The 8% GDP growth target by 2025 is a great determination of the Government, requiring the implementation of synchronous and drastic solutions from policies, removing economic bottlenecks and providing quick support for businesses.
"Contribute" growth
Mr. Phan Duc Hieu, Standing Member of the National Assembly's Economic Committee, said that the 2025 Socio-Economic Development Supplement Project with a GDP growth target of 8% or more identifies ministries, branches, and localities to focus on implementation. Since 2024, the acceleration of institutional reform has been approved by the National Assembly through the Law amending many different laws and many Resolutions, and specific mechanisms to accelerate investment projects.
To implement the Project, the Government has proposed many solutions such as: Perfecting institutions and laws; unlocking public investment resources; promoting private investment and processing and manufacturing industries; promoting consumption, diversifying export markets...
"Currently, the growth stimulus policy package needs to be implemented and take effect immediately, but without creating inflationary pressure and there needs to be policies to increase income for people and businesses, especially speeding up the progress of amending the Personal Income Tax Law towards increasing family deductions...", Mr. Phan Duc Hieu proposed.
According to National Assembly Delegate Trinh Xuan An (Dong Nai Delegation), the GDP growth target of 8% or more this year is a "test" to prepare for the next phase of double-digit growth. Therefore, it is necessary to classify which solutions can be implemented immediately to prioritize resources, focusing on promoting public investment disbursement, because this target is growing at a low rate (7-9%) and is on a downward trend. To increase investment, we must rely on credit resources, ensuring growth of 18-19%/year and controlling inflation, otherwise businesses will have difficulty finding investment capital.
From the business perspective, Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium Enterprises (VINASME), proposed that the National Assembly and the Government soon issue a Resolution regulating the coordination and association between small and medium enterprises with large enterprises and enterprises with foreign direct investment (FDI). State-owned enterprises should not operate in multiple sectors, but should only do what they are assigned to do, and not encroach on other fields. For example, the Oil and Gas Group should not develop electricity or real estate projects, so that it can focus resources on serving the overall growth of the country...
Removing legal obstacles in real estate, promoting credit growth
Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu analyzed: “There must be enough capital to serve economic growth, especially in the context that medium- and long-term capital mobilization channels such as securities and bonds still have issues that need to be consolidated. In 2025, the SBV will continue to coordinate with ministries, branches and localities to remove legal difficulties for the real estate market, thereby contributing to stabilizing the financial market and promoting economic growth, with the goal of orienting credit growth at 16% and having flexible adjustment solutions.
If inflation is low, the State Bank can increase credit to stimulate growth. If there are signs of risk, credit policy will be adjusted to ensure macroeconomic stability. Through research, one of the priorities of the State Bank in 2025 is to promote small and medium enterprises; strongly exploit consumer credit.
In particular, from January 2026, goods exported to many international markets must meet strict environmental standards. Therefore, green credit becomes an important factor, helping businesses improve their competitiveness. The State Bank of Vietnam encourages commercial banks to promote lending to environmentally friendly projects, in order to best prepare for exporting businesses.
The State Bank of Vietnam recommends that it is necessary to release capital sources that have been stagnant for many years in infrastructure projects, real estate projects and projects in the industry and trade sector, in which credit capital accounts for a large proportion. To promote growth and create a solid foundation in the coming time, the Government needs to assign State-owned corporations and groups to implement large projects. Based on the Land Law, Housing Law, Real Estate Business Law approved by the National Assembly... or the planning of 6 socio-economic regions and approved local planning, commercial banks also recommend that the Government and relevant agencies promptly issue and implement documents to thoroughly remove legal obstacles for real estate projects, release supply for the market, especially in potential segments, creating room for credit growth in nearly 40 related socio-economic sectors and fields.
According to Deputy Minister of Planning and Investment Tran Quoc Phuong, to achieve the growth target of 8% or more in 2025, it is necessary to continue removing institutional bottlenecks for stuck investment projects and increase public investment to have an immediate impact on economic growth.
“It may be necessary to implement some important projects early, typically the Northern International Standard Railway Project, the Lao Cai - Hanoi - Hai Phong railway, followed by the Hanoi - Lang Son, Hai Phong - Mong Cai routes... In addition, focusing on investment in state-owned enterprises associated with the implementation of Resolution 18, state-owned enterprises will also have arrangements in the near future to create space and opportunities for business development, thereby promoting business investment...”, Deputy Minister Tran Quoc Phuong emphasized.
Regarding exports, the Deputy Minister of Planning and Investment commented that it is forecasted that in 2025, there may be some obstacles related to protectionist policies such as: US tax policies, risks to the world trade market when tariff policies change... The Prime Minister has directed to make the most of signed Free Trade Agreements (FTAs), open up new trade agreements such as CEPA...; open up new markets, ensure connectivity between input and output for production and promote the domestic market. Vietnam is in a good position on the world technology map such as: Artificial Intelligence - AI technology, other high technologies... This is an advantage and also an opportunity to make a breakthrough in the field of science and technology, especially...
Opinion of Dr. Nguyen Bich Lam, former General Director of General Statistics Office:
Need solutions to generate income and stimulate consumption GDP growth in 2025 will still rely on traditional drivers, so it is necessary to stimulate household consumption and state consumption. This is the driving force contributing over 60% of annual GDP growth. Therefore, effective solutions are needed to generate income and stimulate social consumption. Policies to support consumer credit need to be promoted; policies on social security, housing support or social insurance need to be promoted.
In particular, good public investment disbursement will create a spillover effect to investment in the non-state sector. It is necessary to deal with bottlenecks of enterprises so that non-state investment in production and business will flourish; at the same time, attract and effectively disburse FDI capital to further support growth. Currently, trade tensions between the US and Vietnam's major trading partners are unpredictable. Vietnam needs to grasp this to adjust export support policies, diversify markets, ensure standards to avoid being taxed, and achieve maximum export turnover value.
Opinion of financial expert Phan Le Thanh Long:
Flexibility in policy management Vietnam's domestic consumption is currently weak, so the driving force for GDP growth mainly comes from public investment, import and export and the private investment sector. Promoting public investment will have a large spillover effect, stimulating the economy, increasing consumption, thereby creating more job opportunities and income for small and medium enterprises, as well as people. Loose monetary policy and strong fiscal stimulus help promote production and consumption, accompanied by escalating price pressure. The problem of balancing inflation control and supporting growth in Vietnam is becoming more urgent, requiring flexibility in policy management to avoid risks and negative impacts on macroeconomic stability.
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