Prime Minister of Vietnam: Strive for double-digit economic growth by 2025

Prime Minister of Vietnam: Strive for double-digit economic growth by 2025​ (Image from the internet)

On December 27, 2024, the Prime Minister of Vietnam issued Official Telegram 140/CD-TTg concerning the aim of achieving double-digit economic growth by 2025.

Prime Minister of Vietnam: Strive for double-digit economic growth by 2025

The Prime Minister of Vietnam requests ministers, heads of government agencies, chairpersons of the people's committees of provinces and central-affiliated cities, and encourages the secretaries of provincial and city party committees, and chairpersons of the people's councils of provinces and central-affiliated cities to concentrate on leadership and direction, prioritizing the aggressive promotion of growth linked with macroeconomic stability, inflation control, ensuring significant balances and high surpluses; striving for a nationwide economic growth rate of double digits in 2025. This is not only a challenge but also a strong aspiration for the country's advancement in the new era—the era of national resurgence.

To successfully achieve the above objective, ministries, agencies, and localities need to rigorously and effectively implement 3 strategic breakthroughs, 6 key tasks, and 12 major solution groups outlined in the Resolutions and Conclusions of the Central Government, the National Assembly, and the Government of Vietnam; including:

(1) Immediately focus on developing a scenario to strive for double-digit economic growth nationwide and in each locality in 2025:

(i) The Ministry of Planning and Investment of Vietnam is to preside, in cooperation with relevant agencies, to review and develop the scenario for GDP growth in 2025 aiming for double digits; propose specific, groundbreaking, feasible, and effective tasks and solutions to achieve this goal in the draft Resolution of the Government of Vietnam on the main tasks and solutions to implement the socio-economic development plan and the state budget for 2025.

(ii) Ministries, governmental bodies, and agencies of Vietnam are to develop goals and targets for each management sector and field appropriate to the 2025 GDP growth target and scenario.

(iii) Provinces and central-affiliated cities in Vietnam are to harness their potential and strengths to develop socio-economic development plans and growth scenarios for 2025 aiming for double digits with the highest spirit of striving and effort, ensuring appropriateness to local characteristics but must be united in the common goal of contributing to national economic development. Major cities, leading localities, and growth engines need to strive for higher growth to contribute to overall growth.

(iv) Ministries, agencies, and localities are to complete the tasks outlined in points (ii) and (iii) above and submit them to the Ministry of Planning and Investment by December 30, 2024, for compilation and reporting to the Government of Vietnam, and the Prime Minister of Vietnam by January 03, 2025.

(2) Continue to renew and further enhance traditional growth drivers (investment, consumption, export)

- Ministries, agencies, and localities according to assigned functions and tasks:

+ Focus on accelerating public investment disbursement right from the beginning of 2025, using public investment to lead and activate social investment, and promote public-private partnership cooperation; promptly review and resolve difficulties and obstacles for each project, especially crucial national projects and national target programs.

Accelerate the implementation progress of strategic transport projects, airports, seaports, expressways, inter-regional and inter-provincial projects, aiming to surpass the target of having 3,000 km of expressways by the end of 2025 and 5,000 km by the end of 2030.

+ Develop effective mechanisms and policies to attract selective foreign investment. Increase promotion and attraction of large-scale, high-tech FDI projects, especially in processing, manufacturing, electronics, semiconductors, artificial intelligence, and hydrogen industries; connect with the domestic sector to form supply chains and integrate more deeply into regional and global value chains.

- The Ministry of Industry and Trade, along with ministries, agencies, and localities following assigned functions and tasks, is to enhance solutions to stimulate domestic consumption demand; boost production, ensure full supply without shortages or supply disruptions, especially for essential goods; develop e-commerce and new efficient business models; and integrate production, distribution, and consumption.

Focus on improving export product quality while building a strong national brand to ensure Vietnamese products are present everywhere in the world, thereby contributing to GDP growth.

Develop tourism in a professional, modern, and efficient manner, while strengthening promotion to attract both international and domestic tourists.

Enhance trade promotion, maximize the opportunities from signed Free Trade Agreements; expand and exploit new markets effectively; support enterprises in meeting new standards of export markets; and improve trade defense capabilities, prevent and counteract fraud in goods origin.

For detailed information, refer to Official Telegram 140/CD-TTg issued on December 27, 2024.

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