Vietnamese Prime Minister Pham Minh Chinh has said that the government will make every effort to gain economic growth of eight percent in 2025, higher than the rate approved by the legislative National Assembly (NA).

This image shows Vietnamese Prime Minister Pham Minh Chinh, who has announced the government will strive to gain a GDP growth rate of about eight percent in 2025. Photo: Pham Thang / Tuoi Tre 

On Sunday, the chief of government announced this while speaking at a national conference held in Hanoi by the Politburo and the Party Central Committee’s Secretariat.

The conference was centered around reviewing Vietnam’s socio-economic development situation in 2024 and discussing solutions for 2025 target implementation.

PM Chinh said that the NA previously set an economic growth target of 7-7.5 percent for 2025, but the government will do its best to achieve a higher rate to create momentum and strive for a double-digit expansion in the 2026-30 period.

He told the conference that the country will also try to reach a GDP per capita of about US$4,900, an average consumer price index of about 4.5 percent, a budget deficit of 3.8 percent of GDP, and a public debt ratio of 35-38 percent of GDP, as previously approved by the legislature for the following year.

With all 15 key socio-economic development targets for 2024 expected to be fulfilled and exceeded, Vietnam will likely logged GDP growth of above seven percent this year, becoming one of the countries with high economic growth in the region as well as the world, the PM said.

All targets have been set based on the positive economic performances the country has delivered in 2024, notwithstanding complex global developments, he added.

The macroeconomy has been stable, with inflation kept under four percent, while all major economic balances have been ensured during the past months.

The value of Vietnam’s national brand has hit $507 billion in 2024, ranking 32nd among 193 countries, up one spot from 2023.

State budget revenue is predicted to be 10 percent higher than estimated, while foreign direct investment (FDI) will likely stand at $31 billion, the highest in many years.

The government chief added Vietnam is currently among the 15 developing countries attracting the largest FDI in the world.

According to the General Department of Vietnam Customs, exports are expected to reach or surpass $400 billion, well above the $354.67 billion last year.

PM Chinh announced several other socio-economic targets for 2025, including the construction of at least 3,000km of expressways, the completion of certain components at Long Thanh Airport in southern Dong Nai Province, and the elimination of dilapidated houses nationwide.

To realize next year’s targets, he brought forward many solutions that he said need to be effectively implemented by all relevant agencies.

These solutions include continuing to perfect institutions, streamlining the state apparatus, maintaining macroeconomic stability, keeping inflation at bay, ensuring major balances of the economy, and mobilizing all possible resources for economic development.

Government agencies are tasked with improving the performance of state-owned enterprises, promoting private sector growth, managing public debt responsibly, and intensifying anti-graft efforts.

PM Chinh concluded that 2025 will be a year of accelerations and breakthroughs, during which the country will overcome difficulties and challenges to achieve the highest possible results for the targets and objectives set not only for 2025 but also for the 2021-25 socio-economic development plan.

Vinh Tho – Thanh Chung (Source: tuoitrenews.vn)