PM urges concerted efforts for economic growth of at least 8% in 2025

Vietnam's gross domestic product (GDP) growth rate is projected to reach at least 8% (Illustrative image. Source: VNA)

Hanoi – Prime Minister Pham Minh Chinh has issued a dispatch asking for concerted efforts to promote economic development in 2025 with an aim for a gross domestic product (GDP) growth rate of at least 8% in the year.

In Dispatch No. 137/CD-TTg, the PM emphasised that 2025 is a milestone year for Vietnam to embark on a new era of development – the era of the nation’s rise, asking for drastic measures by relevant ministries, agencies, provinces and cities to promote socio-economic development.

The focus will be on strengthening economic growth in line with stabilising the macro-economy, controlling inflation, ensuring major balances to achieve a GDP growth rate of more than 8% in 2025, higher than the National Assembly’s target at 6.5-%.

Specifically, Hanoi and Ho Chi Minh City must strive to achieve a growth rate of around 8-10%.

The PM also asked for efforts to renew traditional growth drivers, including investment, consumption and exports. With regard to investment, the PM asked the disbursement and efficiency of public investment to be increased. The Ministry of Planning and Investment will be in charge to develop mechanisms to attract foreign investment, focusing on large-scale and high-tech projects.

Besides, it is necessary to promote and create breakthroughs for new growth drivers, including digital transformation, circular economy and new industries such as semiconductor, artificial intelligence, cloud computing, Internet of Things as well as green transition.

A sandbox for circular economy will be submitted to the Government in the first quarter of next year. Vietnam will also issue green taxonomy to promote green transition.

Another important focus is to strengthen the development of the strategic infrastructure system, including the North-South high-speed railway, urban railways in Hanoi and HCM City, railways connected with China and the Long Thanh International Airport in the southern province of Dong Nai.

Efforts are also needed to speed up the resumption of nuclear power plants, the construction of international financial centres in HCM City and Da Nang and the foundation of free trade zones in several localities.

The Ministry of Information and Communications must focus on developing the national digital infrastructure system, including the commercialisation of 5G and the development of 6G./.