On the afternoon of February 10, the National Assembly Standing Committee discussed a supplementary proposal for Vietnam’s socio-economic development in 2025.

Adjusting economic growth targets

Presenting the proposal, Minister of Planning and Investment Nguyen Chi Dung stated that the government aims for GDP growth of 8% or higher in 2025.

The consumer price index (CPI) is projected to average around 4.5-5%, resulting in a GDP size of approximately $500 billion, with per capita GDP increasing to $5,000, up from the previously estimated $4,900.

According to government calculations, achieving this target requires localities to maintain a minimum gross regional domestic product (GRDP) growth rate of 8-10% in 2025, particularly in key economic hubs such as Hanoi, Ho Chi Minh City, and other high-growth provinces.

The government’s proposed strategies to support this goal include institutional reforms, accelerating public investment disbursement, boosting private sector investment, and fostering industrial manufacturing and processing.

Ensuring inflation control while sustaining growth

Reviewing the proposal, Vu Hong Thanh, chairman of the Economic Committee, emphasized that adjusting the GDP growth target would lay the groundwork for double-digit growth from 2026 onward, helping Vietnam transition into a prosperous development phase.

However, the reviewing body stressed the need for careful evaluation to ensure the feasibility of exceeding 8% growth, particularly in terms of financial security and public debt safety.

Regarding the revised CPI target of 4.5-5%, the Economic Committee supports the adjustment, stating that it would provide flexibility in fiscal and monetary policies to support economic growth.

Highlighting inflation as a crucial factor affecting business costs, Thanh urged the government to implement suitable inflation control measures while maintaining economic stability. He also noted that ongoing efforts to streamline administrative structures must not negatively impact citizens or business operations.

Regional growth targets and policy recommendations

The government has issued Resolution No. 25, setting growth targets for various sectors and provinces to ensure national GDP growth of at least 8% in 2025.

Under this plan, 16 provinces and cities are expected to achieve double-digit GRDP growth, with Bac Giang leading at 13.6%, followed by Hai Phong at 12.5%, and Ninh Binh and Quang Ninh at 12%.

Other provinces, such as Thanh Hoa, Da Nang, Binh Duong, and Dong Nai, have targets of around 10%, while Hanoi and Ho Chi Minh City are projected to grow by 8% and 8.5%, respectively.

Le Quang Tung, Secretary-general of the National Assembly, noted that while setting regional growth targets is essential, the government must also address local challenges, particularly those affecting businesses.

Supporting the focus on high-growth sectors, Tung recommended that incentive policies for priority industries be implemented immediately. He also stressed the importance of boosting consumer demand, tourism, and trade alongside GDP growth.

To achieve immediate economic impact, the government should introduce policies such as visa exemptions and aviation sector incentives, which could directly stimulate economic activity.

Government outlines short- and long-term strategies for growth

In response, Minister of Planning and Investment Nguyen Chi Dung stated that the government has developed both short- and long-term strategies to achieve high economic growth.

Dung affirmed that the government is incorporating feedback to refine its policies, ensuring they remain feasible while maximizing investment resources to support Vietnam’s ambition for double-digit GDP growth.

At the upcoming ninth extraordinary session of the National Assembly, set to open on February 12, lawmakers are expected to vote on the supplementary socio-economic development plan for 2025, which includes the proposed 8% or higher GDP growth target.

Thu Hang