The Prime Minister's recent issuance of Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025, once again demonstrates the Government's strong determination to accelerate economic development in 2025.
The Prime Minister's recent issuance of Directive No. 05/CT-TTg dated March 1, 2025 on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025, once again demonstrates the Government's strong determination to accelerate economic development in 2025.
This determination was probably demonstrated as early as the end of 2024, even though the National Assembly had only just passed the economic growth target for 2025 at 6.5 - 7%, striving to reach 7 - 7.5%. At that time, the Government had determined that it must achieve a growth rate of over 8%.
And not only striving, at the recent extraordinary session of the National Assembly, the Government proactively proposed to supplement the Socio-Economic Development Plan for 2025, with economic growth set at over 8%.
From being just a "striving target", now, growth of over 8% has become a target resolved by the National Assembly, and efforts must be made to complete it to lay the foundation for the acceleration and double-digit growth period in the coming time.
Perhaps, never before in such a short period of time, about 3 months, has the Government issued so many resolutions and directives to promote economic growth. A series of synchronous and comprehensive solutions have been proposed, in previous documents and in the recent Directive No. 05/CT-TTg.
From promoting public investment, export and consumption - traditional growth drivers, to promoting new growth drivers. From institutional reform, to accelerating the process of streamlining the apparatus. From increasing the attraction of foreign investment, especially in new technology fields, to promoting private investment, using public investment to lead private investment. From developing science - technology, innovation to focusing on building and developing regional and international financial centers in Vietnam...
Along with that, the Government leaders held a series of meetings and working sessions. First of all, with ministries, branches, and localities. Then, with the business community, investors, both domestic and foreign, both state-owned and private enterprises, small and medium-sized enterprises, and even the world's leading corporations... During those tireless working sessions regardless of time and date, commitments to support the determination of the Vietnamese Government were made. All for the goal of 8% growth or more this year.
Having that support means having more motivation and confidence to overcome challenges. However, the growth target of over 8% is extremely difficult, in the context of the world and domestic situation still having many unpredictable fluctuations, which can affect Vietnam's growth potential and momentum.
Just one example is exports or industrial production. For the third consecutive month, the Vietnam Manufacturing Purchasing Managers’ Index (PMI) has been below 50 points. The figure just released by S&P Global shows that Vietnam’s PMI for February 2025 was 49.2 points, higher than the 48.9 points in January 2025, but still below 50 points. This shows a deterioration in business conditions during the month. New orders continued to decline. Weak export demand was the cause, and it is worth noting that this was the fourth decline in 4 months.
For an economy that relies heavily on trade in goods like Vietnam, this is noteworthy. The manufacturing sector, it can be said, has struggled to regain momentum for 2025. Production and exports have been the same, domestic consumption has recovered slowly, and public investment disbursement has not met expectations...
While traditional growth drivers have yet to recover strongly, expectations are placed on reform drivers and new growth drivers. But it is not easy to quantify these drivers.
Therefore, the growth target of over 8% is not simple. The Vietnamese government also clearly recognizes that, but is still determined to complete it to create momentum, create force, and create a position for double-digit growth in the following years. That is even the only path to take if Vietnam's economy wants to accelerate development and achieve important goals by the milestones of 2035 and 2045.
Therefore, to complete it, there is no other way but to double our efforts and determination. We must mobilize the total strength of the entire political system. If all localities and enterprises grow at over 8% or even higher, as the Government has “contracted out growth”, then the opportunity for the economy to accelerate is real and feasible.
Source: https://baodautu.vn/quyet-liet-thuc-hien-muc-tieu-tang-truong-d250876.html
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