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

Prime Minister Pham Minh Chinh issued an official dispatch on December 20, asking for acceleration for  national economic development in 2025, with an aim to achieve GDP) growth rate of at least 8%.

In his Dispatch No. 137/CD-TTg, PM Chinh highlighted that 2025 is a milestone year for Vietnam to embark on a new era of development – the era of the nation’s rise, and asked relevant ministries, agencies, and centrally-run cities and provinces to take more drastic measures for socio-economic development to lay foundation for the new era.

According to the official dispatch, focus will be placed on boosting economic growth in line with stabilising the macro-economy, controlling inflation, and ensuring major balances to achieve a GDP growth rate of more than 8% in 2025, higher than the National Assembly’s target at 6.5-7%.

Hanoi and Ho Chi Minh City are requested to achieve a growth rate of around 8-10%, 

In his dispatch,  PM Chinh also asked for more efforts to renew traditional growth drivers, including investment, consumption and exports.

 In terms of investment, the Government leader asked the disbursement and efficiency of public investment to be accelerated.

For this purpose, 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, according to the dispatch.

The Prime Ministerial document pointed to the necessity  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, according to the dispatch.

It also placed another important focus on strengthening the development of the strategic infrastructure system, including the North-South high-speed railway, urban railways in Hanoi and HCM City, railways to be connected to China and the Long Thanh International Airport in the southern province of Dong Nai.

the dispatch highlighted that 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.

Meanwhile, the Ministry of Information and Communications is asked to plance focus on developing the national digital infrastructure system, including the commercialisation of 5G and the development of 6G.