The economy finished impressively in 2024, ushering in an era of growth and development.

Turning the seemingly impossible into the possible.

In a few days, the "2024 economic train" will reach its destination. Despite facing numerous challenges, Vietnam's economy has achieved an impressive finish: GDP growth exceeding 7%; meeting and surpassing all 15 key targets; attracting nearly $40 billion in FDI and achieving a high level of disbursed capital…

The overall health of the economy has recovered strongly, as evidenced by state budget revenue. Tax revenue alone reached over 1.7 trillion VND, achieving 116% of the projected target (as of December 18th). It is estimated that for the whole year of 2024, total revenue managed by tax authorities will exceed the projected target by approximately 245,588 billion VND, equivalent to 113.7% of the 2023 figures.

Another notable highlight of 2024 was the completion of key infrastructure projects, carried out with the spirit of "overcoming the sun and rain," such as the 500kV transmission line project, circuit 3, Quang Trach ( Quang Binh ) – Pho Noi (Hung Yen).

Prime Minister Pham Minh Chinh visits and encourages the construction force of the Thanh Hoa 500 kV substation in Thieu Phuc commune, Thieu Hoa district – Photo: VGP/Nhat Bac

Under the decisive direction of the Government and the Prime Minister, the project has progressed at a "lightning speed," and its quality has been tested by withstanding Typhoon Yagi.

Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, commented that the completion of the project serves as a model for improving capital efficiency and combating waste. The 500kV Quang Trach – Pho Noi transmission line, now operational, has brought significant economic benefits and created opportunities for production and business development.

Going beyond the scope of a key power sector project, the 500kV circuit 3 transmission line is a testament to the spirit of "making the impossible possible" and "only talking about doing, not backing down," which the Government and the Prime Minister have consistently emphasized in their directives throughout 2024.

In 2024, the Prime Minister directed the organization and implementation of the emulation campaign "500 days and nights of high determination, great effort, and emulation to successfully complete the expressway projects".

A series of expressway projects have been started, completed, and put into operation this year, such as the Dong Dang – Tra Linh expressway project, the Huu Nghi – Chi Lang expressway project, the expansion of Terminal T2 at Noi Bai International Airport; and the opening of the Dien Chau – Bai Vot and Cam Lam – Vinh Hao sections, bringing the total number of operational expressways to over 2,000km.

According to the Ministry of Transport, the eastern section of the North-South Expressway project (Phase I) has been completed, bringing the total length of expressways nationwide to 2,021 km.

The total number of highway projects currently under construction is approximately 1,700 km across the country, including North-South expressways, East-West connecting projects, projects connecting the Northwest region, the Central Highlands, and connecting various regions, linking 48 provinces and cities. Of these, about 1,200 km are expected to be completed by 2025, bringing the total length of highways nationwide to over 3,000 km.

Building on the achievements of 2024, the targets set for 2025 are also very high. These include a double-digit growth target, meaning over 10%. In the latest directive, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment to lead and coordinate with relevant agencies to review and develop scenarios for GDP growth in 2025, striving for double-digit growth.

Speaking at the Ministry of Planning and Investment's review conference on December 28, Prime Minister Pham Minh Chinh stated that if growth continues at an average of 6.5-7% in the coming years, the two centenary goals (the 100th anniversary of the founding of the Party and the 100th anniversary of the founding of the nation) will not be achieved.

To elevate the country to a new level of high-income status by 2045, double-digit growth is almost mandatory. This is because many lessons from other countries show that they fell into the middle-income trap due to steady growth.

That is what Dr. Nguyen Van Dang, from the Ho Chi Minh National Political Academy, recommends: Vietnam must strive for breakthroughs and cannot afford to progress slowly and steadily.

"We can increase GDP per capita to $8,000-$9,000, but we can't surpass $10,000. That means we'll only be at the level of an upper-middle-income country, not join the group of developed countries with GDP per capita above $13,000, and a Human Development Index exceeding 0.8. That's the challenge," Mr. Dang analyzed.

Laying the foundation for growth of 10% or more.

To achieve double-digit growth, the foundations for this goal need to be laid. And in fact, in 2024, in addition to the achievements "measured" by the aforementioned figures, the Government's activities also left their mark with many other important tasks.

These include strengthening and improving institutions; combating waste; carrying out a streamlined administrative revolution as directed by the Party; launching monumental projects such as high-speed rail and restarting nuclear power… These are proactive preparatory steps for an “era of progress.”

The high-speed rail project has been approved by the National Assembly.

As Dr. Tran Dinh Thien, former Director of the Vietnam Institute of Economics, shared, if we are not adequately prepared in terms of mindset, attitude, conditions, and resources, we might turn that message into a dream, a fantasy.

Paying special attention to institutions, Prime Minister Pham Minh Chinh emphasized that institutions are a resource and driving force for development; investing in institutions is investing in development. Appropriate institutions will create strong momentum for development, while inappropriate institutions will hinder development. Perfecting institutions will contribute significantly to fulfilling the two strategic tasks of building and defending the Fatherland.

According to government leaders, institutions must lead the way, paving the path for breakthroughs in development, maximizing potential and creativity, meeting the requirements of accelerating industrialization, modernization, and international integration, especially achieving double-digit growth in the coming years to reach the two centenary goals.

Economic sectors must also proactively act towards this goal. From the perspective of the Ministry of Industry and Trade, when mentioning double-digit GDP growth, Minister Nguyen Hong Dien requested that the industrial sector grow by 12-13%.

In 2024, the industrial sector grew by approximately 8.4%, building on the previous year's low growth rate, but in 2025, this sector needs to achieve a growth rate one and a half times its current level.

"This is a formidable challenge, requiring us to truly innovate in thinking and act decisively," the Minister of Industry and Trade emphasized.

Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management Research, noted that removing institutional bottlenecks and abandoning the "if you can't manage it, ban it" mentality is key. He also argued that it is necessary to promote the private sector – currently accounting for only 10% of GDP – as a crucial driving force of the economy.

"If we want the country to thrive, achieve high economic growth, and have an independent and self-reliant economy, we must develop a team of Vietnamese entrepreneurs and a team of scientists and technologists. They are organically linked and inseparable."

"Without technology, without the capacity to receive technology transfer, and without a strong private enterprise sector, it is impossible to have an independent and self-reliant economy," asserted Dr. Nguyen Dinh Cung.

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