Economy in 2025: Accelerating "growth-oriented" policies

Ho Chi Minh City is striving to implement a series of solutions to boost GRDP growth in the last six months of the year, fulfilling the assigned growth target. Photo: Le Toan

New scenario, increased responsibility.

The government is determined to strive for an economic growth rate of 8.3-8.5% in 2025. This requires localities to make even greater efforts in implementing the socio-economic development goals for 2025.

"Localities need to achieve higher growth rates than the target set in Resolution No. 25/NQ-CP, especially those localities that play a leading role as drivers of national growth," Minister of Finance Nguyen Van Thang also stated at the online Government conference with localities on the economic growth scenario for 2025 and tasks and solutions to achieve the 2025 growth target.

With the national growth scenario adjusted, and coupled with the merger of localities since July 1, 2025, leaving only 34 provinces and cities instead of 63, the Ministry of Finance has also recalculated the new "growth targets" for localities.

Currently, the draft Resolution replacing Resolution No. 25/NQ-CP on growth targets for sectors, fields, and localities to ensure the national growth target for 2025 has been submitted to the Government by the Ministry of Finance. If approved, new "growth targets" will be assigned to localities and also to state-owned corporations and enterprises.

Among the localities with double-digit GRDP growth, Hai Phong (12.2%); Ninh Binh (10.6%); Bac Ninh (11.5%); Quang Ninh (12.5%); Phu Tho, Hue, Quang Ngai, and Can Tho all reached 10%... Meanwhile, economic "engines" like Hanoi and Ho Chi Minh City need to grow by 8.5%; Thanh Hoa, Nghe An, Ha Tinh, and Da Nang all need 9%; Tay Ninh 9.3%; and Khanh Hoa 8.5%...

Looking at the "growth targets" outlined in Resolution No. 25/NQ-CP, it's clear that many localities will have to undertake more challenging tasks. For example, Ho Chi Minh City must achieve a growth rate 0.4 percentage points higher than before, Hanoi 0.5 percentage points higher, Quang Ninh 1 percentage point higher, and Thai Nguyen 0.5 percentage points higher…

This presents a significant challenge in the context of both domestic and international economic difficulties. Furthermore, according to a report by the Ministry of Finance, in the first six months of the year, alongside localities with high growth rates such as Quang Ngai (13.02%), Hai Phong (11.42%), Quang Ninh (10.89%), Ninh Binh (10.75%), Da Nang (9.98%), etc., 17 out of 34 localities still experienced growth below 8%. Notably, among them are Hanoi (7.63%), Ho Chi Minh City (6.56%), Can Tho (7.87%), Thanh Hoa (7.88%), Thai Nguyen (6.61%), etc.

Calculations by the Ministry of Finance show that, in order to achieve an 8.5% GRDP growth rate for the whole year, Hanoi must grow by 9.3% in the last six months, one percentage point higher than the scenario set out in Resolution No. 25/NQ-CP. Meanwhile, Ho Chi Minh City, after the merger, experienced relatively low growth in the first six months, so it must achieve a growth rate of 10.3%, instead of 9.6% as in Resolution No. 25/NQ-CP. Similarly, Quang Ninh must grow by 13.9%; Hai Phong by 13.1%. The figures for Bac Ninh are 12.4%, Can Tho by 11.9%, and so on.

Without breakthrough factors, it will not be easy for localities to achieve such high growth rates in the last six months of the year, so that the whole year can meet the new growth target, contributing to the national growth rate of 8.3 - 8.5%.

Look at the driving forces of the localities.

The task is very challenging, but as Prime Minister Pham Minh Chinh instructed, it "must be done," so the localities have no other choice but to make every effort.

"We are confident that together with the whole country we will successfully achieve the growth target of 8.3 - 8.5%, striving to reach the highest level of 8.5%," said Chairman of the People's Committee of Ho Chi Minh City, Nguyen Van Duoc.

According to Mr. Duoc, to boost GRDP growth in the last six months of the year, Ho Chi Minh City will implement a series of solutions. These include, first and foremost, continuing the two-tiered government system with a rapid and decisive approach; accelerating the disbursement of public investment; promoting traditional growth drivers and supporting businesses in boosting exports; and simultaneously promoting new growth drivers and continuing to resolve obstacles for stalled and long-standing projects…

"Ho Chi Minh City is accelerating the implementation of building an international financial center model," said Mr. Nguyen Van Duoc.

The model of an international financial center is a new growth engine that Vietnam is aiming for. Da Nang is also striving to promote this model. In addition, according to the leaders of the Da Nang City People's Committee, the city will also accelerate the formation and development of a free trade zone, while continuing to promote the disbursement of public investment capital and remove obstacles to production and business activities.

Meanwhile, according to Chairman of the Hanoi People's Committee Tran Sy Thanh, the city will accelerate the attraction of foreign investment and the disbursement of public investment, attract resources for high-tech projects such as semiconductor chips and artificial intelligence, implement key infrastructure projects, and boost domestic consumption.

Speaking at the online Government-Local Authorities Conference on the economic growth scenario for 2025, Mr. Tran Sy Thanh confidently stated that Hanoi would ensure the achievement of its 8% GRDP growth target for the whole year. However, that was the previous task; now, Hanoi must achieve a growth rate of 8.5%, not just 8%. The task is bigger, the responsibility is heavier, and therefore, even greater effort is required.

What opportunities exist to boost growth?

One common point frequently mentioned by localities in their solutions to boost economic growth is focusing on disbursing public investment capital. This is considered one of the important growth drivers for localities in particular, and for the economy as a whole.

Prime Minister Pham Minh Chinh, when directing the tasks and solutions to achieve an economic growth rate of 8.3-8.5% in 2025, also emphasized the need to accelerate the disbursement of public investment capital. Whether this task is successfully accomplished depends greatly on the efforts of the localities.

Following the Prime Minister's directive, ministries, sectors, and localities must disburse 100% of the planned capital for 2025. This year, in addition to the planned capital of nearly 830,000 billion VND for 2025, there is also approximately 152,700 billion VND allocated as supplementary capital from increased revenue and savings in the state budget in 2024. If this nearly 1 trillion VND fund is fully disbursed, it will significantly contribute to boosting economic growth.

“Ministries, sectors, and localities need to develop monthly disbursement plans and targets for each project owner; promptly resolve any arising obstacles for each project; strive to achieve a disbursement rate of public investment capital of 60% of the plan assigned by the Prime Minister by the end of the third quarter, and 100% of the plan by 2025,” said Minister of Finance Nguyen Van Thang.

And it's not just about public investment; to boost growth, according to the Ministry of Finance's calculations, it's necessary to strengthen the mobilization of investment capital from the entire society, especially investment from the private sector. The Ministry of Finance's calculations indicate that the total social investment mobilized in the last six months of the year must be around 111 billion USD, approximately 3 billion USD higher than the projected 8% economic growth rate for the entire country.

In addition to public investment, private investment must mobilize $60 billion, approximately $3 billion higher than the 8% economic growth scenario; foreign direct investment (FDI) must reach $18.5 billion, with approximately $16 billion of FDI actually implemented; and other investments must be around $7 billion.

Immediately after these scenarios were calculated, to boost growth, the Government established eight task forces to oversee and resolve difficulties and obstacles in production and business, import and export, infrastructure construction, and to promote growth and accelerate the disbursement of public investment capital. At the same time, meetings continued to be held to expedite the review and resolution of difficulties and obstacles for nearly 3,000 outstanding projects nationwide.

The Prime Minister has directed local authorities to proactively coordinate, review, and find solutions to resolve issues related to these projects. "Issues falling under the Government's authority will be resolved by the Government; issues falling under the authority of ministries, sectors, and localities must be proactively addressed by those ministries, sectors, and localities," the Prime Minister instructed.

Removing obstacles for projects, estimated to be worth around $235 billion, will help unlock resources and accelerate the economic development of localities and the entire country.

Along with raising the "growth targets" for localities, the Government is also expected to assign higher targets to state-owned corporations and enterprises. Accordingly, most state-owned corporations and enterprises are expected to achieve a growth rate of over 8.5% compared to 2024.

In particular, some corporations and conglomerates must achieve higher growth rates. For example, Vietnam Electricity Group must increase production by 11.5% and revenue by 14.5%; Vietnam Airlines Corporation and Vietnam Maritime Corporation both must grow by 9.5%. The State Capital Investment and Business Corporation is projected to grow by 20.5%.

Source: https://baodautu.vn/kinh-te-nam-2025-tang-toc-khoan-tang-truong-d335272.html