The Ministry of Planning and Investment has prepared the necessary contents and documents for the Government to submit to the National Assembly for consideration and approval at the upcoming extraordinary session, including adjusting a number of socio-economic growth targets for 2025.
On the afternoon of February 5, at the regular Government press conference in January 2025, answering the press about breakthrough solutions to achieve the GDP growth target of 8% or more in 2025, Mr. Tran Quoc Phuong, Deputy Minister of Planning and Investment, said that at the 8th Session, the National Assembly passed a Resolution on the Socio-Economic Development Plan for 2025 with a gross domestic product (GDP) growth rate of about 6.5-7% and striving for about 7-7.5%.
However, the Central Committee has recently issued a resolution directing the adjustment of the growth target for 2025 to 8% or more. This is a very important target, which will contribute to creating a solid foundation to achieve a double-digit growth rate (over 10%) continuously for many years to come, especially in the context of many important events in the country.
In response to that request, according to Mr. Phuong, the Ministry of Planning and Investment has prepared the necessary contents and documents for the Government to submit to the National Assembly for consideration and approval at the upcoming extraordinary session, in which a number of socio-economic growth targets for 2025 will be adjusted, especially a number of balances related to investment, budget, and inflation. At the same time, the Ministry of Planning and Investment has prepared a separate resolution to submit to the Government to implement the concretization of the 8% growth task, in which the average growth target for localities is assigned from 8% or more in 2025.
Regarding solutions to realize the set goals, Mr. Phuong said that it requires high determination and great efforts, which have been shown in Resolution 01/2025 (Resolution 01).
"For the 8% growth target, the dosage of solutions in Resolution 01 of ministries, branches and localities with the determination to implement is set at a higher level," said Mr. Phuong.
From there, Mr. Phuong said that the Ministry of Planning and Investment has advised the Government on a number of key tasks and solutions. In particular, it focuses on prioritizing resources for the work of perfecting institutions and laws, identifying institutions as the "breakthrough of breakthroughs" for development.
“Removing institutional bottlenecks for investment projects is really necessary to quickly unblock resources that have been blocked for a long time. This is a very big and important task,” said Mr. Phuong.
On the demand side, Mr. Phuong said that it is necessary to increase public investment. He also reiterated that at the meeting this morning (February 5), the Prime Minister requested to reduce the proportion of regular expenditure to below 60% of total budget expenditure, saving about 10% more regular expenditure in 2025 to supplement investment for the Lao Cai-Hanoi-Hai Phong railway.
Regarding the state-owned enterprise sector, Mr. Phuong said that after the streamlining according to Resolution 18, it will create space and opportunities for enterprises to develop, especially leading enterprises with large projects that have spillover and leadership effects, thereby promoting economic development.
Regarding attracting investment from domestic private enterprises, Mr. Phuong said that, in addition to improving the business investment environment, it will promote the increase of newly established enterprises in 2025, while removing obstacles to unclog the bond, real estate and stock markets.
Regarding exports, Mr. Phuong informed that in 2025, there will be many major challenges related to protectionist policies and tax policies of the US. Therefore, it is necessary to carefully analyze the situation, make the most of signed free trade agreements (FTAs), and open up new markets. At the same time, ensure the structure between input and output. Therefore, for consumption, it is necessary to promote the purchasing power of the domestic market.
“In January 2025, the consumer price index (CPI) in January increased by 3.63% over the same period; supply and demand, prices of goods were stable, there were no sudden price increases, taking advantage of artificial scarcity of goods to make illegal profits” - Deputy Minister of Planning and Investment cited and emphasized the promotion of new growth drivers.
Accordingly, Vietnam now has a very good position in the world technology map. This is an advantage, a push, a long-term motivation and an opportunity for us to break through.
Responding further to the State Bank's monetary policy in 2025 for the economy's GDP growth target of 8% or more in 2025, Deputy Governor of the State Bank Dao Minh Tu emphasized the view that "to have growth, there must be investment, to have investment, there must be capital".
According to Mr. Tu, regarding the monetary policy orientation for the 8% growth target, the Deputy Governor emphasized the need to control inflation and stabilize the value of money. Next, it is necessary to actively support growth and ensure major balances of the economy.
“With this goal, monetary policy will continue to be managed flexibly and tightly, in accordance with fiscal policy, import-export policy, and trade policy,” said Mr. Tu.
Specifically, the State Bank will ensure the liquidity of the economy and liquidity for commercial banks. Here, it will ensure capital sources for the economy on the basis of promoting the mobilization of idle capital in the economy from people and businesses, on the basis of having a reasonable interest rate policy to attract mobilized capital.
“In 2025, the State Bank will continue to create initiative for commercial banks in credit growth if lending to the right subjects, promoting capital sources, ensuring system safety. Control the overall credit growth of the economy” - Mr. Tu said and informed that the State Bank will continue to manage the exchange rate in a stable direction on the basis of foreign exchange, remittances, import and export cash flow. At the same time, intervene when necessary to ensure that the foreign exchange market actively maintains the exchange rate at a reasonable level, avoiding the psychology of hoarding foreign currency.
Source: https://daidoanket.vn/se-trinh-quoc-hoi-dieu-chinh-chi-tieu-gdp-nam-2025-tai-ky-hop-bat-thuong-lan-thu-9-10299365.html
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