Growth target of 8% with GDP reaching over 500 billion USD by 2025

Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented a report on the Supplementary Project on socio-economic development in 2025 with a growth target of 8% or more.

According to the program of the 9th Extraordinary Session of the 15th National Assembly, on the morning of February 12, Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented a report on the Supplementary Project on Socio-Economic Development (SEDP) in 2025 with a growth target of 8% or more.

Laying the foundation for double-digit growth

Providing additional assessment of the results of the implementation of the 2024 socio-economic development plan, the Minister of Planning and Investment said that thanks to the high determination, great efforts, and drastic actions of the entire political system, people, and businesses under the leadership of the Party, often and directly by the Politburo and the Secretariat, our country has successfully and comprehensively completed the 2024 socio-economic development goals.

Specifically, all 15/15 main targets were achieved and exceeded (of which 12 targets were exceeded). Among them, many important targets and indicators achieved outstanding results, higher than the estimated implementation reported to the Central and National Assembly, and were highly appreciated by the people and the international community.

According to Minister Nguyen Chi Dung, in 2025, it is forecasted that opportunities, advantages, difficulties and challenges will intertwine, but difficulties and challenges will be greater, which may have a significant impact on our country's economy. However, amid difficulties and challenges, new opportunities may also appear. Therefore, Vietnam needs to proactively grasp and exploit all opportunities and resources for growth and development.

Furthermore, 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. Therefore, the 2021-2025 targets must be determined to be completed while improving quality and efficiency.

Delegates attending the meeting

On that basis, Minister Nguyen Chi Dung emphasized that the country's GDP growth in 2025 needs to reach 8% or more, contributing to creating a solid foundation to achieve a double-digit growth rate for a long enough period (starting from 2026). However, rapid growth must be sustainable, maintaining macroeconomic stability, controlling inflation, ensuring major balances while developing harmoniously between the economy and society and protecting the environment, ensuring national defense and security.

With a growth scenario of 8% or more in 2025, Minister Nguyen Chi Dung said that the corresponding growth targets for the industrial and construction sector are 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 and construction, especially the processing and manufacturing industry, will continue to be the driving force for growth.

On that basis, the GDP scale in 2025 must reach over 500 billion USD, GDP per capita about over 5,000 USD. The growth drivers of total social investment capital are 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 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.

On that basis, 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. Along with that, the trade surplus will be about 30 billion USD.

Based on this project, the Government submits to the National Assembly for consideration and comments on adjusting a number of key indicators: Gross Domestic Product (GDP) growth rate of 8% or more, Average Consumer Price Index (CPI) growth rate of about 4.5-5%. If necessary, the National Assembly allows 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.

Controlling inflation in line with growth targets

At the meeting, Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented a report examining the project, emphasizing that besides the achieved results, our country's socio-economic situation still faces a number of difficulties and challenges.

Natural disasters and floods have seriously affected people's lives and business and production activities. The scale and resilience of the economy are still modest, competitiveness is limited, and it still depends heavily on exports and the FDI sector.

Traditional economic growth drivers have not been strongly improved, disbursement of public investment capital is still slow, the business sector still faces many difficulties, while new growth drivers are unclear.

Chairman Vu Hong Thanh said that the Economic 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 our country into an era of prosperous development.

The Economic Committee affirmed that the average CPI growth rate target of 4.5-5% 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, the Committee proposed that the Government have solutions to control inflation in line with the growth and macroeconomic stability targets.

Regarding the proposal to adjust the targets on deficit spending and public debt, the Economic Committee recommends that the Government use resources effectively and comply with the provisions of the law on the State budget and the law on public debt management. The Government will resolutely manage to ensure that deficit spending and public debt are within the scope decided by the National Assembly in Resolution No. 23/2021/QH15 and Resolution No. 159/2024/QH15, accordingly, adjustments will only be made when all solutions have been implemented and public debt safety and debt repayment capacity are ensured, especially the target of the Government's debt repayment obligations compared to total budget revenue.

Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented the project appraisal report.

To successfully achieve the GDP growth target of 8% or more in 2025, the Economic Committee believes that it is necessary to continue to focus on implementing Conclusion No. 97-KL/TW dated October 5, 2024 of the Party Central Committee on socio-economic development in 2024-2025, which has been specifically institutionalized in Resolution No. 158/2024/QH15 of the National Assembly. In particular, it is necessary to resolutely and effectively implement Conclusion No. 123-KL/TW of the Central Committee and have appropriate management solutions depending on the actual situation.

In addition, the National Assembly's Economic Committee requested the Government to properly implement the Party's policy, ensure the effectiveness of streamlining and rearranging the organization and apparatus; not to interrupt work or affect people, production and business activities of enterprises and pay attention to the issue of increasing labor productivity and social security policies. There must be effective and substantial mechanisms and policies to protect, encourage and reward cadres who dare to innovate, dare to think, dare to do, dare to take responsibility for the common good, not for personal gain.

TB (according to VNA)

Source: https://baohaiduong.vn/muc-tieu-tang-truong-8-voi-quy-mo-gdp-dat-tren-500-ty-usd-nam-2025-405056.html