Economic Challenges 2025

While the achievement of the 2024 plan targets is almost certain, with GDP growth likely to reach 7%, or even higher if all levels of government and businesses make greater efforts to accelerate and reach the finish line in the final days of December 2024, the road ahead to 2025 presents a significant challenge.

While the achievement of the 2024 plan targets is almost certain, with GDP growth likely to reach 7%, or even higher if all levels of government and businesses make greater efforts to accelerate and reach the finish line in the final days of December 2024, the road ahead to 2025 presents a significant challenge.

The challenge is even greater now that the Government and the Prime Minister are determined to achieve an 8% economic growth rate in 2025, instead of the 6.5-7% target, striving for 7-7.5% as decided by the National Assembly.

In the context of numerous difficulties and challenges facing both the global and domestic economies, and the complex geopolitical situation, this is a difficult problem to solve. Some have even suggested that this goal is "too ambitious." However, as Deputy Minister of Planning and Investment Tran Quoc Phuong recently stated to the press, the issue is not whether it is too ambitious or not, but that once set, it must be pursued with determination.

Striving to achieve 8% growth in 2025 – the final year of the 2021-2025 Five-Year Plan – is not just for 2025 itself, or for the 2021-2025 period, but more importantly, it is preparation for the 2026-2030 period and beyond, up to 2045.

At the recent November 2024 regular government meeting, Prime Minister Pham Minh Chinh emphasized the need to achieve all 15 targets for 2024, including striving for GDP growth of approximately 7.5% in the fourth quarter and over 7% for the whole year; while maintaining momentum and pace to accelerate and break through, aiming for a growth rate of approximately 8% in 2025; creating momentum and strength for double-digit growth in the 2026-2030 period.

Once set, it must be done with determination. Therefore, in the Government's Draft Resolution No. 01 on the main tasks and solutions for implementing the Socio-Economic Development Plan and the State Budget Estimate for 2025, a series of solutions have been outlined. Although this is only an initial draft, it clearly shows the Government's determination to achieve a high economic growth rate of 8% next year.

In fact, there are many reasons to expect the economy to achieve high growth in 2025. The foundation laid in 2024 is crucial. Along with that, there are many new factors with fundamental changes, especially institutional changes, with many bills passed by the National Assembly at its eighth session of the 15th National Assembly.

The groundbreaking thinking behind these laws is expected to remove bottlenecks and obstacles in investment and business, thereby freeing up resources that have long been tied up to contribute to economic growth. The fact that these bills will take effect from 2025 will create a favorable "turning point" to stimulate growth in the final year of the 2021-2025 Five-Year Plan, as well as create momentum for subsequent years.

Streamlining the administrative apparatus could be a crucial driving force for the economy, not only in 2025 but, more importantly, for future development. It's no coincidence that the Prime Minister has directed that from now until the end of 2024 and into the beginning of 2025, three major tasks must be undertaken simultaneously, many of which are difficult, complex, and sensitive. These are: focusing on accelerating progress and achieving the 2024 targets; concentrating on streamlining the administrative apparatus for greater efficiency and effectiveness, coupled with restructuring and improving the quality of the workforce; and conducting a review of 2024 work and developing a plan for 2025.

The Prime Minister also emphasized the need to boldly develop far-sighted, ambitious, and ambitious policies. These are crucial foundations for the economy to expect to achieve an 8% growth target next year, despite the numerous difficulties and challenges ahead.

Source: https://baodautu.vn/thach-thuc-kinh-te-2025-d232133.html