Q2 GDP growth rate likely to reach 7.6%

Vietnam's economy is estimated to expand 7.6 per cent in the second quarter of 2025, compared to 6.93 per cent in the first quarter, the Government News quoted Standing Deputy Prime Minister Nguyen Hoa Binh as announcing at the National Assembly’s ongoing 9^th session  on June 20.

The announced rate is higher than the rate of 7.58 per cent previously estimated by the Government for the second quarter.

To materialize the preset GDP growth goal of 8 per cent this year, the Government would double effort to stabilize the macro-economy, control inflation and ensure major balances of the economy, the Standing Deputy Prime Minister said.

Specifically, the Government will strive for 100 per cent of public disbursement rate; optimize the 17 signed FTAs and sign new ones to diversify the markets; perfect mechanisms and policies on tax and stimulate purchasing power.

The Government remains steadfast with its commitment to renewing traditional growth drivers—namely investment, exports, and consumption. It will continue to attract foreign investment selectively, prioritizing large-scale, high-tech projects.

The Government is accelerating the implementation of key national projects and infrastructure works, strengthening tourism promotion efforts, and expanding visa policies.

At the same time, the Government is actively fostering new engines of growth to create breakthroughs in science, technology, innovation, and national digital transformation. It also promotes the development of the green economy, circular economy, e-commerce, and the private sector. In addition, timely implementation is underway of the National Assembly's resolution on establishing an international financial center in Vietnam.

In the first five months of 2025, state budget revenues accounted for 66.2 per cent of the whole year's plan, said the Standing Deputy Prime Minister.

Foreign direct investment (FDI) inflows reached over $20 billion and the amount of FDI disbursement valued $12 billion - a clear evidence of the fact that Viet Nam remains a charming investment destination for foreign investors, according to him.

Also in the reviewed period, the Government strengthened the fight against counterfeit goods and trade fraud. The Ministry of Public Security detected over 40,000 illegal trading cases and captured 3,043 violators. During a campaign conducted nationwide from May 15 to June 15, market surveillance teams found 3,114 violations and imposed administrative fines totaling over VND63 billion (around $2.5 million).

 

Regarding the upcoming administrative restructuring at the provincial and communal levels, the Permanent Deputy Prime Minister stated that this reform serves multiple objectives, including economic growth. The two-tier local administration system aims to bring administrations closer to the people and businesses, ensuring more effective and responsive public service delivery.

"The operation of the new administrative system will naturally face challenges, but the Party, National Assembly, and Government have anticipated this,"  the Deputy Prime Minister emphasized.

The Government has promptly developed and finalized a system of decrees to enhance decentralization and delegation of authority, along with detailed guidance on organizational structure, staffing, job positions, and the process of restructuring public officials and civil servants in compliance with regulations.

To support citizens and local administrations, the Government and relevant ministries have set up nationwide hotlines to provide information and receive inquiries—especially regarding public services and the roles and functions of local governments.

The Government is rolling out a virtual assistant platform capable of providing information on approximately 1,800 public services. The system can also immediately respond to queries from grassroots authorities about their responsibilities and practical challenges in local governance.

The government will continue deploying inspection and support missions to support provinces and cities swiftly address any obstacles during the implementation of the two-tier local governance model.