(MPI) - At the regular Government press conference in January 2025 held on the afternoon of February 5, 2025, Deputy Minister of Planning and Investment Tran Quoc Phuong answered the question raised by the journalist regarding breakthrough solutions to achieve the 2025 growth target of 8% or more.
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| Deputy Minister Tran Quoc Phuong speaks at the Press Conference. Photo: MPI |
Deputy Minister Tran Quoc Phuong said that at the 13th Party Central Committee Conference held in January 2025, many important resolutions were passed. Among them, there was content related to adjusting the economic growth target for 2025.
Previously, when implementing the National Assembly's resolution, the growth target was set at 6.5-7%, with the goal of striving to reach 7-7.5%. However, the Central Committee has decided and directed to adjust the growth target for 2025, setting a requirement of reaching 8% or more.
According to Deputy Minister Tran Quoc Phuong, this goal not only helps to complete the economic targets of the entire 5-year period but also creates a solid foundation to enter a new development phase. Achieving a growth rate of 8% or more in 2025 will be the premise to aim for a higher growth rate in the following years, with the expectation of reaching double digits, or over 10%.
At the same time, it was said that in order to implement the Central Committee's resolutions with the target of economic growth of 8% or more in 2025, under the direction of the Government and the Prime Minister, the Ministry of Planning and Investment has fully prepared the necessary contents and documents.
First, the Government will submit a report to the National Assembly at the upcoming extraordinary session, in which it proposes adjusting a number of important economic indicators. At the 8th session, the National Assembly also assigned the task of reviewing and adjusting the corresponding indicators to ensure the growth target of over 8%, while balancing important factors such as investment, budget, inflation and other macroeconomic indicators. Regarding the dossier, the Ministry of Planning and Investment will submit it to the Government before submitting it to the extraordinary session of the National Assembly for consideration and approval.
Second, the Ministry of Planning and Investment has prepared a separate draft resolution of the Government to implement this important task. The main content and core objective of the resolution is to specify the growth task of 8% or more, in accordance with the direction of the Central Government. Accordingly, the Government will issue a resolution, in which specific growth targets are assigned to each locality across the country, and at the same time identify a number of key targets for ministries and branches at the Central Government.
In the process of drafting the content of this resolution, the Ministry of Planning and Investment has carefully reviewed and closely followed the documents, resolutions and conclusions of the Central Committee, the Politburo and the Government. On that basis, the Ministry proposed to set goals that are suitable to reality, ensuring feasibility instead of rigidly imposing them on each locality.
Regarding the viewpoint and spirit of implementation, Deputy Minister Tran Quoc Phuong emphasized that to achieve the growth target of 8% or more, we need to have high determination, great effort and drastic action.
Comprehensive solutions across all sectors and fields have been outlined in Resolution No. 01/NQ-CP of the Government on the main tasks and solutions to implement the Socio-Economic Development Plan and State Budget Estimates for 2025. However, with higher growth requirements, the intensity of implementation of these solutions must also be increased accordingly. This requires all ministries, sectors and localities to be determined to implement at a higher level, even double that of before. Simply put, each individual and each unit must work at double the current productivity to achieve the new growth target.
Regarding specific solutions, the Ministry of Planning and Investment recommends focusing on the following key areas: First of all, perfecting the legal system; it is necessary to closely follow the guiding viewpoints of the Central Government and the Prime Minister, in which the system is identified as an important resource for development and is considered a breakthrough of breakthroughs. Therefore, continuing to promote the work of perfecting the legal system in 2025 is still an urgent requirement.
Regarding demand-side solutions, it is necessary to focus on a number of key tasks, of which boosting investment is the top priority. Investment has long been identified as an important driving force, having an immediate impact on economic growth. In particular, a number of key areas that need to be focused on include:
First, public investment. We need to continue to use public investment capital effectively, ensuring that projects are implemented quickly, on schedule and bring practical value. This morning, the Prime Minister also directed to save regular expenditures, cut unnecessary expenditures, and strive to reduce the proportion of regular expenditures to below 60% of the state budget, in order to allocate more resources for development investment. In addition, public investment also needs to be further promoted, especially through the early implementation of a number of important projects. One of the typical projects is the standard gauge railway, connecting international and the northern region. Specifically, the focus will be on the Lao Cai - Hanoi - Hai Phong route to create a vital traffic axis connecting domestic and international freight and passenger transport routes. Next, the Hanoi - Lang Son and Hai Phong - Quang Ninh - Mong Cai routes will be considered for implementation, in order to improve regional connectivity and promote trade. In addition, we also need to prepare other key projects, ensuring readiness to increase the scale of public investment, thereby promoting economic growth and improving the country's strategic infrastructure system.
The second group in investment is investment by state-owned enterprises. In conjunction with the implementation of Resolution 18 of the Central Committee, enterprises will arrange and restructure, creating new space and development opportunities for this area; thereby promoting investment, especially leading enterprises, leading enterprises, need to proactively implement large-scale projects with strong spillover effects, in order to contribute to promoting investment growth and positively contributing to the economic growth target in 2025.
The third group is investment, including private investment, including foreign direct investment (FDI). Looking back at 2024, FDI inflows into Vietnam achieved relatively positive results. In 2025, we need to continue to promote this growth momentum, focusing on two important highlights to further attract foreign investment capital, which are to continue to remove institutional and legal obstacles, and at the same time improve the investment and business environment in a more transparent and favorable direction to attract investors. Along with that, we need to immediately implement a number of important policies approved by the National Assembly, especially the "green channel" policy to attract large investment projects in the high-tech sector in technology parks, industrial parks and high-tech parks.
Next is to attract investment from the business sector, especially domestic private enterprises. Accordingly, in addition to continuing to improve the investment and business environment to increase the number of new enterprises, it is necessary to simultaneously implement macro-level solutions to remove and unblock domestic markets such as the real estate market, corporate bond market, stock market, etc.
The Deputy Minister also informed that the Ministry of Planning and Investment has reported to the Prime Minister on the growth momentum from exports and said that the Prime Minister requested ministries and branches to closely monitor market developments, conduct thorough analysis to have timely response measures, and minimize negative impacts from fluctuations in world trade.
In particular, the Prime Minister also emphasized the importance of making the most of the free trade agreements (FTAs) that Vietnam has signed, while promoting the exploitation of new trade agreements. Notably, the agreements with the Middle East region, along with a number of other FTAs under negotiation.
The Prime Minister also directed that it is necessary to ensure a close connection between input and output of production. If stable output cannot be maintained, domestic production will face difficulties.
Regarding domestic consumption, the Prime Minister has given specific instructions, emphasizing the promotion of aggregate demand and increasing purchasing power in the domestic market. In January, total retail sales of goods and consumer service revenue increased by 9.5% over the same period last year. It should also be noted that January coincides with the Lunar New Year, so people's consumption during this period tends to increase. However, the consumption growth in January also creates an important foundation for us to continue to exploit and promote in the following months of 2025.
Regarding supply, Deputy Minister Tran Quoc Phuong said that production and business drivers must be further promoted; at the same time, he pointed out two main groups of drivers that need to be focused on, as directed by the Prime Minister. First, the industrial production group, especially the processing and manufacturing industry. In addition to attracting investment in new projects, there should be policies to support and create conditions for existing projects to expand production and business, increasing the growth rate of this sector. At the same time, the agricultural and construction sectors also need special attention to ensure sustainable growth drivers.
Second, for the service sector, in which tourism is identified as one of the key areas. In 2024, Vietnam's tourism had a strong recovery after the COVID-19 pandemic, creating an important foundation to continue achieving high growth in the tourism industry in 2025.
In addition to improving tourism products, the Prime Minister directed that it is necessary to promote research and supplement support solutions to attract international tourists. One of the important measures is to improve visa policies, including considering temporary visa exemptions for some groups of tourists, in order to create more favorable conditions to encourage international visitors to come to Vietnam and stay longer.
In addition to traditional growth drivers, the Prime Minister has also directed the promotion of new growth drivers. Currently, Vietnam is in a very good position on the global technology map, especially in the field of AI and other high technologies. This is an important advantage and opportunity for Vietnam to make a breakthrough in the field of science and technology, creating new growth drivers.
The Prime Minister emphasized that the Government has recently promptly issued Resolution No. 03/NQ-CP on the Government's Action Program to implement Resolution No. 57-NQ/TW dated December 22, 2024 of the Politburo on breakthroughs in science and technology development, innovation and national digital transformation; in which, many important solutions are proposed and specific tasks are assigned to ministries and branches to implement Resolution 57-NQ/TW of the Politburo. This is also an important push and driving force of sustainability.
Therefore, we need to start implementing it right from the first months of 2025, to create a foundation for the next 5-year period, aiming for double-digit growth in the future, Deputy Minister Tran Quoc Phuong emphasized./.
Source: https://www.mpi.gov.vn/portal/Pages/2025-2-6/Nhung-giai-phap-mang-tinh-dot-pha-de-muc-tieu-tangolvync.aspx
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