2025 will be the year of acceleration and breakthrough to reach the finish line

2025 is a year of special significance, a year of acceleration, breakthrough, and completion of the 5-year Plan 2021-2025.

Deputy Minister of Planning and Investment Tran Quoc Phuong

Speaking to Investment Newspaper as the new year 2025 has just begun, Deputy Minister of Planning and Investment Tran Quoc Phuong said that 2025 is a year of special significance, a year of acceleration, breakthrough, and completion of the 5-year Plan 2021-2025, while at the same time preparing and consolidating the fundamental factors, creating a premise for us to confidently enter the era of national prosperity and prosperity.

Dear Deputy Minister, due to the change in the closing date and announcement of statistical data, up to today, we do not have the final figures on the socio-economic indicators for 2024. But based on the developments over the past year, how does the Deputy Minister assess the economy in 2024? Can we achieve the desired growth rate of 7%?

Although the final figures are not yet available, it can be said that we have had a successful year in the context of a difficult global economy. There are many grounds to believe that we will achieve a growth rate of 7%, or even higher, and can complete 15/15 socio-economic development targets.

In fact, when the GDP growth for the first 9 months of 2024 was pegged at 6.82%, we predicted that this year's GDP growth would exceed the set target (6-6.5%), reaching around 7%, or even more than 7%, if everyone makes efforts.

And as seen, in the last quarter of the year, overcoming difficulties and challenges, including the impacts of Typhoon Yagi, all three economic sectors achieved very positive results. For example, industrial production, in 11 months, the industrial production index increased by 8.4%; of which, the processing and manufacturing industry increased by 9.7%. These figures show that industrial production recovered quickly and has returned to being the driving force for growth. It can even be said that production and business activities have regained growth momentum as in the pre-pandemic period.

The same goes for the service sector. We have witnessed a strong recovery in tourism and service activities, especially in the last months of the year, when the number of international visitors to Vietnam increased quite strongly. Import and export is also a bright spot, when the total turnover has exceeded 800 billion USD, with exports alone exceeding 400 billion USD. And especially attracting foreign investment, not only is the number achieved very positive, but the quality of capital flows has also improved. We have attracted many projects in pioneering fields, such as semiconductors, AI... The appearance and recent cooperation commitments of NVIDIA Corporation are a testament.

The same is true for domestic investment. In recent months, the number of newly registered and re-established businesses has continued to increase. This shows that the confidence of the business community and investors in the prospects of the economy is increasing. This trend is very positive.

Of course, in the current general context, Vietnam's socio-economic situation still faces many difficulties, but I think we have the right to be proud of the achievements we have made in 2024. We are among the top economies with high growth in the region and globally and can be said to have achieved a "double victory", when we not only achieved a high growth rate, but also controlled inflation well, the major balances of the economy were also ensured, the resilience and competitiveness of the economy were gradually improved.

Technology is a top national policy and an extremely important driving force for economic growth in the coming years. Photo: Duc Thanh

The results of 2024 are very positive. That will be the foundation for the economy to continue entering 2025 with the expectation of achieving greater achievements in the final year of the 5-year Plan 2021-2025. However, the target set by the Government is not just 8% growth, but double-digit growth, according to the Official Dispatch just issued by the Prime Minister right before the new year 2025. What does the Deputy Minister think about this target?

Although the National Assembly has decided on the economic growth target of 6.5-7% in 2025, striving to reach 7-7.5%, the Government and the Prime Minister have resolutely and boldly set a growth target of over 8%, or even higher, that is, double-digit growth. This is a big challenge in the context of the global economy and Vietnam, which is forecasted to have many uncertain factors, difficulties, and challenges that are greater than advantages. However, setting big goals is necessary, because as General Secretary To Lam said, we are entering a new era for the nation. And to enter a new era, economic growth is very important.

Furthermore, we are also aiming for prosperity at important milestones of the country – 2030 and 2045. To achieve such long-term goals, we must start right now, starting with bringing the economy to a high growth rate by 2025.

Setting high goals is necessary, but the important thing is, how to achieve that goal, Deputy Minister? Do we have any basis to be confident that that goal is within reach?

The year 2025 is identified as a year of special significance, a year of acceleration, breakthrough, and finishing, the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025, while at the same time preparing and consolidating the fundamental factors, creating a premise for us to confidently enter the era of national prosperity and prosperity.

I think we have many grounds to expect and believe in achieving this growth target. The growth momentum we have achieved since 2024, covering all sectors and growth drivers of the economy, such as exports, investment, consumption, etc., is the first important factor.

In addition, we have many new factors, with fundamental changes, especially in terms of institutions and policies. For example, at the 8th Session of the 15th National Assembly, many important bills for investment and business activities, such as the Law on Public Investment, the Law on amending and supplementing a number of articles of the Law on Planning, the Law on Investment, the Law on Investment under the form of public-private partnership, and the Law on Bidding, etc., were passed. The great, breakthrough ideas in these laws, with the spirit of "development creation", will remove bottlenecks, unblock resources that have long been blocked, thereby contributing to promoting investment and business activities and stimulating economic growth.

Or another example, for a long time, we have been talking a lot about new growth drivers, but how they will be developed and how they will impact the economy is still not yet measurable. This time, we have seen it more clearly, when projects in the fields of semiconductors, artificial intelligence, clean energy, etc. are being promoted. When these projects are implemented and effectively promoted, they will have a positive impact on economic growth, and can even be expected to create a breakthrough in the future.

2025 is a year with many advantages in disbursing public investment capital. Projects have completed investment procedures and are entering the final stage of completion. Therefore, they will contribute immediately to growth. Similarly, our plan to restart the nuclear power project, prepare for the construction of strategic infrastructure projects, including the North-South High-Speed ​​Railway Project, and prepare for the International and Regional Financial Center in Ho Chi Minh City and Da Nang, as well as establish free trade zones in some localities... will also contribute to expanding new development space for localities and the economy, thereby promoting growth.

So what are the important solutions that need to be implemented so that the economy can accelerate and make a breakthrough in 2025, Deputy Minister?

To maximize the goals, targets and tasks of the 2025 Socio-Economic Development Plan, especially the GDP growth target, and the 2021-2025 Five-Year Plan, in my opinion, there is much work to be done.

For example, continue to “renew” and further promote traditional growth drivers such as investment, consumption, import and export, while at the same time creating breakthroughs and strongly promoting new growth drivers. To promote growth, it is necessary to identify institutions as “breakthroughs of breakthroughs”, thereby continuing to improve institutions, laws, mechanisms, policies, etc. to immediately remove difficulties and obstacles, and promote socio-economic development. At the same time, mobilize maximum resources for development, effectively exploit resources from state-owned enterprises, strongly develop private enterprises, focus on building strategic infrastructure projects, etc. and especially resolutely and effectively implement the policy of streamlining the apparatus, etc.

To promote growth, key sectors and localities, especially Hanoi and Ho Chi Minh City, must also strive for breakthrough growth and further promote their leading role.

After the holiday, it is expected that next week, the Government will meet with ministries, sectors and localities to find solutions for socio-economic management in 2025. In particular, the biggest goal is to prioritize strongly promoting economic growth associated with macroeconomic stability, controlling inflation, ensuring large balances and high surpluses; accelerating and breaking through. I believe that after this meeting, important policies, orientations and solutions, as well as economic growth scenarios, will be issued in Resolutions No. 01 and 02, as is done every year.

The task is heavy, the challenge is great, but I believe that if we make efforts, if the entire political system is determined, we can best fulfill the goals of the 2025 Plan and the 2021-2025 Five-Year Plan, creating momentum for the economy to enter the next development stage of 2026-2030.

Source: https://baodautu.vn/nam-2025-se-la-nam-tang-toc-but-pha-de-ve-dich-d237246.html