On the morning of February 12, the Minister of Planning and Investment presented the proposal for the 2025 socio-economic development supplementary plan, with a growth target of 8% or more.
The Government's report clearly stated that the national GDP growth target in 2025 needs to reach 8% or more, contributing to creating a solid foundation to achieve double-digit growth rates for a long enough period (starting from 2026).
GDP scale in 2025 will reach over 500 billion USD
"Growth must be fast but sustainable, maintain macroeconomic stability, control inflation, ensure major balances; develop harmoniously between the economy and society and protect the environment, ensuring national defense and security," Mr. Dung emphasized.
Minister of Planning and Investment Nguyen Chi Dung (Photo: Pham Thang).
The Government has proposed to adjust this year's GDP target from 8% upwards, with the GDP scale in 2025 reaching over 500 billion USD. Along with that, the average GDP per capita is over 5,000 USD. The average consumer price index (CPI) growth rate is about 4.5-5%.
According to Minister Nguyen Chi Dung, the conditions to achieve this goal require new thinking, new ways of doing things, breakthroughs in institutions and solutions, and thorough decentralization and delegation of power.
Besides, it is necessary to complete the work of streamlining the organizational structure to be lean, effective and efficient, so as not to affect the people and the production and business activities of enterprises in the short term.
If necessary, the Government proposes to allow the adjustment of the State budget deficit to about 4-4.5% of GDP to mobilize resources for development investment; public debt, government debt, and foreign debt may reach or exceed the warning threshold of about 5% of GDP.
The 9th extraordinary session of the National Assembly opened on the morning of February 12 (Photo: Pham Thang).
Regarding solutions, the Government emphasized that in 2025, it is necessary to innovate the thinking of law-making in the direction of "both strict management and development creation", abandoning the thinking of "if you can't manage, then ban"; promoting the method of "management by results", strongly shifting from "pre-inspection" to "post-inspection" associated with strengthening inspection and supervision.
The Government prioritizes resolving wasted resources, such as suspended planning, projects stuck in procedures, unused public land, disputed assets, and protracted cases.
Workers' income is lower than the increase in essential goods.
Presenting the report on the review of this content, Chairman of the Economic Committee Vu Hong Thanh agreed that it is necessary to adjust this year's economic growth target to achieve the socio-economic development target for the entire term (2021-2025). The Government's proposed target is about 1% higher than the 2024 growth and forecasts of some international organizations.
However, the auditing agency assessed that the domestic and international situation still has potential difficulties and challenges. Therefore, it is recommended that the Government assess the impact of the world situation on Vietnam, especially large markets, major partners and implementation conditions to ensure feasibility, especially solutions to ensure national financial security and public debt safety.
Chairman of the Economic Committee Vu Hong Thanh (Photo: Pham Thang).
Regarding the average CPI target of around 4.5-5%, the Economic Committee believes that adjusting the consumer price index target is necessary to create space in operating fiscal and monetary policies, supporting economic growth. However, Mr. Thanh noted that inflation is an important target, directly affecting macroeconomic stability as well as people's lives and business costs.
Data shows that although the average inflation in 2024 is only 3.63%, many essential goods have increased quite high, such as food increased by 12.2%, medical services by 9%, educational services by 5.7%...
Meanwhile, the average income of workers in 2024 will increase by 8.6%, lower than the increase of some essential goods. Therefore, in its management, the Government needs to have solutions to control inflation in line with the growth target, stabilize the macro economy and have a market roadmap for goods whose prices are controlled by the State, especially the costs people pay for education and health services.
Regarding the proposal to adjust the deficit and public debt targets, if necessary, the deficit should be adjusted to about 4-4.5% of GDP. The review agency believes that this is necessary to mobilize resources for development investment. However, it is recommended that the Government clarify the plan for using the additional deficit and public debt in case of adjustment; at the same time, use resources effectively and comply with the provisions of the law on the State budget.
To achieve the GDP growth target of over 8% this year, the Chairman of the Economic Committee suggested that the Government closely monitor developments in the world's economic and political situation to promptly respond to policies, especially in the context of geopolitical conflicts taking place in many places around the world, trade wars, and complicated protectionist policies of major countries.
In addition, the appraisal agency requested the Government to clarify investment procedures and processes and handling mechanisms when problems arise, conduct a comprehensive review of the planning system and handling mechanisms when problems and conflicts arise between plans, and facilitate and reduce land access costs.
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