National Assembly approves growth target of 8% or more

On February 19, the 9th extraordinary session of the 15th National Assembly closed after 6.5 working days.

Attending the closing session were General Secretary To Lam, President Luong Cuong, Prime Minister Pham Minh Chinh, National Assembly Chairman Tran Thanh Man, and Chairman of the Central Committee of the Vietnam Fatherland Front Do Van Chien.

At the closing session, the National Assembly voted to pass a Resolution of the National Assembly supplementing the socio-economic development plan for 2025 with a growth target of 8% or more.

General Secretary To Lam attends the closing session of the meeting (Photo: Quang Vinh)

The resolution resolves the general objective: Consolidate and prepare well the fundamental factors to successfully implement the 10-year Socio-Economic Development Strategy 2021-2030, marking the time when the country enters a new era of development, contributing to creating a solid foundation to achieve double-digit growth in the period 2026-2030.

In 2025, focus on promoting growth with the target of reaching 8% or more associated with maintaining macroeconomic stability, controlling inflation, ensuring major balances of the economy; harmoniously developing the economy with society and protecting the environment, ensuring national defense and security; creating the premise for higher growth in the following years.

The resolution adjusts a number of key targets, including: Gross domestic product (GDP) growth rate of 8% or more, GDP scale in 2025 reaching over 500 billion USD. GDP per capita over 5,000 USD. Average consumer price index (CPI) growth rate of about 4.5-5%.

President Luong Cuong attended the closing session of the meeting. (Photo: Quang Vinh)

Regarding the main tasks and solutions, the National Assembly proposed that the Government and relevant agencies focus on implementing the main tasks and solutions such as: Promoting the improvement of institutions and laws and improving the effectiveness of law enforcement. Innovating the thinking of law-making in the direction of "both strict management and development creation", abandoning the thinking of "if you can't manage, then ban"; promoting the method of "management by results", strongly shifting from "pre-inspection" to "post-inspection" associated with strengthening inspection and supervision.

Continue to improve the legal framework to promote rapid, healthy and effective development of all types of markets (finance, securities, science and technology, labor, real estate). Review to expand the scope, subjects, and areas, apply a number of pilot and specific mechanisms and policies that have been approved by the National Assembly to be applied in 10 localities and have proven effective.

Develop specific policies to develop economic zones with great potential such as Van Don, Van Phong, border economic zones and regions according to Resolutions of the Politburo.

Prime Minister Pham Minh Chinh attends the closing session of the meeting (Photo: Quang Vinh)

In addition, focus resources on completing synchronous and modern strategic infrastructure; clear and effectively use public investment resources. In 2025, basically complete Long Thanh International Airport, Lach Huyen area ports, put into operation Tan Son Nhat T3 and Noi Bai T2 terminals; start construction of Lien Chieu port; speed up procedures to prepare for investment in strategic and important national transport infrastructure projects.

Supplement about 84.3 trillion VND of public investment capital from increased revenue sources and state budget expenditure savings in 2024 to speed up the implementation of a number of projects with the ability to absorb capital (highways, coastal roads) in 2025.

Thoroughly save expenses, strive to save about 10% more regular expenses than the 2025 budget estimate compared to the 2024 budget estimate and the increased budget revenue in 2024 to invest in the Lao Cai-Hanoi-Hai Phong railway; take advantage of public debt and state budget deficit to mobilize and supplement resources for development.

Accelerate the implementation of national target programs; urgently complete investment procedures for the national target program on cultural development for the 2025-2035 period for immediate implementation in 2025. Accelerate the disbursement of public investment capital, striving for the disbursement rate in 2025 nationwide to reach 95% of the plan; supplement and apply specific mechanisms and policies, especially for large-scale, key projects.

National Assembly Chairman Tran Thanh Man, along with Vice Chairmen of the National Assembly attended and chaired the closing session of the meeting (Photo: Quang Vinh)

Focus on reforming administrative procedures, improving the investment and business environment, creating all conditions to quickly resolve investment procedures, difficulties and obstacles in investment and business activities, and encouraging investment from all economic sectors.

Immediately remove bottlenecks in the real estate market, capital market, and corporate bond market; promptly ensure criteria and conditions for upgrading the stock market in 2025; have mechanisms to effectively exploit indirect investment flows and international investment funds.

Manage credit growth appropriately, promptly, and effectively, meeting the capital needs of the economy, ensuring that it is on target, focusing on production and business sectors, priority sectors, and traditional growth drivers such as consumption, investment, and export.

Actively work with each strategic investor to attract large, high-tech FDI projects; effectively implement the “green channel” mechanism for investment projects in industrial parks and economic zones in the high-tech sector to promptly deploy and put projects into operation. Effectively implement regulations on decentralization and complete delegation of authority to localities in approving infrastructure investment in new industrial parks.

Review and immediately find solutions to handle stuck projects, especially renewable energy, BOT, BT, transportation, real estate and other fields; in the immediate future, build a specific mechanism to focus on removing obstacles for projects in Ho Chi Minh City, Hanoi, Da Nang and some major cities and provinces to free up resources in 2025. Quickly complete investment procedures for Can Gio international seaport.