National Assembly discusses solutions to achieve economic growth of 8% or more

Workers produce instant noodles at Colusa - Miliket Food Joint Stock Company in Thu Duc City, Ho Chi Minh City, March 2025

This year, Vietnam aims for GDP growth of 8% or more, economic size of over 500 billion USD (expected to rank 30th in the world) and GDP per capita in 2025 of over 5,000 USD.

This target, according to the Government's assessment, is "challenging". According to the report submitted to the National Assembly , the Government said it will strive to increase state budget revenue by over 15%, adjust the deficit to 4-4.5% of GDP when necessary, and save spending, especially regular spending, to increase investment for development.

Bad bank debt increased by over 4%. To deal with this "blood clot", the Government is submitting a bill to amend a number of articles of the Law on Credit Institutions, which "loosens" the right to decide on special loans with 0% interest rate per year, without collateral from the Prime Minister to the State Bank and the mechanism for handling collateral of bad debt. Along with that, the restructuring of credit institutions is associated with handling bad debt, handling commercial banks under special control.

Disbursement of public investment capital - a long-standing bottleneck - will be accelerated from the beginning of the year, especially in important national projects and works. At a meeting a few days ago, the Prime Minister requested that 100% of allocated public capital be disbursed this year. This will be an important resource to promote and help GDP increase by over 8% this year.

In addition, the Government has completed the review and proposed to the Politburo and the National Assembly to remove obstacles for over 2,200 projects with a total capital of nearly VND5.9 trillion (equivalent to about USD235 billion) and a total land use scale of about 347,000 hectares.

The Economic and Financial Committee, when examining, supported the review and removal of difficulties and obstacles for projects, but suggested that the Government report to competent authorities for comments and have a dossier submitted to the National Assembly Standing Committee and the National Assembly for consideration.

The agency highly appreciated the Government's efforts in management, many solutions were proposed to minimize the impact of the US tariff policy. Vietnam also quickly promoted steps and achieved positive progress in trade negotiations with the US. The next negotiation between the two countries is expected to take place in early June.

However, according to the Committee, the financial and monetary markets still have potential risks, especially inadequate management of the gold market. The gap between domestic and international gold prices remains high, over VND10 million per tael, creating many concerns about the consequences for the economy.

Regarding the real estate market, the National Assembly agency said that the Government has gradually resolved difficulties for businesses, but it is still slow. The pressure to mature real estate bonds is large, with over 130,000 billion VND due this year, accounting for 64% of the total maturity value.

Also in the morning, the National Assembly discussed in groups the following contents: continuing to implement specific policies and mechanisms currently applied to 6 localities after the merger, including Hai Phong, Da Nang, Khanh Hoa, Ho Chi Minh City and Can Tho; practicing thrift and fighting waste in 2024; supplementing the regular expenditure budget (foreign non-refundable aid) in 2025.

In the afternoon, delegates will discuss in the hall the draft Law amending and supplementing a number of articles of 7 laws related to finance, including the Law on Bidding, Investment under the Public-Private Partnership (PPP) method, Customs, Import-Export Tax, Investment, Public Investment, Management and Use of Public Assets. Minister of Finance Nguyen Van Thang will, on behalf of the Government, clarify a number of issues raised by delegates.

HA (according to VnE)

Source: https://baohaiduong.vn/quoc-hoi-ban-giai-phap-de-dat-tang-truong-kinh-te-8-tro-len-412223.html