Kinhtedothi - At the opening session of the 9th Session (extraordinary session) of the National Assembly on the morning of February 12, the Government proposed increasing the growth target to 8% or more (higher than the Central target, which the National Assembly had previously resolved).
Fast but sustainable growth
Authorized by the Prime Minister, Minister of Planning and Investment Nguyen Chi Dung presented the Proposal on the Supplementary Project on Socio-Economic Development in 2025.
Accordingly, thanks to the high determination, great efforts, and drastic actions of the entire political system, the People and businesses under the leadership of the Party, our country has successfully and comprehensively completed the socio-economic development goals for 2024; achieved and exceeded all 15/15 main targets (of which 12 targets were exceeded). Many important targets and indicators achieved outstanding results, higher than the estimated implementation reported to the Central and the National Assembly, and were highly appreciated by the People and the international community.
Regarding the forecast of the context, situation and goals, the economic growth scenario for 2025 - a year of special significance, the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025, the year of acceleration, breakthrough, and reaching the finish line; at the same time, it is the year focusing on organizing Party Congresses at all levels towards the 14th National Party Congress and consolidating and preparing well the fundamental factors to successfully implement the 10-year Strategy 2021-2030, marking the time when the country enters a new era of development. Any 2021-2025 target that has not been achieved must be determined to be completed; any target that has been achieved must be improved in quality and efficiency.
Therefore, the country's GDP growth in 2025 needs to reach 8% or more, contributing to creating a solid foundation for achieving double-digit growth over a long enough period (starting from 2026). Growth must be fast but sustainable, maintaining macroeconomic stability, controlling inflation, ensuring major balances; harmonious development between the economy and society and environmental protection, ensuring national defense and security.
The growth scenario of 8% or more in 2025 is as follows: growth in the industrial and construction sector is about 9.5% or more (of which the processing and manufacturing industry increases by 9.7% or more); services increase by 8.1% or more; agriculture, forestry and fishery increase by 3.9% or more). Economic sectors grow about 0.7 - 1.3% higher than in 2024; industry - construction, especially the processing and manufacturing industry, continues to be the driving force for growth.
GDP scale in 2025 is about over 500 billion USD, GDP per capita is about over 5,000 USD. Growth drivers: total social investment capital is about 174 billion USD or more, approximately 33.5% of GDP (higher than 3 billion USD), of which public investment is about 36 billion USD (equivalent to 875 trillion VND, about 84.3 trillion VND higher than the assigned plan for 2025 of 790.7 trillion VND); private investment is about 96 billion USD, of which FDI is about 28 billion USD, other investment is about 14 billion USD.
Minister of Planning and Investment Nguyen Chi Dung also outlined key tasks and solutions, including: perfecting institutions and laws; unblocking and effectively using public investment resources; promoting private investment and processing and manufacturing industries; promoting consumption, attracting tourists; strongly promoting new growth drivers, developing new and advanced production forces, etc.
On the basis of this Project, the Government submits to the National Assembly for consideration and comments on adjusting a number of key indicators: the growth rate of gross domestic product (GDP) reaches 8% or more; the average growth rate of consumer price index (CPI) is about 4.5-5%; if necessary, the State budget deficit is allowed to be adjusted 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.
There are appropriate solutions to control inflation.
At the meeting, presenting the Report on the examination of the Supplementary Project on socio-economic development in 2025, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the Economic Committee basically agreed with the targets, requirements, and economic growth scenarios for 2025 in the Government's Submission and Report.
The submission to the National Assembly to adjust the economic growth target for 2025 demonstrates the Government's determination and efforts in successfully implementing the socio-economic development goals for the 2021-2025 period; contributing to consolidating and creating a solid foundation to achieve double-digit growth for a long enough period, bringing our country into an era of prosperous development.
Regarding the target of an average consumer price index (CPI) growth rate of about 4.5 - 5%, the Economic Committee believes that adjusting the consumer price index is necessary to create space in operating fiscal and monetary policies, supporting economic growth.
However, according to the Economic Committee, inflation is an important indicator that directly affects macroeconomic stability as well as people's lives and business costs. Therefore, it is recommended that the Government have solutions to control inflation in line with the goals of growth and macroeconomic stability.
Regarding the proposal to adjust the targets on deficit spending and public debt, the Economic Committee recommends that the Government use resources effectively, comply with the provisions of the law on the State budget and the law on public debt management; resolutely manage to ensure that deficit spending and public debt are within the scope decided by the National Assembly in Resolution No. 23/2021/QH15 and Resolution No. 159/2024/QH15. Adjustments should only be made when all solutions have been implemented and public debt safety and debt repayment capacity are ensured, especially the target of the Government's debt repayment obligations compared to total budget revenue.
Source: https://kinhtedothi.vn/chinh-phu-de-xuat-tang-muc-tieu-tang-truong-kinh-te-trong-nam-2025.html
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