Many international organizations upgrade Vietnam's growth forecast by 1-1.5%

On the morning of November 8, reporting at the regular Government meeting in October, Minister of Finance Nguyen Van Thang said that our country's socio -economic situation continues to achieve many important and comprehensive results.

Minister of Finance Nguyen Van Thang. (Photo: Nhat Bac)

" Many international organizations have continued to raise Vietnam's growth forecast for 2025 by 1-1.5%. In October, Standard Chartered Bank raised Vietnam's growth forecast for 2025 to 7.5% (the forecast at the end of July was 6.1%), 2026 to 7.2%; HSBC raised it to 7.9% (previously 6.6%), 2026 to 6.7%; UOB Bank raised its growth forecast for 2025 to 7.5% (previously 6.9%); ADB raised it to 6.7% ," the Minister said.

According to Mr. Nguyen Van Thang, since the beginning of the year, our country has been steadfast and determined to complete a very large and complicated workload, promptly handling arising issues. Thanks to that, we have maintained macroeconomic stability, controlled inflation, ensured major balances, and promoted production and business.

Specifically, the consumer price index (CPI) in the first 10 months increased by 3.27% over the same period; credit growth was high, reaching 20.69% over the same period; State budget revenue in the first 10 months is estimated at over VND 2,180 trillion (equal to 111% of the estimate and up 30.8% over the same period); the State budget revenue structure is towards sustainability.

At the same time, traditional growth drivers continued to be promoted and renewed. Total registered FDI capital in 10 months reached over 31.5 billion USD (up 15.6% over the same period); trade surplus reached nearly 19.5 billion USD; total retail sales of goods and consumer service revenue in 10 months increased by 9.3% over the same period; international arrivals reached nearly 17.2 million (up 21.5%)...

Notably, according to Minister Nguyen Van Thang, our country has innovated its development model, implemented three strategic breakthroughs, breakthrough resolutions of the Politburo and promoted new growth drivers with many outstanding results. The fields of culture, society, social security and environmental protection continue to receive attention.

Foreign affairs and international integration continued to be a bright spot with the successful organization of the signing ceremony and the High-Level Conference of the United Nations Convention against Cybercrime with the participation of over 110 countries. Vietnam has upgraded its comprehensive strategic partnership with all five permanent members of the United Nations Security Council.

However, the Minister of Finance assessed that the 2025 growth task still faces many challenges, macroeconomic stability is still under pressure from the outside, institutional and legal improvement has been directed with attention, but there are still problems, not keeping up with development requirements. Natural disasters and floods have continuously caused heavy damage in many localities and continued to develop complicatedly in the last months of the year.

Referring to a number of groups of solutions and key requirements for the last two months of the year, the Commander of the Finance sector requested the Ministry of Justice to continue advising and removing difficulties and obstacles caused by legal regulations; review and develop a comprehensive report on the implementation of cutting and simplifying administrative procedures (report to the Prime Minister before November 15).

" The Ministry of Finance will complete the Project on State economic development; urgently develop and submit to the Politburo the Project on economic development with foreign investment capital in November; study and reduce procedures for granting investment registration certificates and deploy them online, shortening the time to enter the market; loosen barriers on investment restriction lists, report to the Prime Minister on issues beyond its authority, and complete in December ," said Mr. Nguyen Van Thang.

The Minister of Finance requested ministries, agencies and localities to substantially deploy the National Public Service Portal as a "One Window", ensuring the principle that people and businesses "only have to provide information once"; reduce and simplify administrative procedures and business conditions according to the approved plan; complete the goal of 100% of administrative procedures being performed regardless of administrative boundaries within the provincial level in 2025.

In particular, the Ministry of Agriculture and Environment, ministries, agencies and localities focus on overcoming the consequences of natural disasters, providing effective and practical support to people and businesses to quickly stabilize the situation, restore production and business; strengthen forecasting and timely information on the risks of storms, floods, landslides, etc., ensure the safety of dykes, dams, and proactively evacuate and completely relocate residents from dangerous areas.

Mr. Nguyen Van Thang suggested that the Ministry of Culture, Sports and Tourism focus on researching and developing, and submitting to the Prime Minister a project to build ethical standards and business culture associated with national identity and access the quintessence of world business culture; develop cultural industry and entertainment industry; complete procedures according to regulations, ensuring effective implementation of the National Target Program on cultural development.

The Ministry of Education and Training and the Ministry of Health effectively implemented the Politburo's resolutions and the Government's Action Program on education and training development and public health care; prepared for the groundbreaking ceremony for the construction of primary and secondary boarding schools in the land border communes on November 9...

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