No change in growth target of 8% or more by 2025

The regular Government press conference for March 2025 took place on the afternoon of April 6 in Hanoi - Photo: VGP/Quang Thuong

This is the information provided by Minister, Head of the Government Office Tran Van Son, Government Spokesperson, at the regular Government press conference in March held on the afternoon of April 6 in Hanoi.

First quarter growth highest in 5 years

Minister Tran Van Son said that on the same morning, Prime Minister Pham Minh Chinh chaired an online conference between the Government and localities, focusing on assessing the socio-economic situation in March and the first quarter of 2025; key tasks and solutions in the coming time.

The conference assessed that in the first quarter of 2025, the world situation will have many new, complicated and unpredictable developments. In particular, the United States suddenly announced a very high reciprocal tariff policy, causing escalating trade tensions, which could disrupt the global trade and supply chain, strongly affecting global economic growth and stability.

Domestically, all levels, sectors and localities focus on implementing five key groups of tasks: (i) Promoting economic growth; (ii) Focusing on restructuring the apparatus according to the direction of the Central Steering Committee; (iii) Reviewing and completing documents of the 14th National Party Congress, preparing for Party Congresses at all levels, towards the 14th National Party Congress; (iv) Implementing Resolution 57 of the Politburo on science and technology, innovation, digital transformation and Resolution 59 of the Politburo on international integration in the new situation; (v) Preparing to celebrate major holidays.

Regarding Vietnam-US trade relations, since the beginning of the year, Vietnam has proactively implemented many solutions such as: Continuing to study import tax reduction, purchasing goods, creating favorable conditions for businesses of other countries in Vietnam, including US businesses; resolving legitimate requests of the US on the basis of harmonious benefits and shared risks.

Minister and Chairman of the Government Office Tran Van Son chairs the regular Government press conference in March - Photo: VGP/Nhat Bac

At the meeting, the Government unanimously assessed: In the context of the above situation, thanks to the drastic participation of the entire political system, the People and the business community under the leadership of the Party, the socio-economic situation next month is better than the previous month, the first quarter of 2025 is better than the same period in most areas.

Notably, the first quarter growth reached 6.93%, the highest growth rate since 2020 and exceeded the initial growth scenario. All three regions grew well (agriculture increased by 3.74%; industry and construction increased by 7.42%; services increased by 7.70%). The leading localities with good growth were: Ho Chi Minh City increased by 7.51%, Hanoi increased by 7.35% and 9 localities had double-digit growth (Bac Giang, Hoa Binh, Nam Dinh, Da Nang, Lai Chau, Hai Phong, Quang Ninh, Hai Duong, Ha Nam).

Along with that, the macro economy is stable, inflation is controlled, major balances are ensured. The average CPI in the first quarter increased by 3.22% compared to the same period. Exports and imports in March increased by 18.2% compared to February and 16.6% compared to the same period; the first quarter increased by 13.7% compared to the same period, of which exports increased by 10.6%, imports increased by 17%, with a trade surplus of 3.16 billion USD.

Total social investment capital in the first quarter increased by 8.3%; FDI attraction increased by 34.7%; realized FDI capital increased by 7.2% (the highest compared to the first quarter in the past 5 years). Total retail sales of goods and consumer service revenue in the first quarter increased by 9.9%. International visitors in March reached nearly 2.1 million, up 28.5%; the whole first quarter reached over 6 million, up 29.6%.

Production and business have shown signs of improvement. In March, 15,600 new businesses were registered, up 54.2% compared to February and up 3.4% compared to the same period last year. In the first quarter, 72,900 businesses were registered and resumed operations, up 18.6%.

Social security is guaranteed, people's lives continue to improve. Notably, the United Nations ranked Vietnam's Happiness Index in 2025 up 8 places, ranking 46th, second only to Singapore in Southeast Asia.

Administrative reform, anti-corruption, waste and negativity work were promoted; independence, sovereignty and territorial integrity were maintained; social order and security were ensured; foreign affairs and international integration were promoted.

In addition to the achieved results, Government members also recognized that there are still some shortcomings, limitations, difficulties and challenges, including: The international situation is rapidly evolving and complicated, especially the new US tariff policy; The pressure to direct and manage the macro economy is still high; The target of GDP growth of 8% or more for the whole year is still difficult; Disbursement of public investment capital in most ministries, branches and localities has not been achieved; Consumer demand increases slowly; The production and business situation in some areas is still difficult.

Concluding the meeting, on the basis of identifying the causes, lessons learned and analyzing the international, regional and domestic situations, the Prime Minister requested ministries, branches and localities to closely follow the Resolution of the 13th National Party Congress, the conclusions and resolutions of the Central Committee, the Politburo, the Secretariat, key leaders, General Secretary To Lam, the Resolutions of the National Assembly, the Government, and the direction of the Prime Minister, in which the general goals are: Stability both internally and externally, stabilizing the people's hearts, political stability, social order and safety; Rapid, sustainable, even and inclusive development, leaving no one behind; Continuously improving the spiritual and material life of the people; Not changing the growth target of 8% or more.

10 groups of tasks and solutions in the coming time

The Prime Minister emphasized 10 groups of tasks and solutions in the coming time:

(1) Synchronously, resolutely and effectively implement the Conclusions and Resolutions of the Central Committee, Politburo, National Assembly, Government and directions of the Prime Minister.

(2) Responding to the policies of other countries, especially the US; the general spirit is to be brave and calm when facing difficulties, promoting Vietnamese culture and intelligence to have creative, proactive, timely, flexible, appropriate and effective solutions, in accordance with the direction of the Central Committee, the Politburo, the Secretariat and General Secretary To Lam.

The Prime Minister assigned Deputy Prime Minister Ho Duc Phoc to direct relevant ministries and branches to proactively review and carefully prepare specific plans and strategies to promptly handle related issues during the working trip to the United States. Deputy Prime Minister Bui Thanh Son was assigned to direct the Working Group to immediately deploy specific tasks, solutions and work in various fields; closely connect with the Negotiation Delegation of Deputy Prime Minister Ho Duc Phoc.

(3) Continue to perfect institutions, streamline and reorganize the apparatus, promote administrative reform and digital transformation. In particular, urgently complete the dossiers of draft laws and resolutions to be submitted to the 9th Session of the 15th National Assembly. Seriously and effectively implement the arrangement and streamlining of the apparatus and local government at 2 levels in the spirit of "running and queuing at the same time", not to interrupt work and affect people and businesses.

Strengthen the implementation of Project 06; accelerate the comprehensive and extensive national digital transformation as well as the sharing of databases, contributing to promoting growth. Strive to reduce by at least 30% of administrative procedure processing time by 2025; reduce at least 30% of business costs; abolish at least 30% of business conditions; 100% of administrative procedures are not dependent on administrative boundaries within the province.

(4) Prioritize promoting growth, renewing traditional growth drivers, and promoting new growth drivers. Regarding investment, strengthen inspection and urge the disbursement of public investment capital; review and promptly transfer capital to projects with good disbursement capacity and need to accelerate progress; focus on attracting and promptly removing difficulties and obstacles for large-scale, high-tech FDI projects.

Regarding exports, effectively exploit 17 signed FTAs, promote new FTAs; diversify markets, supply chains, and products.

Regarding consumption, build a policy package to stimulate consumption, especially for important items such as cement, steel, construction materials, etc., promote the campaign "Vietnamese people prioritize using Vietnamese goods"; study and expand visa exemption for a number of suitable subjects and countries.

Along with that, promote new growth drivers in science and technology, innovation and national digital transformation; digital assets, digital currency, national investment funds; urgently submit the Project to establish Da Nang Free Trade Zone and build a project to develop Van Don Economic Zone (Quang Ninh).

(5) Maintain macroeconomic stability, control inflation, and ensure major balances of the economy. The Prime Minister assigned the Ministry of Finance to urgently develop plans and growth scenarios for the second quarter and the remaining quarters of 2025; promote revenue growth and save expenditures; strengthen revenue management, especially from e-commerce and food services; thoroughly save regular expenditures to focus on development investment.

Assign the State Bank to operate monetary policy proactively, flexibly, promptly, effectively, and in harmony and synchronization with fiscal policy. Develop credit packages for transport infrastructure development, support key industries, and solve output problems for farmers.

The Ministry of Construction speeds up project progress, ensuring the completion of 3,000 km of highways by 2025.

(6) Continue to effectively handle long-standing backlog projects and combat waste.

(7) Focus on the fields of culture, society, environmental protection, natural disaster prevention and control, and climate change response: Prepare to organize well the country's major holidays; focus on vigorously implementing the emulation movement "Join hands to eliminate temporary and dilapidated houses nationwide in 2025"; promote the implementation of the Project to invest in building at least 1 million social housing apartments; effectively implement the National Target Program on cultural development, focusing on developing cultural industry, entertainment industry, etc.

(8) Strengthen discipline and administrative order; promote prevention and combat of corruption, negativity and waste.

(9) Strengthen national defense and security; maintain social order and safety; enhance foreign affairs and international integration; prepare well to welcome international delegations to Vietnam.

(10) Strengthen information and communication work, create social consensus, and prevent negative information from affecting the development of sectors and the whole country.

Source: https://thoibaonganhang.vn/khong-thay-doi-muc-tieu-tang-truong-8-tro-len-nam-2025-162369.html