2025: Target GDP growth of 8% or higher

The regular Government meeting in January 2025 affirmed the Government's determination to promote growth, ensure macroeconomic stability, implement important reforms, increase the efficiency of public spending, create resources for development investment, and contribute to realizing the country's strategic goals in 2025 and the following years.

Many noteworthy results

On the afternoon of February 5th, in Hanoi, the Government Office held its regular monthly press conference for January 2025. Minister and Head of the Government Office Tran Van Son, the Government Spokesperson, presided over the press conference and stated that at the meeting, the Government unanimously assessed that the socio-economic situation in January 2025 continued its positive recovery trend with many important and noteworthy achievements in various fields.

Minister and Head of the Government Office Tran Van Son presides over the regular Government press conference in January 2025 - VGP/Nhat Bac

The economy continued its positive recovery with many noteworthy results. The Industrial Production Index (IIP) increased by 0.6% year-on-year, with the manufacturing sector growing by 1.6%. Inflation was controlled, with the Consumer Price Index (CPI) increasing by 3.63% year-on-year. Supply, demand, and prices of goods remained stable, with no sudden price increases or exploitation of artificial shortages for illicit profit.

The monetary market and exchange rates remained stable, and interest rates continued their downward trend. The banking system operated safely, stably, and smoothly, effectively serving the needs during the Tet holiday. State budget revenue reached nearly 276 trillion VND, equivalent to 14% of the projected amount, an increase of 3.5% compared to the same period last year. Import and export turnover reached approximately 63 billion USD, with a trade surplus of about 1.23 billion USD. Notably, registered foreign direct investment (FDI) reached 3.55 billion USD, an increase of 21.8%, while implemented FDI reached 1.51 billion USD, an increase of 2%.

Trade and services were quite vibrant; total retail sales of goods and consumer service revenue in January increased by 9.5%. The tourism and service sector also recorded a positive trend. The number of international visitors to Vietnam in January reached 2 million, helping many localities achieve tourism revenue of trillions of VND during the 9-day Tet holiday.

However, alongside the positive results, the Prime Minister also pointed out some major difficulties and challenges. The pressure to manage the macroeconomy, control inflation, stabilize exchange rates and interest rates remains high. Disbursement of public investment capital has not seen significant progress. Some economic sectors have not achieved sustainable growth, while the lives of a segment of the population remain difficult.

Strive to save approximately 10% more on recurring expenses.

Concluding the session, based on identifying the causes, lessons learned, and analyzing the international, regional, and domestic situations, Prime Minister Pham Minh Chinh requested that ministries, sectors, and localities demonstrate high determination, great effort, and decisive action with renewed vigor and momentum from the very first day and month of 2025; implement synchronously, decisively, and effectively the Conclusions and Resolutions of the Central Committee, the Politburo, the National Assembly, and the Government, especially Conclusion No. 123 of the Central Committee on the supplementary plan for socio-economic development in 2025 with a growth target of 8% or more; Resolutions No. 01 and 02 of the Government; and promptly issue and implement action programs and plans according to assigned tasks. Thorough preparation of content for the 9th Extraordinary Session of the 15th National Assembly is also required.

Prime Minister Pham Minh Chinh delivers a directive speech at the Government meeting - Photo: VGP/Nhat Bac

Continue to improve institutions with the spirit of "breakthroughs within breakthroughs"; streamline the apparatus, enhance operational efficiency and effectiveness; accelerate administrative reform and digital transformation. Expeditiously review, supplement, and refine outdated and overlapping legal regulations, addressing obstacles wherever they arise, with each level proactively proposing amendments and improvements. Seriously and effectively implement the restructuring and streamlining of the organizational apparatus according to Resolution No. 18-NQ/TW. Focus on implementing the Government's Action Program to implement Resolution No. 57 on breakthroughs in national science and technology development, innovation, and digital transformation.

Continue to prioritize promoting growth, focusing on renewing traditional drivers and fostering new ones. Specifically, regarding investment, accelerate the disbursement of public investment capital and national target programs from the beginning of the year, especially strategic transportation projects, airports, seaports, expressways, and inter-regional and inter-provincial projects. Strive to complete key national projects, achieving at least 3,000 km of expressways and over 1,000 km of coastal roads by the end of 2025. Strengthen the promotion and attraction of large-scale, high-tech FDI projects, especially in processing, manufacturing, electronics, semiconductors, and hydrogen industries.

Regarding exports, we will promote harmonious trade, expand export markets, and focus on diversifying export markets and products. We will effectively utilize signed FTAs ​​and explore new, potential markets.

Regarding consumption, we will stimulate consumer demand, promote e-commerce and cashless payments. We will intensify the "Vietnamese people prioritize using Vietnamese goods" campaign. We will implement comprehensive solutions to boost the attraction of domestic and international tourists.

Strongly, effectively, and substantively promote new growth drivers; promote emerging industries and sectors such as: big data, cloud computing, optoelectronics, internet industry, internet of things, biomedical industry, cultural industry, entertainment industry...

Maintain macroeconomic stability, control inflation, and ensure the major balances of the economy. Focus on proactively, flexibly, promptly, and effectively managing monetary policy; coordinate synchronously and harmoniously with a rational, focused, and targeted expansionary fiscal policy and other policies.

Implement effective measures to boost credit growth (striving for credit growth above 16%), directing credit towards production and business sectors, priority sectors, and growth drivers; strictly control credit in high-risk sectors; and strive to reduce lending interest rates.

Urgently provide guidance and strive to save approximately 10% more on recurrent expenditures in 2025 compared to the 2024 budget to supplement investment in the Lao Cai - Hanoi - Hai Phong railway line. Effectively implement state budget revenue collection, ensuring accurate, complete, and timely collection... Continue to research and propose policies to reduce taxes, fees, and charges for citizens and businesses.

Focus on cultural fields, social welfare, environmental protection, disaster prevention and control, and climate change adaptation. Address localized labor shortages after the Lunar New Year, preventing disruptions in labor supply and demand. Consolidate and strengthen national defense and security; maintain social order and safety; intensify the fight against corruption, waste, and negative practices; and improve the effectiveness of foreign affairs and international integration. Strengthen information and communication work to create social consensus and contribute to the successful achievement of socio-economic development goals and tasks in 2025.

Source: https://thoibaonganhang.vn/nam-2025-muc-tieu-tang-truong-gdp-dat-8-tro-len-160247.html