Proposal to adjust GDP growth in 2025 to reach 8% or more

On the afternoon of February 10, the National Assembly Standing Committee gave its opinion on the Submission of the Supplementary Project on socio -economic development in 2025 with a growth target of 8% or more.

View of the meeting. Photo: Doan Tan/VNA

According to the Government 's Report, 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 targets for the 2021-2025 period that have not been achieved must be determined to be completed; any targets that have 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 rates 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.

Regarding the 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 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. The average consumer price index (CPI) growth rate is about 4.5 - 5%.

Chairman of the National Assembly's Economic Committee Vu Hong Thanh - representative of the auditing agency said that the Committee basically agrees with the targets, requirements, and economic growth scenarios for 2025 in the Government's Submission and Report. Submitting 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 the country into an era of prosperous development.

However, the production and business situation in early 2025 has not improved much, the industrial production index IIP in January 2025 increased slightly by 0.6% over the same period, the purchasing managers index PMI was below 50 points for 2 consecutive months, showing that business conditions of the manufacturing sector in Vietnam are narrowing. Therefore, the appraisal agency proposed that the Government focus on analyzing and evaluating the implementation conditions to ensure the feasibility of the Project, especially focusing on solutions to ensure national financial security and public debt safety. In addition, there are opinions suggesting considering adjusting the labor productivity growth rate target because this target is closely correlated with the GDP growth target.

Regarding the target of an average consumer price index (CPI) growth rate of about 4.5 - 5%, the Economic Committee believes that adjusting the CPI target is necessary to create space in operating fiscal and monetary policies, supporting economic growth. However, inflation is an important indicator, directly affecting 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 growth and macroeconomic stability goals.

Secretary General of the National Assembly and Head of the National Assembly Office Le Quang Tung said that there is not much time left to implement solutions to achieve this year's GDP target of over 8%, so there needs to be great determination in implementing and selecting immediate solutions with immediate impact. In addition to solutions to create growth momentum for localities and economic locomotives, the Government also needs to remove difficulties for businesses to free up resources.

Vice Chairman of the National Assembly Tran Quang Phuong suggested focusing on reviewing legal bottlenecks to amend, supplement, and even issue new laws. Citing the Forestry Law, the Vice Chairman of the National Assembly said that if it is not amended quickly, there will be congestion, from planning, land to forest protection and conservation.

After discussion, the National Assembly Standing Committee agreed to submit the Government's proposal to the National Assembly for consideration and decision at the 9th Extraordinary Session.

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