Other key initiatives include digital asset regulations and business reforms.

At a meeting on February 24 with the Central Policy and Strategy Committee, General Secretary To Lam emphasized achieving a growth rate of at least 8% in 2025, laying the groundwork for double-digit expansion in the following years.

He also outlined strategies for managing digital assets and financial innovation in Vietnam.

Eliminating 30% of unnecessary business conditions

Endorsing 10 key strategic proposals, the General Secretary stressed that all economic policies must mobilize every sector, business, and citizen to drive growth.

For long-term sustainable growth, he called for a balance between supply-side and demand-side economic measures. Supply-side reforms, though slower, ensure long-term stability, while demand-side measures can yield quick results but carry higher risks.

To boost supply-side growth, the government will focus on institutional reforms, investment climate improvements, and business confidence. By 2025, Vietnam aims to:

Reduce administrative processing times by at least 30%

Cut business costs by at least 30%, particularly in customs procedures and regulatory compliance

Abolish at least 30% of unnecessary business conditions

The goal is to position Vietnam among the top three investment destinations in ASEAN within 2-3 years.

Legal framework for digital economy and financial innovation

The General Secretary also urged policymakers to develop a specialized legal framework to support digital economic growth, financial technology (FinTech), artificial intelligence (AI), platform economies, and e-commerce. He proposed:

A sandbox (controlled trial) for new technology industries

A separate legal framework for special economic zones (SEZs) and technology hubs, including tax incentives and dispute resolution mechanisms

Real estate market reforms and infrastructure expansion

The General Secretary highlighted the need to unlock investment in real estate and land markets, turning urban areas into economic growth engines through high-quality infrastructure development. He also proposed the creation of a national digital land and zoning database to enhance planning and transparency.

To support affordable housing, he directed the study of a "National Housing Fund" aimed at increasing low-cost housing supply in Vietnam’s major urban centers.

Establishing Vietnam as a global logistics hub

A key initiative is the potential establishment of a "Duty-Free Port", which could transform Vietnam into a regional logistics and trade hub.

Additionally, the government will develop a "National Investment One-Stop Portal" to streamline foreign direct investment (FDI) inflows.

Other priorities include:

Expanding science and technology research

Addressing air pollution in major cities, especially Hanoi and Ho Chi Minh City

Enhancing policies to attract top talent into state agencies while removing underperforming officials

Digital currency regulation and economic policy adjustments

To boost domestic consumption, the General Secretary advocated for:

Increased public investment in strategic infrastructure

Flexible monetary policies with controlled credit expansion

Strengthening exports of processed agricultural products instead of raw materials

Land policy reforms to facilitate larger-scale agricultural production

Regarding digital currencies, the General Secretary supported classifying them as virtual assets to mitigate risks while leveraging their economic benefits. He called on the National Assembly and government agencies to quickly establish a legal framework for digital assets and explore a regulated digital asset exchange under a sandbox model.

Thu Hang