Urgent action, strategy to protect 8% growth target

Maintain growth target at 8%

Resolution 77 issued by the Government recently stated that the world situation continues to have large, rapid, complicated and unpredictable changes; military conflicts in some regions continue; strategic competition between major countries is more intense, trade wars occur on a large scale...

The Government requires ministries, sectors and localities to firmly maintain the GDP growth target of 8% or more in 2025. Specifically, ministries and sectors must develop scenarios to respond to international fluctuations, especially the US's reciprocal tax policy. The Ministry of Finance must promptly propose a plan to support businesses and workers affected by tariff policies; and submit a draft on extending the reduction of value-added tax (VAT) from July 1, 2025 to the end of 2026.

Experts say the 8% growth target is completely achievable.

The State Bank will operate exchange rates flexibly, be ready to intervene when necessary, promote credit to production sectors, provide short-term loans to support businesses affected by US tariff policies; research preferential loan packages for people under 35 years old to buy houses, and long-term credit packages for infrastructure and digital technology.

To ensure stable production and boost the economy, the Government also set out a series of specific tasks for ministries and sectors. The Ministry of Industry and Trade quickly removed obstacles to implementing the Power Plan VIII, ensuring no power shortages. At the same time, it stepped up trade promotion, connected to new markets, soon completed new free trade agreements and promoted bilateral negotiations with the US.

The Government requested to accelerate public investment disbursement, disburse all capital plan in 2025. The Ministry of Construction was assigned to develop policies to stimulate domestic consumption of construction materials, propose to reduce clinker tax (main ingredient of cement). The tourism industry increased promotion in summer 2025, coordinated management of airfares, stimulate domestic tourism demand...

What is the solution for growth?

Speaking to Tien Phong reporter , Mr. Nguyen Quang Huy - economic expert of the Faculty of Finance and Banking, Nguyen Trai University - said that achieving 8% economic growth in the new context of global economic conflicts and the 90-day tax deferral period is a challenge. However, Mr. Huy said that this figure is completely achievable with urgent and strategic actions.

“First of all, we must stabilize the macro economy. Specifically, the State Bank needs to maintain the exchange rate at a reasonable level, avoiding causing shocks to import and export activities. Interest rates must be maintained at a reasonable low level, while at the same time expanding controlled credit to support the production sector, especially export, manufacturing and high-tech agriculture.

"We must restructure the export market and supply chain: Reduce dependence on a number of large markets, expand to potential markets: Middle East, South Asia, Africa, Eastern Europe; develop the internal capacity of enterprises to master design, technology, logistics and build a global Vietnamese brand," said Mr. Huy.

Mr. Huy added that Vietnam currently has more than 5 million individual business households. Accordingly, if upgraded, this will be a huge force to boost GDP. “We need to have policies to support finance, tax, and legal procedures to convert to formal enterprises. Form a training and support network for startups: from knowledge of management, operations, finance to digital applications, e-commerce, and international market connections. This is the “hidden growth area” that, if properly exploited, will create a sustainable breakthrough,” Mr. Huy said.

At a recent economic conference, Professor, Dr. To Trung Thanh - National Economics University - also expressed that in the context of the world economy facing many uncertainties, this is the time for Vietnam to strongly promote the process of transforming the growth model. In particular, developing the private economic sector to become a key driving force for economic development in the new period is very important.

The expert said that Vietnam needs to restructure the production chain towards increasing added value, proactively attracting high-quality FDI capital flows, and creating conditions for domestic enterprises to gradually participate deeply in the global supply chain.

“Effectively utilizing new-generation free trade agreements to diversify export markets and reduce dependence on a few large markets is also an important strategy for Vietnam at the present stage,” Professor, Dr. To Trung Thanh suggested.

Ngoc Mai

Source: https://tienphong.vn/hanh-dong-cap-bach-chien-luoc-bao-ve-muc-tieu-tang-truong-8-post1733097.tpo