Policies to support businesses in overcoming difficulties.
Vietnam's Gross Domestic Product (GDP) growth for the whole year of 2025 is projected at 8.02%. Over the entire five-year period, the average growth is expected to be around 6.3%. This is a relatively good growth rate, considering the global economy is only growing at around 2-3%. Looking back over the past five years, the economy has weathered several major shocks but has maintained stability, recovered, and accumulated momentum for a new growth cycle.
Resilience and breakthroughs are the two keywords for the past five years. Resilience stems from the fact that over the past five years, the economy has faced unprecedented challenges. Right from the beginning of the 2020-2021 term, the Covid-19 pandemic broke out, causing GDP growth to slow down during those two years. Difficulties piled up.
Typhoon Yagi – the strongest typhoon in 70 years – devastated Vietnam in 2024. Then came unusual natural disasters in 2025. In addition, strategic competition and geopolitical conflicts between nations are intensifying. Significant fluctuations in global trade and supply chains have had a considerable impact on Vietnam. Yet, above all, in 2022 and 2025, growth rates consistently exceeded 8%, surpassing previous periods. The Vietnamese economy has remained steadfast and resilient, weathering headwinds. And along this journey, every Vietnamese enterprise is striving its utmost.
In the textile and garment sector alone, export turnover decreased by as much as 11% in 2023, to nearly $40 billion due to plummeting purchasing power in major markets. On April 2, 2025, the US imposed retaliatory tariffs on its trading partners. Facing adversity, businesses are racing against time to resume exports.
Mr. Le Tien Truong, Chairman of the Board of Directors of Vietnam Textile and Garment Group (Vinatex), said: "On April 3rd, we held a group-wide online meeting. Immediately afterwards, we fanned out to work with major customers. Together with the trade union, we launched a 90-day campaign of high determination to complete all orders that had been received and needed to be delivered before August 7th. Fortunately, during that time, along with the rest of the world , the Government also negotiated better figures."
During the most difficult times, government policies become a vital lifeline. Resolution 43, with a support package of approximately 350,000 billion VND, was implemented through a series of measures such as: tax and fee exemptions and reductions; extension of corporate income tax payment deadlines; a 2% reduction in value-added tax (VAT); and a 30% reduction in land rent.
Mr. Dang The Nguyen, Director of Lam Son Co., Ltd., shared: "During the COVID-19 pandemic, we struggled to overcome the challenges. Thanks to the timely policies of the Government, we were able to supplement our capital and invest in additional equipment, including some automated equipment to reduce the labor burden for our workers."
In 2020, following the government's directive, the State Bank of Vietnam reduced its policy interest rates (by 1.5-2% per year), placing it among the fastest and strongest central banks in the region to cut interest rates.
Ms. Do Thi Thuy, Finance Director of CEDO Vietnam, commented: "Honestly, I think this policy is like a vaccine to help businesses in this difficult situation."
Over the past five years, many unprecedented policies have been enacted, helping to stabilize the macroeconomic situation and achieve higher GDP growth each year. This is not just a result, but a testament to confidence. Because in an era of uncertainty, stability is key to competitiveness and the foundation for development.
The strength to overcome difficulties and the breakthroughs to create new growth drivers. The recent period marks a transformation in the thinking and actions of the entire political system. Major resolutions issued by the Politburo have created a unified overall strategy for national development in the new phase.
Strategic infrastructure is a bright spot.
Connectivity infrastructure opens up new opportunities for development.
The government has organized over 45 thematic sessions on lawmaking – the highest number in history. The mindset in lawmaking has shifted: from "making laws to govern," to "making laws to promote development." Based on this new mindset, the government's actions demonstrate a clear constructive approach.
Strategic infrastructure is a bright spot. In 2025 alone, the country commenced and inaugurated 564 projects with a total investment of over 5.14 trillion VND. More than 3,100 km of expressways have been completed, bridges connecting the two banks of the river are being developed, and metro lines and airports are gradually taking shape... These are not just physical structures; they symbolize a vision – "infrastructure leading the way to open up development opportunities."
The remaining section of the Hanoi metropolitan area's Ring Road 1 will be completed this year. Five new bridges across the Red River will be completed in just over a year. The remaining ring roads are also planned for completion as quickly as possible, creating a new look for Hanoi. This is the land area handed over to the construction site of the Hong Ha Bridge, part of the Hanoi metropolitan area's Ring Road 4. Upon receiving the land, the construction units immediately increased their manpower and resources to focus their efforts on the project.
Mr. Nguyen Cong Dinh, Director of the Hong Ha Bridge Construction Project Management Board in Hanoi, said: "In the initial phase of the project, all resources had to be mobilized via the river. However, at this point, the riverbank sections of the approach bridges have been cleared, accelerating construction progress and increasing the construction speed by 20 to 30%."
Provincial Road 827E, connecting Ho Chi Minh City, Tay Ninh, and Dong Thap, has commenced phase 1, which includes approximately 10 km of access roads to the bridge. Phase 2 is expected to begin construction by the end of this year. Immediately after the Congress, the Standing Committee of the Tay Ninh Provincial Party Committee issued a resolution on compensation and land clearance, establishing a Steering Committee for Compensation and Land Clearance.
Mr. Nguyen Minh Lam, Vice Chairman of the People's Committee of Tay Ninh province, stated: "This demonstrates the strong commitment of the provincial leadership in implementing land clearance for public investment projects as well as projects funded outside the state budget."
Entering the 14th National Congress of the Party, the development of a synchronous and modern infrastructure continues to be identified as the foundation for expanding development space, creating a driving force for widespread growth, and enabling the country to confidently enter a period of rapid and sustainable growth in the coming years.
In 2025, the Vietnamese economy added another $38 billion, bringing the total size of the economy to $514 billion.
Vietnam maintains its growth momentum.
In 2025, Vietnam's economic ship added $38 billion, bringing the total size of the economy to $514 billion. Compared to other countries in the region, Vietnam's GDP growth rate over the past five years has been extremely impressive. Vietnam's GDP growth rate is second only to Singapore, with an increase of over 60%, and significantly higher than other countries in the region, with Vietnam's growth reaching 49% over the same period. This is one of the reasons why many financial institutions believe that Vietnam will maintain its position as a leading economic growth center in the region.
Mr. Hoang Nam, Director of Research and Analysis at VietCap Securities Company, stated: "Recent government policies, from realizing the vision from Resolution 68 to the more recent Resolution 79, have created opportunities for businesses to invest in large, new projects."
Mr. Haruhiko Ozasa, Chief Representative of the Japan External Trade Organization (JETRO) in Hanoi, shared: "Vietnam has a large market size and strong growth rate, competitive labor costs, and stable political and social conditions. These points are rated higher than the ASEAN average. The stable political and social environment is the result of the efforts of the Vietnamese Government."
Mr. Ngo Dang Khoa, Director of Foreign Exchange, Capital Markets and Securities Services at HSBC Vietnam, stated: "Vietnam's economic growth drivers are trade, investment, and domestic consumption. Simultaneously, recent policy changes by the Government demonstrate the determination of the Vietnamese government and business community. We are fully confident that Vietnam can achieve high growth in the coming period."
In 2025 alone, up to October 20th, the Prime Minister and Deputy Prime Ministers had chaired more than 1,900 conferences, meetings, working sessions, and business trips to localities and facilities, nearly double the number compared to the same period the previous year. The spirit of "completing the work, not just working until the end of the shift" is gradually becoming a prominent feature of the new public service culture.
Implementing the Party's major policies and guidelines, from the resilience in overcoming difficulties to breakthroughs in thinking and action, this government has made a significant contribution to creating momentum and strength for the Vietnamese economy to enter a more sustainable, innovative, and humane development phase. With increasingly open thinking and continued institutional improvements, Vietnamese businesses are expected to accelerate even more strongly on their own development path.
Source: https://vtv.vn/nang-tam-vi-the-kinh-te-100260120055903033.htm
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