Seize the opportunity, determined to achieve 8% economic growth by 2025

On the morning of February 21, at the Government Headquarters, Prime Minister Pham Minh Chinh chaired an online Government Conference with localities to implement the conclusions of the Central Committee, the Resolutions of the National Assembly and the Government on economic growth and promoting the disbursement of public investment capital. Also attending were Deputy Prime Ministers; representatives of leaders of ministries, departments, branches and central agencies. The conference was broadcast online to the headquarters of the People's Committees of 63 provinces and centrally-run cities.

Seize the opportunity to determine to achieve economic growth of 8 years by 2025 — Prime Minister Pham Minh Chinh chaired the Government Conference with localities to implement the Central Committee's Conclusions and the National Assembly and Government's Resolutions on economic growth (Photo: TRAN HAI).

Speaking at the opening of the conference, Prime Minister Pham Minh Chinh stated that 2025 is a very important year, with major events taking place in the country: the 95th anniversary of the founding of the Communist Party of Vietnam, the 50th anniversary of the liberation of the South and national reunification; the 135th birthday of the great President Ho Chi Minh; the 80th anniversary of the People's Public Security Forces' traditional day; the 80th anniversary of the founding of the country.... In addition, it is necessary to continue to perfect the arrangement and streamlining of the apparatus in accordance with the spirit of Resolution 18-NQ/TW; complete the goals set forth by the 13th National Party Congress; effectively and successfully organize the implementation of Party congresses at all levels; strive in accordance with the spirit of the Resolution of the 13th National Party Congress to achieve two 100-year development strategies: by 2030, to be a developing country with modern industry and high average income; by 2045 is a high income developed country.

By 2030, there are only 5 years left, by 2045, there are only 20 years left, so if we do not prepare, create momentum, create force, create enthusiasm, we cannot achieve these goals. To do so, the growth target is the most important target to contribute to the implementation of the 2 100-year development goals, determining the scale of the economy, per capita income, and the ranking of the Vietnamese economy in the world.

There are only two decades left, so we must maintain a high, sustainable and continuous growth momentum, realizing the aspiration of building the country in a new era - an era of national development, prosperity, civilization, and prosperity, where the people are increasingly well-off and happy. Only then can we overcome the low-middle income trap.

The Government has proposed to the Central Committee and the Politburo that growth in 2025 must reach 8%, preparing for double-digit growth in the coming years. On that basis, the Central Committee agreed and issued Conclusion 123-KL/TW dated January 24, 2025, Resolution 25/NQ-CP of the Government assigned growth targets to ministries, branches and localities; the Government has submitted to the National Assembly and approved the new growth target of 8%. Thus, "The Party has directed, the Government has agreed, the National Assembly has agreed, the people have supported, the Fatherland has expected, then we only discuss doing, not retreating".

Meanwhile, by the end of 2024, the size of Vietnam's economy will only reach more than 470 billion USD; per capita income will only reach more than 4,700 USD; if it only grows at an average of 7% per year, it will be difficult for Vietnam to achieve the above target.

In general, the economies that became high-income countries maintained a growth rate of around 10% for about 30 years: Japan grew 11.5%/year in the period 1951-1973; South Korea grew over 9.6%/year from 1963-1996; China grew about 10%/year in the period 1978-2011; Taiwan (China) grew 8.9/year in the period 1952-1989; Singapore grew 8.5%/year in the period 1961-1997. From that, we see that the road ahead for Vietnam is still full of difficulties and hardships. According to calculations, Vietnam has achieved an average growth rate of 6.4% in nearly 40 years of Doi Moi (from 1986 to present), so the next period must accelerate further to achieve the strategic goal set for 2045.

The Prime Minister emphasized that this is an extremely important and difficult task, requiring the decisive, synchronous, joint efforts and consensus of the entire political system, the business community and the people. If the whole country wants to grow by over 8%, all ministries, sectors, localities, domestic and foreign enterprises, collective economy and private economy must achieve growth of over 8%, not just a few ministries, sectors and enterprises.

In addition to high growth, we must maintain macroeconomic stability, control inflation, ensure social security, progress, social justice, leave no one behind, maintain a sustainable environment "bright, green, clean, beautiful" for development; do not sacrifice progress and social justice, the environment to pursue pure economic growth. Therefore, there is a lot to do, great efforts; "if you don't do it, you won't get it". There must be high determination, great efforts, drastic actions, focus, key points, do each job and finish it; in which it is necessary to reduce the ICOR index because currently this index is still high, showing low investment efficiency; must increase disbursement of public investment capital because this is one of the growth drivers. Therefore, ministries, branches and localities need to focus on improving this ratio.

The Prime Minister emphasized that this is the time to accelerate, break through, and reach the finish line; take advantage of every opportunity for the country to move quickly, strongly, fly far, and soar. Currently, besides difficulties and challenges, the world situation is changing rapidly, but there are still opportunities and advantages for Vietnam. The problem is to know how to turn difficulties and challenges into opportunities and advantages; the more difficulties and challenges, the more motivation and effort we must have. We also have to renew old growth drivers such as investment, consumption and export. Promote new growth drivers such as green economy, digital economy, knowledge economy, sharing economy, night economy; actively exploit space, sea space, underground space. To do so, we must have resources in terms of institutions, capital, technology, and human resources.

The Prime Minister suggested that delegates need to think and contribute ideas to exploit growth drivers in ministries, sectors and localities; need to analyze the world, regional and domestic context to clearly identify key tasks, fulcrums and levers for good implementation; value time, intelligence and timely decisiveness as decisive factors for success.

Mai Huong

Source: https://baohanam.com.vn/chinh-tri/tranh-thu-thoi-co-quyet-tam-dat-muc-tang-truong-kinh-te-8-nam-2025-149018.html