National Assembly sets 6.5 - 7% growth target for 2025

The resolution designates 2025 as the year of accelerating, making breakthroughs, and crossing the finish line; striving for the highest possible results of the socio-economic development plan for 2021 - 2025; and continuing to prioritise growth promotion on the basis of sustained macro-economic stability, controlled inflation, and guaranteed major balances of the economy.

In particular, the NA aims next year’s GDP growth target at 6.5 - 7%, asking for efforts to achieve 7 - 7.5%. Meanwhile, per capita GDP is hoped to stand at about US$4,900, the proportion of the processing - manufacturing industry in the GDP at about 24.1%, and the consumer price index (CPI) increase at some 4.5%.

Some other targets include an average labour productivity rise of 5.3 - 5.4%, the rate of agricultural workers in the total workforce at 25 - 26%, the rate of trained workers at about 70%, and the unemployment rate in urban areas at less than 4%.

The main targets in the 2025 socio-economic development plan were set basing on analyses and forecasts of the domestic and international situation, advantages and difficulties next year, along with the orientations, targets, and tasks specified in the socio-economic development plan for 2021 - 2025, according to the NA Standing Committee.

With regard to main tasks and solutions, the NA requested the Government and relevant agencies reform the law-building mindset in a way that concurrently meets state management requirements, encourages creativity, and unleashes all resources. It also demanded bolstering institutional perfection and power decentralisation, and adamantly eradicating the mechanism of “asking - giving”.

In the resolution, the NA asked for stronger and more timely solutions to institutional bottlenecks and shortcomings to speed up public investment disbursement right from the start of 2025, especially for nationally important projects, the construction of key works, and the national target programmes.

It also urged procedures to be completed and work to start on the Lao Cai - Hanoi - Hai Phong railway next year, preparations to be made for the Lang Son - Hanoi and Mong Cai - Ha Long - Hai Phong railways, and procedural preparations to be hastened for investment in the North - South high-speed railway.

In addition, the parliament asked for boosting the development of green economy, circular economy, e-commerce, and new and efficient business models; creating an optimal environment for private enterprises to become a truly important driver of the economy; facilitating the growth of large enterprises of Vietnam; enhancing the connectivity between organisations of the collective economy with other economic sectors, especially State-owned enterprises; effectively enforcing the 2023 Law on Cooperatives; and raising the private economic sector’s contribution to the GDP to about 55%.