PM asks for efforts to realize economic growth targets

Prime Minister Pham Minh Chinh requested relevant ministries, sectors, localities and agencies to achieve the GDP growth target of at least 8% for 2025, as a foundation for double-digit growth in the following years, which has been approved by the National Assembly in its irregular session sitting between February 12 - 19.

Addressing a meeting on economic growth with localities held in Hanoi on February 21, the PM  stressed the need to renew traditional growth drivers such as investment, export and consumption, and diversification of market, products and supply chain, while promoting new growth drivers, including digital economy, green economy, sharing economy and circular economy.

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 make this ratio smaller  by accelerating public investment disbursement, which is a key growth driver.