investment Nguyen Chi Dung presents the project proposal - Photo: Quochoi.vn

Regarding the forecast of the context, situation, and goals, the economic growth scenario for 2025 – a year of special significance, being the final year of the 2021-2025 five-year socio-economic development plan, a year of acceleration, breakthroughs, and achieving targets; and also a year of focusing on organizing Party congresses at all levels leading up to the 14th National Party Congress and consolidating and preparing the foundational elements for the successful implementation of the 2021-2030 ten-year strategy, marking the moment the country enters a new era of development. Any targets for 2021-2025 that have not yet been achieved must be resolutely completed; for those already achieved, the quality and effectiveness must be improved.

Therefore, the country's GDP growth in 2025 needs to reach 8% or higher, contributing to a solid foundation for achieving double-digit growth rates over a sufficiently long period (starting from 2026). Rapid growth must be sustainable, maintaining macroeconomic stability, controlling inflation, ensuring major balances; developing harmoniously between the economy and society, protecting the environment, and ensuring national defense and security.

The growth scenario for 2025, aiming for 8% or more, is as follows: industrial and construction sector growth of approximately 9.5% or more (of which manufacturing and processing industries grow by 9.7% or more); services growth of 8.1% or more; and agriculture, forestry, and fisheries growth of 3.9% or more. Economic sectors are projected to grow by approximately 0.7-1.3% higher than in 2024; the industrial and construction sector, especially manufacturing and processing industries, will continue to be the driving force behind growth.

The GDP in 2025 is projected to be over $500 billion, with a GDP per capita of over $5,000. Growth drivers include: total social investment of approximately $174 billion or more, roughly 33.5% of GDP (over $3 billion), of which public investment is approximately $36 billion (equivalent to VND 875 trillion, about VND 84.3 trillion higher than the planned target of VND 790.7 trillion for 2025); private investment is approximately $96 billion, including FDI of about $28 billion and other investments of about $14 billion.

Delegates from the Hanoi City National Assembly delegation attending the session. Photo: Quochoi.vn

Minister of Planning and Investment Nguyen Chi Dung also outlined key tasks and solutions, including: improving institutions and laws; unlocking and effectively utilizing public investment resources; promoting private investment and processing and manufacturing industries; boosting consumption and attracting tourists; strongly promoting new growth drivers and developing new, advanced productive forces…

Based on this proposal, the Government submits to the National Assembly for consideration and feedback on adjusting several key indicators: the growth rate of gross domestic product (GDP) to 8% or higher; the average consumer price index (CPI) growth rate to approximately 4.5-5%; if necessary, allowing the adjustment of the state budget deficit to approximately 4-4.5% of GDP to mobilize resources for development investment; public debt, government debt, and foreign debt may reach or exceed the warning threshold of approximately 5% of GDP.

There are appropriate solutions to control inflation.

At the session, presenting the Verification Report on the Supplementary Plan for Socio-Economic Development in 2025, the Chairman of the National Assembly's Economic Committee, Vu Hong Thanh, stated that the Economic Committee basically agrees with the goals, requirements, and economic growth scenarios for 2025 as presented in the Government's Submission and Report.

Chairman of the National Assembly's Economic Committee, Vu Hong Thanh, presents the verification report - Photo: Quochoi.vn

The submission to the National Assembly of an upward adjustment to the 2025 economic growth target demonstrates the Government's determination and efforts to successfully achieve the socio-economic development goals for the 2021-2025 period; contributing to consolidating and creating a solid foundation for achieving double-digit growth over a sufficiently long period, ushering our country into an era of prosperous development.

Regarding the target of an average consumer price index (CPI) growth rate of approximately 4.5-5%, the Economic Committee believes that adjusting the CPI is necessary to create room in fiscal and monetary policy management, supporting and promoting economic growth.

However, according to the Economic Committee, inflation is a crucial indicator that directly affects macroeconomic stability, people's lives, and business costs. Therefore, the Committee recommends that the Government implement solutions to control inflation that are consistent with the goals of economic growth and macroeconomic stability.

Regarding the proposed adjustments to the budget deficit and public debt targets, the Economic Committee recommends that the Government effectively utilize resources, strictly adhere to the regulations of the State budget law and the law on public debt management; and decisively manage the budget deficit and public debt to ensure they remain within the limits decided by the National Assembly in Resolution No. 23/2021/QH15 and Resolution No. 159/2024/QH15. Adjustments should only be made when all solutions have been implemented and public debt safety and repayment capacity are ensured, especially the target of the Government's debt repayment obligations compared to total budget revenue.

Source: https://kinhtedothi.vn/chinh-phu-de-xuat-tang-muc-tieu-tang-truong-trong-nam-2025-dat-8-tro-len.html