GDP growth must reach at least 8% in 2025

Presenting the government’s proposal, Minister of Planning and Investment Nguyen Chi Dung emphasized that Vietnam’s GDP growth in 2025 must reach at least 8% to lay a strong foundation for sustained double-digit growth from 2026 onward.

The government has proposed adjustments to several key targets for National Assembly consideration:

- GDP growth of at least 8%.

- An average consumer price index (CPI) increase of around 4.5-5%.

- If necessary, allow the fiscal deficit to be adjusted to approximately 4-4.5% of GDP to mobilize resources for development investment. Public debt, government debt, and external debt may reach or slightly exceed the warning threshold of around 5% of GDP.

To realize this growth scenario, the government has underscored the need for fresh thinking, innovative approaches, and institutional breakthroughs, with greater decentralization and delegation of authority. The restructuring of government agencies must be finalized in a streamlined and efficient manner without disrupting livelihoods or business operations in the short term.

Additionally, economic growth will be driven by key economic regions, corridors, and growth hubs. In 2025, all localities must achieve GRDP growth of at least 8-10%, with major cities such as Hanoi, Ho Chi Minh City, and other potential economic centers expected to exceed the national average.

Chairman of the National Assembly (NA)'s Economic Committee Vu Hong Thanh stated that the committee broadly agrees with the government’s proposed growth targets and scenarios for 2025.

Raising the growth target indicates the government’s determination to achieve the socio-economic development goals for 2021-2025, reinforcing the foundation for sustained double-digit growth and propelling Vietnam toward a new era of prosperity.

However, the committee noted that economic activity at the start of 2025 has shown little improvement. It urged the government to conduct a thorough assessment of the conditions needed to achieve the target, with a strong focus on financial security and public debt sustainability.

Removing bottlenecks to spur growth

To achieve GDP growth of at least 8% in 2025, the National Assembly Economic Committee emphasized the need for decisive and effective implementation of key measures outlined in Conclusion No. 123 of the Party Central Committee and Resolution No. 158/2024 of the National Assembly. The government must also adopt flexible policies to boost economic growth while ensuring macroeconomic stability.

The committee emphasized the importance of strengthening internal economic capacity, maintaining a stable macroeconomic environment, and navigating global uncertainties to support long-term, sustainable growth.

At the same time, efforts must be made to create a favorable business and investment environment by streamlining procedures, improving planning, and ensuring easier land access.

“There must be mechanisms and policies to protect, encourage, and reward officials who dare to innovate, think boldly, take action, and assume responsibility for the common good without personal gain,” Vu Hong Thanh stated.

National Assembly Secretary-General Le Quang Tung emphasized that since the government has assigned growth targets to localities, it must also provide solutions to help them overcome challenges, particularly for businesses in key regions. He supported prioritizing specific sectors to boost economic growth but stressed that incentive policies must be implemented without delay.

Following discussions, the National Assembly Standing Committee agreed to submit the government’s proposal for consideration at the 9th extraordinary session of the National Assembly slated for February 12.

Key solutions for achieving double-digit GDP growth

VOV.VN - Minister of Planning and Investment Nguyen Chi Dung has emphasized that for Vietnam secure double-digit GDP growth, the non-state economic sector must expand by at least 11% annually.