All resources and driving forces for growth are being mobilized to ensure economic growth can reach over 8% in 2025.
All resources and driving forces for growth are being mobilized to ensure economic growth can reach over 8% in 2025.
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| To achieve the GDP growth target of over 8%, the industrial and construction sector must grow at 9.5% or more. Photo: Duc Thanh |
Focus on growth
For two consecutive days, three meetings were held between the Prime Minister and private enterprises, commercial banks and technology companies. Not only big names in Vietnam, such as Vingroup, FPT, Truong Hai, BRG…, but also foreign enterprises, such as Samsung, NVIDIA…, participated in these meetings.
And it does not stop there, the Prime Minister will also have meetings with foreign investment enterprises, small and medium enterprises, enterprises in the real estate sector... to listen to and share and resolve difficulties and problems in institutions and policies, with one of the biggest goals being how to mobilize all resources for growth, how to achieve GDP growth in 2025 of at least 8%, creating momentum, creating force, creating momentum for the following years to achieve double-digit growth.
“To do this, we need the contribution of the business community, especially large enterprises,” the Prime Minister said during a meeting with private enterprises.
The head of the Government also said that in order for the country to grow at double digits, localities, domestic and foreign enterprises, and foreign-invested enterprises must "grow synchronously".
Never before has the story of “growth contracting” been mentioned as strongly as it is now, after the Government set a target of striving for GDP growth of over 8% in 2025. Not only “growth contracting” to localities, the Government now also wants to “growth contracting” to businesses, commercial banks…
Information shared by Minister of Planning and Investment Nguyen Chi Dung, 2025 is a year of special significance for the country, a year of acceleration, breakthrough, reaching the finish line, the year of laying the foundation for double-digit growth in the coming period. "To achieve double-digit growth, the non-state economic sector needs to increase by about 11%/year", Minister Nguyen Chi Dung said and shared about the importance of the business sector to the development of the economy.
Accordingly, the business sector contributes about 60% of GDP, 98% of total export turnover and creates jobs for about 85% of the country's workforce. Therefore, strong businesses mean a healthy economy. "In the face of new development requirements, the business community in general and the private enterprise team in particular need to further promote their role and mission in the country's socio-economic development," Minister Nguyen Chi Dung emphasized.
In fact, the private sector has done many things, making significant contributions to the country's socio-economic development. For example, recently, the Government asked Truong Hai Group (Thaco) to research, transfer technology, produce train cars and move towards producing locomotives for high-speed railways, Hoa Phat Group to make high-speed railway rails, FPT Group to focus on training high-quality human resources, designing semiconductor chips, etc. When businesses participate in solving the country's "big problems", the economy will have the opportunity to accelerate and develop.
Meanwhile, the task of the banking system is to “pump” 2.5-3 million billion VND into the economy. In 2024, more than 2.2 million billion VND of credit was injected into the economy. In 2025, to promote growth, the figure is set at a higher level.
Meeting with commercial banks, the Prime Minister hoped to hear “advice” on solutions so that the banking system can contribute to “renewing” traditional growth drivers such as investment, export, consumption and promoting new growth drivers, while at the same time ensuring macroeconomic stability. Credit - the “lifeblood” of the economy - must be unblocked so that opportunities for acceleration and breakthrough can be realized.
For the economy to accelerate and make a breakthrough, it must also rely on science, technology and innovation. That is the reason why yesterday afternoon (February 11), the Conference on Developing Science, Technology, Innovation and High-Quality Human Resources to Promote Economic Growth was held.
“Science and technology development, innovation and digital transformation are decisive factors in the development of countries; they are prerequisites and the best opportunities for our country to develop richly and powerfully in the new era - the era of national development,” Minister Nguyen Chi Dung emphasized.
Extremely determined spirit. All is to focus on completing the highest socio-economic development target for 2025, especially the growth target of over 8%.
The driving force from “KPI delivery” growth
No longer just a “striving” target, the growth rate of over 8% in 2025 will be a “legislative” target. The Government has officially issued a supplementary project on socio-economic development in 2025, with a growth target of 8% or more. This project was discussed at a recent meeting of the National Assembly Standing Committee and will be submitted to the National Assembly at an extraordinary session, scheduled to take place from February 12 to 19, 2025.
According to the growth scenario proposed by the Government, in order for GDP to grow above 8%, the industrial and construction sector must grow at least 9.5%; the service sector must grow at least 8.1%; and the agriculture, forestry and fishery sector must grow at least 3.9%. That means economic sectors must have a growth rate about 0.7 - 1.3 percentage points higher than in 2024. In particular, the industrial and construction sector, especially the processing and manufacturing industry, is identified as continuing to be the driving force for growth.
The Government's project, presented by Minister Nguyen Chi Dung at the meeting of the National Assembly Standing Committee, also pointed out that the growth drivers include: total social investment capital of 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 875,000 billion VND, about 84,300 billion VND higher than the plan assigned for 2025), private investment is about 96 billion USD, foreign investment is about 28 billion USD, other investment is about 14 billion USD.
In addition, 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.
To promote growth, it will be necessary to concentrate efforts on deploying and effectively implementing these growth drivers, including investment, consumption and export, as well as new growth drivers, especially the issue of disbursement of public investment capital. The figure as stated in the Project has reached 875,000 billion VND, disbursing 95% as targeted will greatly support growth.
“We have the money and the address, the rest is the effort to disburse,” Deputy Minister of Planning and Investment Tran Quoc Phuong shared.
At the same time, it is equally important to promote the leading role of growth of dynamic regions, economic corridors and growth poles. 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...
In fact, each specific growth target has been "assigned" to localities by the Prime Minister in Resolution No. 25/NQ-CP dated February 5, 2025. Accordingly, many localities are assigned double-digit GRDP such as Bac Giang 13.6%, Thanh Hoa 11%, Da Nang 10%, Quang Ninh 12%. Particularly, Hanoi and Ho Chi Minh City - the two economic locomotives of the country - are assigned 8% and 8.5% respectively...
“Assigning growth KPIs” to each locality, it can be said, will create greater pressure and motivation for localities to implement economic development plans, thereby contributing to promoting overall growth. And in fact, currently, localities are all making efforts to complete the assigned tasks.
“We have implemented socio-economic development tasks early, quickly and decisively since the beginning of the year,” said Mr. Phan Van Mai, Chairman of the Ho Chi Minh City People’s Committee, adding that in order to achieve double-digit growth, Ho Chi Minh City has required the entire political system to immediately start implementing growth targets, capital mobilization, capital disbursement, etc.
In 2025, Ho Chi Minh City will have a total resource of 110,000 billion VND, including the remaining capital of 2024. The city strives to disburse 10-12% in the first quarter, 30-33% in the second quarter, and 95% for the whole year.
In addition to these efforts, according to Minister Nguyen Chi Dung, the conditions for achieving a growth rate of over 8% are new thinking, new ways of doing things, breakthroughs in institutions and solutions, and thorough decentralization and delegation of power.
In addition, complete the work of streamlining the apparatus to be efficient and effective, so as not to affect the people and the production and business activities of enterprises in the short term... In particular, if necessary, 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.
Much needs to be done for the economy to achieve a growth rate of over 8%. “To achieve this target, we need to have high determination, great efforts and drastic actions. That means all ministries, sectors and localities must be determined to implement at a higher level, even double that of before. Simply put, each individual and each unit must work with double the current productivity to be able to achieve the new growth target,” Deputy Minister Tran Quoc Phuong emphasized.
Firstly, there must be a high level of consensus on the particularly important role of enterprises in general, and private enterprises in particular, in socio-economic development. Identifying private economic development as one of the most important driving forces contributing to growth, increased labor productivity and competitiveness of the economy.
Second, focus on perfecting institutions, identifying institutions as the "breakthrough of breakthroughs", creating the most favorable business environment for enterprises.
Third, unleash all resources, use state resources to arouse, lead, and activate social resources.
Fourth, resolutely implement Resolution No. 57-NQ/TW, identifying science - technology, innovation and digital transformation as the top important breakthroughs and the main driving force for the rapid development of modern productive forces.
Fifth, build mechanisms and policies to form and develop large-scale, ethnic enterprises to lead the domestic value chain and expand participation in the international market; effectively promote the Investment Support Fund.
Sixth, promote consumer demand stimulation and expand the market for businesses. Create conditions for domestic businesses to produce domestic products with strengths, capable of maintaining and gradually dominating the domestic market.
- Minister of Planning and Investment Nguyen Chi Dung
Source: https://baodautu.vn/don-luc-cho-muc-tieu-tang-truong-tren-8-d245465.html
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