According to Minister of Planning and Investment Nguyen Chi Dung, 2025 is the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025, so the country's GDP growth in 2025 needs to reach 8% or more to achieve a double-digit growth rate for a long enough period.
Increase public investment, focus more on transportation projects
On the morning of February 12, after the opening session of the 9th extraordinary session, the National Assembly considered the submission of a supplementary project on socio-economic development in 2025 with a growth target of 8% or more.
Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented the report.
Minister of Planning and Investment Nguyen Chi Dung presented the report.
According to Minister of Planning and Investment Nguyen Chi Dung, 2025 is of special importance, being the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025, the year of acceleration, breakthrough, and reaching the finish line, and at the same time the year of 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 to achieve double-digit growth rates for a long enough period (starting from 2026).
With a growth scenario of 8% or more in 2025, the growth of 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 will grow about 0.7-1.3% higher than in 2024; industry - construction, especially processing and manufacturing industry, will continue 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.
Among the growth drivers, total social investment capital is about 174 billion USD or more, approximately 33.5% of GDP (higher than 3 billion USD).
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, FDI is about 28 billion USD, other investment is about 14 billion USD.
Total retail sales of goods and consumer service revenue (current prices) in 2025 will increase by about 12% or more; total import-export turnover in 2025 will increase by 12% or more; trade surplus will be about 30 billion USD.
The average consumer price index (CPI) growth rate is about 4.5-5%.
Delegates listen to the report presented in the hall.
To realize this scenario, the Government determined that it is necessary to have new thinking, new ways of doing things, breakthroughs in institutions and solutions, and thorough decentralization and delegation of power.
Complete the work of streamlining the organization to be lean, effective and efficient, without affecting the people and production and business activities of enterprises in the short term.
Dynamic regions, economic corridors and growth poles need to promote their role in leading growth.
In particular, the GRDP growth of localities in 2025 must be at least 8-10%, especially Hanoi, Ho Chi Minh City, potential localities, large cities that are locomotives and growth poles must strive for a growth rate higher than the national average; there must be appropriate incentive mechanisms for localities with high growth, with regulation to the Central Government.
Promote and renew traditional growth drivers of investment, consumption and export; strongly develop science and technology, innovation, digital transformation, and high-quality human resources to become increasingly important driving forces and factors promoting growth.
If necessary, the state budget deficit can be adjusted to about 4-4.5% of GDP to mobilize resources for development investment; public debt, government debt, and foreign debt can reach or exceed the warning threshold of about 5% of GDP.
In the main tasks and solutions, the Government identified the need to perfect institutions and laws. Right 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.
Perfecting regulations on organizational structure, promoting decentralization and delegation of power to serve the implementation of the revolution in arranging the State apparatus in the direction of streamlining, compactness, strength, efficiency, effectiveness and efficiency.
Immediately issue strong enough mechanisms and policies, specific and transparent legal regulations to overcome and handle the situation of shirking, evasion, and lack of responsibility in performing public duties, create a creative space, encourage and protect cadres who dare to innovate, dare to think, dare to do, dare to take responsibility for the common good, not for personal gain.
Strengthen inspection and supervision to regularly monitor, promptly correct, overcome and rectify violations, shortcomings, and reluctance to take responsibility.
Besides, the Government will unblock and effectively use public investment resources.
In 2025, basically complete Long Thanh International Airport, Lach Huyen area ports, put into operation Tan Son Nhat T3 and Noi Bai T2 terminals; start construction of Lien Chieu port; allocate adequate resources to focus on accelerating progress, soon completing investment procedures for strategic and important national transport infrastructure projects.
VND84.3 trillion in additional public investment (expected from increased revenue and state budget savings in 2024) will be used for projects with capital absorption capacity to speed up implementation progress.
Focus on reviewing the expressways that have been invested in stages to reach the scale of complete expressways, suitable for transportation needs, completing the coastal route according to the plan that can be deployed immediately in 2025.
Thoroughly save expenses; strive to save about 10% more regular expenses in addition to the 2025 budget estimate compared to the 2024 budget estimate to supplement investment for the Lao Cai - Hanoi - Hai Phong railway route.
Accelerate the disbursement of public investment capital, striving for the disbursement rate in 2025 to reach 95% of the plan assigned by the Prime Minister; supplement and apply specific mechanisms and policies, especially for large-scale, key projects.
Along with that is a series of solutions to promote private investment and processing and manufacturing industries, boost consumption, attract tourists; strongly promote new growth drivers, develop new and advanced production forces...
Adjusting the economic growth target upward is necessary.
From the perspective of verification, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said that the Committee basically agrees with the targets, requirements, and economic growth scenarios for 2025 in the Government's Submission and Report.
Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented the inspection 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," said Mr. Thanh.
However, the Committee recommends focusing on analyzing and evaluating implementation conditions to ensure the feasibility of the Project, especially focusing on solutions to ensure national financial security and public debt safety.
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 target is necessary to create space in managing fiscal and monetary policies, supporting economic growth.
However, core inflation in January 2025 increased by 3.07%, higher than the average in 2023 (2.71%), indicating significant inflationary pressure. Therefore, it is recommended to have solutions to control inflation in line with the growth target and macroeconomic stability.
Regarding the proposal to adjust the targets on deficit spending and public debt, the Economic Committee said that this proposal is necessary to mobilize resources for development investment.
However, the Committee proposed to clarify the plan for using the deficit and increased public debt in case of adjustment; effectively use resources, strictly implement the provisions of the law on state budget, the law on public debt management; only adjust when all solutions have been implemented and public debt safety and debt repayment capacity have been ensured, especially the Government's debt repayment obligation index compared to total budget revenue.
Source: https://www.baogiaothong.vn/chinh-phu-trinh-quoc-hoi-dieu-chinh-muc-tieu-tang-truong-8-tro-len-19225021209190789.htm
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