On the afternoon of February 10, the Government submitted to the National Assembly Standing Committee for comments on the 2025 socio-economic development supplementary project with a growth target of 8% or more.
Presenting the Government's Proposal, Minister of Planning and Investment Nguyen Chi Dung said that the country's GDP growth 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 of time (starting from 2026).
Minister of Planning and Investment Nguyen Chi Dung presented the Government's report.
This growth rate is about 1-1.5 percentage points higher than the target set by the National Assembly at the session at the end of last year.
According to the report, the consumer price index (CPI) in 2025 will average around 4.5-5%. Thus, the GDP scale in 2025 will be around 500 billion USD, with average income per capita around 5,000 USD.
With a GDP scenario of over 8%, economic sectors will grow about 0.7-1.3% higher than in 2024. Industry - construction, especially processing and manufacturing industry, continues to be the driving force for growth.
According to the Government's calculations, total social investment capital is about 174 billion USD or more, equivalent to 33.5% of GDP. Of which, public investment is about 36 billion USD, equivalent to 875,000 billion VND, about 84,300 billion VND higher than the plan assigned for 2025 (790,700 billion VND). Private investment is about 96 billion USD, FDI is 28 billion USD and other investment is 14 billion USD.
Total retail sales of goods and consumer services revenue (at current prices) this year increased by 12% or more.
To achieve the common goal, GRDP growth of localities this year must be at least 8-10%, especially Hanoi, Ho Chi Minh City and potential, high-growth localities nationwide.
The budget deficit by the end of 2024 is estimated at about 3.4% of GDP. 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 (about 5% of GDP).
Many solutions have been proposed by the Government to achieve the economic growth target of over 8% this year, such as perfecting institutions, accelerating public investment disbursement, promoting private investment and processing and manufacturing industries...
Chairman of the Economic Committee Vu Hong Thanh.
Reviewing this content, Chairman of the Economic Committee Vu Hong Thanh said that adjusting the GDP target this year will contribute to creating a foundation for double-digit growth from 2026, bringing the country into an era of prosperous development.
However, according to Mr. Thanh, the production and business situation in early 2025 has not improved much, when the industrial production index IIP in January increased by only 0.6% over the same period, the purchasing managers index PMI was below 50 points for two consecutive months.
"These indicators show that business conditions in the manufacturing sector in Vietnam are narrowing," Mr. Thanh said, adding that the Government needs to assess the conditions to ensure the feasibility of setting an economic growth target of over 8% this year, especially solutions to ensure financial security and public debt safety.
Regarding the average CPI target of 4.5-5%, the Economic Committee believes that adjusting this target is necessary to create space for fiscal and monetary policy management, supporting economic growth. However, inflation is an important target that directly affects business costs, so the Government needs to have solutions to control inflation in line with growth and macroeconomic stability targets.
Regarding the adjustment of deficit and public debt targets, the Economic Committee believes that it is necessary to mobilize resources for development investment.
The National Assembly is expected to consider and approve the draft resolution adjusting the 2025 economic growth target to exceed 8% at the extraordinary session, opening on February 12.
Source: https://www.baogiaothong.vn/chinh-phu-trinh-kich-ban-tang-truong-nam-2025-tu-8-tro-len-192250210170055315.htm
Comment (0)