Firmly pursuing growth goals: High determination, great effort

The determination of the Government and all levels, sectors and localities in firmly pursuing the goal of promoting growth associated with macroeconomic stability has contributed to strengthening the confidence of investors, the business community and the people.

Electronic components production at Katolec Vietnam Co., Ltd. (Quang Minh Industrial Park). *Photo: Nhat Nam*

New momentum, big challenge

With impressive results achieved in the past 7 months, Vietnam's economy is entering a period of acceleration, aiming for a GDP growth target of 8.3 - 8.5% for the whole year. Many international organizations continue to give positive forecasts, highly appreciating Vietnam's growth prospects in 2025. One of the notable bright spots is that traditional growth drivers continue to be promoted.

Specifically, the total registered foreign investment (FDI) in the first 7 months reached nearly 24.1 billion USD, up 27.3% over the same period in 2024. Total retail sales of goods and consumer services revenue in the first 7 months increased by 9.3%. In particular, import-export activities recorded a breakthrough with a record export turnover in July reaching 42.26 billion USD, bringing the total export turnover in the first 7 months to 262.44 billion USD, up 14.8%.

However, according to Vice President of the Vietnam Federation of Commerce and Industry Hoang Quang Phong, to reach the growth target of over 8%, the remaining months of the year will pose many challenges.

In the first week of August, the US applied new reciprocal tariffs to most of its trading partners; Vietnam's exports were subject to a 20% tax. At the same time, many major markets also increased non-tariff barriers, especially environmental, social and governance (ESG) requirements. This forced Vietnamese businesses to quickly invest in green transformation, digital transformation, and increase the localization rate to meet rules of origin and ensure transparency.

Mr. Hoang Quang Phong commented: “Traditional growth drivers have not met expectations; new drivers such as green growth, digital growth, and circular economy have not really come into life, there has been progress but not much, there has been investment but it is not commensurate. Institutions, laws, and administrative procedures are still entangled, although the Government and all levels and sectors are determined to resolve them…”.

From a business perspective, Mr. Phi Ngoc Trinh - General Director of Ho Guom Group - said that the Vietnamese textile and garment industry is still too dependent on traditional markets such as the US and EU. Therefore, in the face of major challenges, businesses often encounter difficulties, especially when they have to invest more in solutions to improve competitiveness and meet increasingly stringent market requirements.

No change in goals

In the context of the global economy continuing to face many challenges such as inflation, rising transportation costs and technical barriers, many Vietnamese enterprises have proactively adjusted their strategies, promoting the search, expansion and diversification of export markets. This is not only a solution to maintain growth momentum, but also a long-term orientation to improve competitiveness and resilience to international fluctuations.

According to Mr. Phi Ngoc Trinh, to minimize risks from changes in trade policies or economic recession, the business community is urgently diversifying markets; at the same time, focusing on developing new products and improving existing products to increase competitiveness. Emerging and potential economies such as Russia, Brazil, South Korea, China and Türkiye are currently the target markets that many businesses are aiming for.

At the online conference between the Government and localities on the economic growth scenario for 2025, Prime Minister Pham Minh Chinh emphasized that the growth target of 8.3 - 8.5% is very difficult and challenging, but it is necessary and not impossible. If this target is not achieved in 2025, it will affect the growth target for the coming years.

The Prime Minister has pointed out 16 groups of key tasks and solutions, requiring all levels and sectors to take action with high determination, great efforts, drastic and effective actions. In particular, continue to operate monetary policy in a proactive, flexible and timely manner. The State Bank needs to stabilize exchange rates, strive to reduce interest rates, support production and business while controlling credit flows focusing on growth drivers such as digital economy, green economy, circular economy and social housing.

To ensure the growth target of 8.3 - 8.5% in 2025, the Government issued Resolution No. 226/NQ-CP dated August 5, 2025 on growth targets for sectors, fields, and localities along with key tasks and solutions. In particular, the Ministry of Industry and Trade focuses on restructuring the industrial sector, developing new technologies and high-quality human resources; building a legal framework for smart manufacturing and strategic technologies; and at the same time encouraging businesses to innovate and absorb technologies, especially core technologies. For the domestic market, the Ministry of Industry and Trade drafted a Government resolution on promoting market development, stimulating consumption, and promoting the Campaign for Vietnamese people to prioritize using Vietnamese goods. In addition, commercial activities in the digital environment are promoted, aiming to connect online trade, bringing goods quickly to the international market. It is expected that e-commerce growth for the whole year will reach over 25%...

Agriculture, forestry and fishery continue to be considered as the mainstay, with solutions to build product brands, issue codes for growing and farming areas, expand consumption markets, and increase added value for agricultural products. Organizing production according to the value chain and applying science and technology will be key factors to ensure national food security.

In particular, in the context of the US tariff policy that may affect Vietnam's exports, ministries and branches are required to deploy timely response solutions, improving the competitiveness of industries and businesses. Economic groups and state-owned corporations promote their leading role, leading and improving production and business efficiency, striving to increase output or revenue by over 10% in 2025, contributing to the implementation of the country's growth target and ensuring major balances of the economy.

In addition, the development of information technology infrastructure and digital transformation will also play an important role in improving production and business efficiency. Enterprises need to quickly adapt to the digitalization trend, thereby improving competitiveness and meeting market needs. The government will also need to have policies to encourage and support enterprises in investing in new technology and developing high-quality human resources.

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Hanoi People's Committee issued Action Program No. 09/CTr-UBND on implementing tasks and solutions for socio-economic development, state budget estimates, improving the business environment, and enhancing competitiveness by 2025.
Accordingly, the top priority is to promote economic growth, focusing on 3 main growth drivers: Investment - Export - Consumption. Emphasize the responsibility of leaders in removing difficulties and obstacles, creating the most open and favorable business environment for people and businesses.
Make full use of the effectiveness of the two-tier local government model and the specific mechanisms and policies of the Capital Law (amended) to rebuild development space, unleash resources, create new growth poles, and spread development throughout the region. Create a breakthrough in economic structure and modern urban growth model, build a knowledge-based, creative, and high-value-added economy...
The city requires completing the GRDP growth target of 8.85% in the third quarter; 9.64% in the fourth quarter and 8.5% or more for the whole year 2025.

Source: https://hanoimoi.vn/kien-dinh-muc-tieu-tang-truong-quyet-tam-cao-no-luc-lon-715370.html