Prime Minister Pham Minh Chinh: 'We will achieve economic growth of over 8% this year'

On the morning of November 8, Prime Minister Pham Minh Chinh chaired the regular October Government meeting online with 34 localities.

The meeting unanimously assessed that, in general, the socio -economic situation and results in October and the first 10 months of 2025 continued to trend positively. The macro-economy was stable, inflation was controlled, growth was promoted, and major balances of the economy were ensured.

The Prime Minister stated that the biggest goal is to stabilize the macro economy, control inflation, and ensure major balances of the economy.

PHOTO: NHAT BAC

Specifically, the average consumer price index (CPI) for the first 10 months increased by 3.27%. State budget revenue for the first 10 months reached over VND2.1 quadrillion, exceeding the estimate by 9.1% and increasing by 28.5% over the same period last year.

Infrastructure projects are being accelerated. It is expected that 3,245 km of expressways and 1,711 km of coastal roads will be completed by 2025; preparations will be made for the inauguration and groundbreaking of a series of projects on December 19.

In addition, development investment achieved positive results; business development continued to flourish; many localities achieved high growth rates...

Many international organizations continue to be optimistic about Vietnam's economic situation, predicting that by 2025 Vietnam will be among the top growth countries in the region and the world.

In his concluding remarks, Prime Minister Pham Minh Chinh highly appreciated all levels, sectors and localities for their outstanding efforts, overcoming difficulties and challenges, achieving important results in most fields in the past 10 months, contributing to the comprehensive success of the goals and tasks for 2025 and the 5-year period of 2021-2025.

"If we maintain this momentum, we will achieve economic growth of over 8% in 2025," said the Prime Minister.

Besides the achieved results, the Prime Minister frankly admitted that our country still has shortcomings, limitations, difficulties and challenges that need attention.

Accordingly, traditional growth drivers have not met expectations (not attracting many large-scale FDI projects; exports tend to slow down due to the impact of the US's new tariff policy; 10-month consumption increased by 9.3%, the whole year target is 12%; disbursement of public investment capital is still slow, 29 localities, ministries and branches still have low disbursement; while new growth drivers need time to be effective.

In addition, gold prices fluctuated strongly; the real estate market situation gradually improved but housing prices remained high. Smuggling, commercial fraud, counterfeit goods, and intellectual property rights violations remained complicated.

In addition, the situation of natural disasters and floods is forecast to continue to be complicated and unpredictable, causing severe impacts (preliminary estimated damage of about 40,000 billion VND, reducing about 0.2 percentage points of GDP growth nationwide in 2025)...

Control inflation, ensure the value of Vietnamese currency

Regarding key tasks and solutions from now until the end of 2025 and early 2026, the Prime Minister emphasized that the biggest goal is to stabilize the macro-economy, control inflation, promote growth, and ensure major balances of the economy.

The Head of Government requested to continue implementing proactive, flexible, timely, effective monetary policy, closely and synchronously coordinated with reasonable, focused, key expansionary fiscal policy and other policies.

The meeting unanimously assessed that, in general, the socio-economic situation and results in October and the first 10 months of 2025 continued a positive trend.

PHOTO: NHAT BAC

Regarding monetary policy, focus on controlling inflation according to the set target, ensuring the value of the Vietnamese currency; ensuring harmony, rationality and efficiency between growth and inflation both in the short term and in the long term; maintaining reasonable, flexible and effective exchange rates and interest rates; ensuring the gold and foreign currency markets operate stably and healthily, strictly controlling risks; focusing credit capital on production and business, growth drivers... The State Bank must be responsible for this.

GDP growth in the first 9 months reached 7.85%; for the whole year 2025 to reach over 8%, the GDP growth rate in the fourth quarter must reach over 8.4% (of which the industrial sector increases by about 9.4%; the service sector increases by about 8.3%; the agricultural sector increases by about 4%; striving for the proportion of the digital economy to account for about 20% of GDP).

Regarding traditional growth drivers, the Prime Minister stated that, in terms of investment, the entire political system must strive to disburse 100% of the public investment capital plan; cut all cumbersome administrative procedures, strongly attract FDI, especially capital for implementation; strongly promote private investment (such as assigning work, placing orders, contracting forms...).

Regarding consumption, strongly develop the domestic market, especially e-commerce; strengthen trade promotion, promotions, discounts, fairs, tax exemptions, fees, especially during holidays and Tet.

Regarding exports, implementing large-scale, high-quality trade promotion programs in key markets (EU, US, Japan, Korea, etc.)

The Prime Minister also emphasized the aspects of effectively implementing and operating the two-level local government model; focusing on removing difficulties and obstacles for long-standing projects; focusing on preventing and overcoming the consequences of storms and floods...

Thanhnien.vn

Source: https://thanhnien.vn/thu-tuong-chung-ta-se-dat-tang-truong-kinh-te-tren-8-nam-nay-185251108135642578.htm