Striving for GDP growth in 2025 to reach over 8%

Prime Minister Pham Minh Chinh signed and issued Official Dispatch No. 137/CD-TTg dated December 20, 2024 on promoting economic growth in 2025.

According to the telegram, 2025 is of special importance, a year of acceleration, breakthrough, and finishing, the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025 and preparing and consolidating fundamental factors, creating a premise for our country to confidently enter a new era - an era of national prosperity and prosperity.

To achieve the highest goals, targets and tasks of the 2025 socio-economic development plan (especially the GDP growth target) and the 2021-2025 five-year plan, creating a premise towards double-digit economic growth in the 2026-2030 period, the Prime Minister requested ministers, heads of ministerial-level agencies, government agencies, chairmen of People's Committees of provinces and centrally run cities and requested secretaries of provincial and municipal Party Committees, chairmen of People's Councils of provinces and centrally run cities to focus on leadership and direction to resolutely and effectively implement Conclusion No. 97-KL/TW dated October 5, 2024 of the Central Executive Committee on socio-economic development in 2024-2025, resolutions and conclusions of the Central Committee, Politburo, Secretariat, and key leaders; Resolution No. 158/2024/QH15 of the National Assembly on the socio-economic development plan for 2025 and resolutions of the National Assembly, the Government, and directions of the Prime Minister on policies, viewpoints, tasks, and solutions for socio-economic development in 2025 and the 2021-2025 period.

Prioritize strongly promoting economic growth associated with macroeconomic stability, controlling inflation, ensuring large balances and high surpluses; accelerate, make breakthroughs, and strive for the national GDP growth rate in 2025 to reach over 8% (higher than the target assigned by the National Assembly).

The Ministry of Planning and Investment shall preside over and coordinate with ministries, agencies and localities to develop a scenario for the national economic growth in 2025 at over 8%, propose specific targets, tasks and solutions for sectors, fields, ministries, agencies and localities in the draft Resolution of the Government on the main tasks and solutions to implement the socio-economic development plan and state budget estimates for 2025, ensuring synchronization, feasibility and efficiency; report at the conference to review the work in 2024 and deploy the work in 2025 of the Government and local authorities on January 8, 2025; on that basis, assign targets for 2025 to each ministry, sector and locality.

Provinces and centrally-run cities develop local socio-economic development plans for 2025 with targets, tasks, and drastic and breakthrough solutions, promoting local potential and advantages, seizing opportunities, overcoming challenges to strive for the highest results; in which, striving for the local GRDP growth target in 2025 to be at least 8-10%, especially Hanoi, Ho Chi Minh City, major cities, and extremely high-growth localities of the country need to strive for higher growth rates to promote their leading role more strongly in 2025.

The State Bank of Vietnam shall preside over and coordinate with agencies and localities to effectively use management tools to regulate exchange rates and interest rates in accordance with macroeconomic developments and set targets, meeting capital needs for the economy; maintaining stability in the monetary, foreign exchange, and gold markets and the safety of the credit institution system.

The State Bank of Vietnam continues to direct commercial banks to reduce operating costs, increase the application of information technology, and digital transformation to lower lending rates. Improve credit quality, focus credit on production and business sectors, priority sectors, economic growth drivers, strictly control credit for potentially risky sectors; effectively implement preferential credit programs (social housing credit packages, support for agriculture, forestry, and fisheries, etc.). Continue to restructure credit institutions in conjunction with effectively handling bad debts.

The Ministry of Finance, ministries, agencies and localities, according to their assigned functions, tasks and authorities, shall strengthen discipline and order in state finance and budget; strictly manage state budget revenue and expenditure; ensure correct, sufficient and timely collection, expand the collection base and prevent tax losses, especially land use fees, e-commerce business, via digital platforms; resolutely implement digital transformation, mandatory regulations on electronic invoices for all sectors and fields, and at the same time inspect, check and supervise the implementation; strive to collect state budget revenue in 2025 at least 10% higher than in 2024; thoroughly save expenditures, especially regular expenditures to reserve resources for development investment and social security.

The Ministry of Finance, ministries, agencies and localities, according to their assigned functions, tasks and authorities, shall promptly and effectively implement the policy of reducing value-added tax in the first 6 months of 2025 according to the Resolution of the 8th Session of the 15th National Assembly.

The Ministry of Finance continues to research and propose policies to exempt, reduce, and extend taxes, fees, charges, and land rents to support people and businesses in developing production and business in 2025.

The Ministry of Construction shall preside over and coordinate with agencies and localities to synchronously implement solutions to remove difficulties and obstacles in implementing real estate and social housing projects and promote the safe, healthy and sustainable development of the real estate market; effectively implement the VND 145 trillion credit package for social housing; and determine to build 100,000 social housing units by the end of 2025.

Regarding investment, ministries, agencies and localities focus on promoting disbursement of public investment capital from the beginning of 2025, especially important national programs, projects and works, and national target programs; using public investment to lead private investment, and strengthening public-private cooperation.

Promote the responsibility of leaders, overcome limitations and shortcomings, and resolutely remove difficulties and obstacles for each project. Have strict and timely sanctions against acts of corruption and negativity that hinder and slow down the disbursement of public investment capital.

Focus on developing a medium-term public investment plan for the 2026-2030 period; allocate concentrated capital, focusing on key areas, resolutely not spreading out or fragmenting, ensuring that the total number of central budget projects for the 2026-2030 period does not exceed 3,000 projects (both transitional and new projects); actively carry out investment preparation for important national projects and key projects.

The Ministry of Planning and Investment shall preside over and coordinate with ministries, agencies and localities to develop effective mechanisms to selectively attract foreign investment, focusing on promoting and attracting large-scale, high-tech FDI projects; promptly grasp and handle difficulties and problems of FDI enterprises, especially administrative procedures, to speed up the progress of projects in Vietnam.

Regarding consumption, the Ministry of Industry and Trade, ministries, agencies and localities, according to their assigned functions, tasks and authorities, effectively implement solutions to stimulate consumption in each locality and nationwide, promote the campaign "Vietnamese people use Vietnamese goods," the OCOP program, e-commerce, online payment; strengthen the organization of concentrated promotional programs; promote production, ensure adequate supply of demand, avoid shortages and supply disruptions, especially for essential goods; link production, distribution and consumption; improve the quality of services, especially food, accommodation and domestic tourism services; strengthen promotion and attract international tourists (striving to attract over 20 million international visitors in 2025).

Regarding exports, the Ministry of Industry and Trade, ministries, agencies and localities, according to their assigned functions, tasks and authorities, will strengthen trade promotion, diversify export markets, build brands of high-quality Vietnamese goods; effectively utilize 17 signed free trade agreements and negotiate new free trade agreements; expand and effectively exploit new markets, especially Halal, Middle Eastern, Latin American, African markets...; support businesses to meet new standards of export markets; improve trade defense capacity, prevent and combat fraud of goods origin; focus on providing market information and legal support in international trade and investment.

The Ministry of Information and Communications shall preside over and coordinate with agencies and localities to accelerate national digital transformation in a profound, comprehensive, and breakthrough manner, especially building an open digital institution, modern digital infrastructure, a widespread digital economy, and ensuring network security and safety.

The Ministry of Planning and Investment shall preside over and coordinate with relevant agencies to urgently complete the Decree on the pilot mechanism for developing a circular economy, and submit it to the Government in the first quarter of 2025; increase investment attraction in new industries and fields, high technology such as semiconductor chips, artificial intelligence, cloud computing, Internet of Things, etc.; research and develop specific mechanisms, policies, and solutions to effectively support and encourage.

Resolutely and effectively implement the Human Resource Development Program for the Semiconductor Industry to 2030, with a vision to 2050. Promote the development of marine economy, urban areas, regional economy, and regional linkages.

The Ministry of Natural Resources and Environment and the Ministry of Planning and Investment, according to their assigned functions and tasks, shall urgently preside over and coordinate with relevant agencies to submit to the Prime Minister for promulgation of a set of national green criteria and propose a list of green economic sectors to be integrated into the Vietnamese economic sector system, in order to encourage and promote green transformation.

Ministries, agencies and localities, according to their functions, tasks and authority, focus on completing the system of key and important national infrastructure; urgently connect the expressway system with airports and seaports and deploy high-speed railways and urban railways such as the North-South high-speed railway, railway lines connecting with China, urban railways in Hanoi and Ho Chi Minh City; strive to basically complete Long Thanh International Airport in 2025; determined to complete at least 3,000 km of expressway by the end of 2025.

Focus on removing difficulties and obstacles in implementing large-scale infrastructure projects, especially in compensation, support and resettlement. Ensure the supply of raw materials, control raw material prices and land use targets to speed up progress and ensure the quality of expressway projects.

Continue to invest in completing agricultural and rural infrastructure, climate change response infrastructure, and energy infrastructure.

Urgently implement the policies and conclusions of competent authorities on restarting the nuclear power plant project, building an international and regional financial center in Ho Chi Minh City and Da Nang, and establishing free trade zones in some localities.

The Ministry of Information and Communications presides over and coordinates with ministries, agencies, and localities to focus on developing national digital infrastructure, innovative infrastructure, developing telecommunications satellites, upgrading national telecommunications backbone infrastructure; promoting 5G commercialization, 6G research, and application of satellite services...

The Ministry of Planning and Investment and the Ministry of Finance, according to their assigned functions and tasks, shall preside over and coordinate with agencies and localities to implement effective solutions to maximize and diversify resources from the State, people, businesses, direct and indirect investors, and public-private partnership (PPP) resources to develop the strategic infrastructure system.

Research and take advantage of public debt, government debt, and budget deficit to mobilize more resources for development investment. Remove obstacles to unblock, mobilize, and effectively use resources from the stock market and corporate bonds.

The State Capital Management Committee at Enterprises directs state-owned corporations and groups to continue to improve investment efficiency and comprehensive and sustainable production and business activities, ensuring that they are commensurate with the resources they hold through governance innovation, optimizing production methods, improving the quality of human resources; focusing on and accelerating investment in large projects with spillover effects, contributing to promoting growth.

Developing the private economy into one of the important driving forces of the economy; building a mechanism to strongly develop large-scale, national enterprises.

Ministries, agencies and localities, according to their assigned functions, tasks and authorities, must urgently implement the National Assembly's Resolution on removing difficulties and obstacles in projects and land in a number of localities.

Promote the effectiveness of the Steering Committee's operations according to Decision No. 1250/QD-TTg dated October 23, 2024 on removing difficulties for projects; focus on reviewing, classifying and proposing mechanisms and policies to remove obstacles, put them into use soon, and free up resources to contribute to socio-economic development.

Ministries, agencies and localities focus on resolutely implementing the arrangement of the "Lean-Lean-Strong-Efficient-Effective-Effective" organizational apparatus according to the policies and orientations of the Central and Government, ensuring progress and quality as required.

Strengthen decentralization and delegation of power associated with resource allocation, inspection and supervision, following the motto "locality decides, locality acts, locality takes responsibility." Resolutely cut and simplify administrative procedures, reduce costs for people and businesses.

Timely and effectively implement laws and resolutions passed by the National Assembly at the 8th Session so that new regulations can be put into practice as quickly as possible.

Ministries and ministerial-level agencies continue to review regulations in laws that are no longer suitable, problematic, overlapping or incomplete, to submit to the National Assembly at the extraordinary session in February 2025; in which: The Ministry of Planning and Investment continues to review and propose amendments to the Law on Investment under the public-private partnership model, the Law on Investment (especially regulations on overseas investment); The Ministry of Finance urgently completes the draft Law on Management and Investment of State Capital in Enterprises; the Ministries of Science and Technology, Information and Communications submit amendments to laws in their management fields to unlock resources and promote development.

Ministries, agencies and localities, according to their assigned functions, tasks and authorities, shall proactively and flexibly implement synchronous solutions for cultural development, effectively implement social security policies and sustainable poverty reduction; and effectively implement the Target Program on Cultural Development for the 2025-2035 period.

Proactively prevent and combat natural disasters, respond to climate change; resolutely implement commitments at COP26.

Stabilize politics, consolidate and strengthen national defense and security; do a good job of policy communication, continue to promote foreign affairs activities, and integrate into the international community in a practical and effective manner.