Ministry of Finance announces new scenario on economic growth...

At the regular Government meeting in March 2025 and the Government's online conference with localities held on April 6, Minister of Finance Nguyen Van Thang emphasized the positive results, especially the economic growth target in the first quarter of 2025.

Specifically, GDP growth in the first quarter of 2025 is estimated at 6.93%, the highest level in the first quarters from 2020 to 2025. This figure has exceeded the growth target in the first quarter of 2025 (from 6.2-6.6%) according to the annual growth scenario of 6.5-7% in Resolution No. 01/NQ-CP, but has not yet reached the target of the 2025 growth scenario of 8% (with the first quarter target of 7.7%).

Minister Nguyen Van Thang warned that growth drivers are at risk of weakening and the 2025 growth target will face greater challenges.

If a 46% tax is imposed on a large scale, exports to the US will be severely affected, causing widespread impacts on industrial production, processing, manufacturing, enterprises, foreign investment attraction, private investment, domestic consumption and labor.

Minister of Finance Nguyen Van Thang reports on the socio-economic situation in the first quarter of 2025 at the regular Government meeting in March 2025 and the Government's online conference with localities (Photo: VGP)

In addition, macroeconomic stability also faces increasing risks. Although there has been attention and direction in perfecting institutions and laws, there are still many problems. It is forecasted that the lives of a part of the people and workers will face difficulties because production, business and export of enterprises may be affected and narrowed.

“This is a huge pressure in the direction and management of socio-economic development, requiring more proactiveness, determination, close attention and innovation from all levels, sectors and localities,” Minister Nguyen Van Thang emphasized.

Based on the results of the first quarter, the Ministry of Finance has updated the economic growth scenario for 2025. To achieve the growth target of 8% or more, GDP needs to increase by about 8.3% in the last 9 months of the year. Specifically, growth in the second quarter is 8.2%, the third and fourth quarters are 8.3% and 8.4% respectively, about 0.2 percentage points higher than the proposed scenario.

Previously, in Resolution No. 01/NQ-CP, the Government proposed three growth scenarios. Of which, the economic growth scenario of 8% requires GDP in the first quarter to reach 7.7%. The targets for the second, third, and fourth quarters are 8%, 7.9%, 8.1%, 7.9%, and 8.3%, respectively.

To achieve this scenario, the Ministry of Finance calculates that in the second quarter alone, the processing and manufacturing industry needs to grow by 10.1% over the same period last year, continuing to be an important driving force for growth. Of which, electricity and gas production needs to grow by 11.5%, and the mining industry needs to recover strongly to contribute more to growth.

In addition, it is necessary to promote the disbursement of public investment capital, because there is still much room for growth. The total public investment capital assigned by the National Assembly for implementation in 2025 is nearly VND 826,000 billion. The service and tourism sectors still maintained positive growth momentum in the first quarter and have much potential to promote.

To promote growth, the Ministry of Finance has proposed 10 groups of tasks, short-term solutions and 6 groups of long-term solutions. In which, the short-term solution emphasizes strengthening dialogue and promoting bilateral negotiations with the US to reach a reasonable agreement on the level of "reciprocal tax", ensuring harmonious interests.

At the same time, continue to maintain macroeconomic stability, consolidate the foundation to promote growth, boost public investment, attract foreign investment, develop and protect the domestic market, promote tourism, and perfect institutions and laws to improve the investment and business environment.

Source: https://baodaknong.vn/ministry-of-finance-announces-new-stimulus-on-economic-growth-in-2025-248493.html