The Government presents a growth scenario of 8% or more in 2025.

On the afternoon of February 10th, the Government submitted to the Standing Committee of the National Assembly for comments the supplementary plan for socio -economic development in 2025 with the goal of achieving a growth rate of 8% or higher.

Presenting the Government's report, Minister of Planning and Investment Nguyen Chi Dung stated that the country's GDP growth in 2025 needs to reach 8% or higher, contributing to creating a solid foundation for achieving double-digit growth rates over a sufficiently long period (starting from 2026).

Minister of Planning and Investment Nguyen Chi Dung presented the Government 's proposal.

This growth rate is about 1-1.5 percentage points higher than the target set by the National Assembly at its end-of-year session.

According to the proposal, the average consumer price index (CPI) in 2025 will be around 4.5-5%. Thus, the GDP in 2025 will be approximately $500 billion, and per capita income will be around $5,000.

With a GDP growth scenario exceeding 8%, economic sectors will experience growth approximately 0.7-1.3% higher than in 2024. Industry and construction, especially manufacturing, will continue to be the driving force behind growth.

According to government calculations, total social investment is approximately US$174 billion or more, equivalent to 33.5% of GDP. Of this, public investment is approximately US$36 billion, equivalent to VND 875,000 billion, which is about VND 84,300 billion higher than the planned target for 2025 (VND 790,700 billion). Private investment is approximately US$96 billion, FDI US$28 billion, and other investments US$14 billion.

Total retail sales of goods and consumer service revenue (at current prices) are projected to increase by 12% or more this year.

To achieve the overall goal, the GRDP growth of localities this year must be at least 8-10%, especially Hanoi, Ho Chi Minh City, and other potential localities and growth poles nationwide.

The budget deficit by the end of 2024 is estimated at approximately 3.4% of GDP. If necessary, the Government proposes 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 (around 5% of GDP).

The government has put forward many solutions to achieve the economic growth target of over 8% this year, such as improving institutions, accelerating the disbursement of public investment, promoting private investment and the processing and manufacturing industries...

Chairman of the Economic Committee Vu Hong Thanh.

Reviewing this matter, the Chairman of the Economic Committee, Vu Hong Thanh, stated that adjusting this year's GDP target will contribute to laying the foundation for double-digit growth from 2026, ushering the country into an era of prosperous development.

However, according to Mr. Thanh, the business and production situation at the beginning of 2025 has not shown much improvement, with the industrial production index (IIP) in January increasing by only 0.6% compared to the same period last year, and the Purchasing Managers' Index (PMI) remaining below 50 points for two consecutive months.

"These indicators show that business conditions in Vietnam's manufacturing sector are contracting," Mr. Thanh said, adding that the government needs to assess the conditions to ensure the feasibility of setting an economic growth target exceeding 8% this year, especially solutions to ensure financial security and public debt safety.

Regarding the average CPI target of 4.5-5%, the Economic Committee believes that adjusting this target is necessary to create room for fiscal and monetary policy management, supporting and promoting economic growth. However, inflation is a crucial indicator that directly affects business costs, so the Government needs to have solutions to control inflation that are consistent with growth targets and macroeconomic stability.

Regarding the adjustment of budget deficit and public debt targets, the Economic Committee believes it is necessary to mobilize resources for development investment.

The National Assembly is expected to consider and approve the draft Resolution adjusting the 2025 economic growth target to exceed 8% at its extraordinary session, which opens on February 12th.

Source: https://www.baogiaothong.vn/chinh-phu-trinh-kich-ban-tang-truong-nam-2025-tu-8-tro-len-192250210170055315.htm