In his opening remarks, Chinh stressed that Vietnam is streamlining its administrative apparatus in accordance with the Central Committee’s Resolution 18, organizing Party congresses at all levels leading up to the 14th National Party Congress, and fulfilling the goals set by the 13th national Party Congress. It is also working hard to attain its two centennial goals of becoming a modern, industrial, upper-middle-income country by 2030 and a developed, high-income economy by 2045.

According to the PM, GDP growth is the most crucial factor in obtaining these goals, as it directly impacts the size of the economy, per capita income, and the country’s global economic ranking.

“We have no alternative but to sustain high and steady growth from now until 2045. Only by doing so can we escape the middle-income trap, rise to new heights, achieve our strategic objectives, and realize our aspirations in this new era,” emphasized Chinh.

He recalled that the Government recently proposed to the Party Central Committee and the National Assembly a GDP growth target of at least 8% for 2025, with double-digit growth in the following years. The Party Central Committee later issued a Conclusion and the National Assembly passed a resolution regarding the issue, while the Government assigned the 2025 growth target to localities, ministries, and sectors.

The Government leader cited a report made by the Ministry of Planning and Investment, saying the national economy has grown at an average of 6.4% over nearly 40 years of economic reform since 1986. If GDP grows at just 7% annually, achieving the two centennial goals will be extremely difficult.

“Therefore, in the next two decades, Vietnam must accelerate and make breakthroughs to reach its strategic objectives, though the road ahead remains challenging,” he admitted.

For the entire country to secure over 8% growth, he said, all ministries, agencies, localities, and economic sectors must also grow above 8%. While aiming for high growth, he reminded that macroeconomic stability must be maintained, inflation controlled, and social progress, equity, and welfare ensured. Environmental protection must also be prioritized to keep the country clean, green, and beautiful.

“We must not sacrifice social progress, fairness, welfare, or the environment for the sake of economic growth alone,” the PM noted.

He reminded the participating delegates of the rapidly changing global landscape and, said “we must seize opportunities and turn difficulties and challenges into motivation. The greater the challenges, the harder we must strive.”

The PM suggested solutions, including revitalizing traditional growth drivers (investment, exports, consumption, market and product diversification, and supply chain expansion); and fostering new growth engines such as the digital economy, green economy, sharing economy, circular economy, and knowledge economy. In addition, new development spaces, including marine, underground, and outer space economies, must be explored. To accomplish the task, he said, resources in human capital, finance, technology, and institutions are essential.

He highlighted the need to lower the Incremental Capital Output Ratio (ICOR), as its current high level indicates inefficient investment. He asked ministries, sectors, and localities to work to improve this ratio by accelerating public investment disbursement, which is a key growth driver.

The PM urged the delegates to analyze the global, regional, and domestic context, contribute ideas, and clearly define key tasks and solutions to undertake the tasks.

More tailored solutions for achieving new GDP growth in 2025

VOV.VN - To secure the ambitious target of 8% or higher GDP growth in 2025, lawmakers have proposed additional solutions for effective implementation.