PM asks efforts to achieve more than 8 per cent economic growth in 2025

Bicycles produced at Hà Nội Thống Nhất Joint STock Company. The Vietnamese Government aims to achieve a GDP growth of 8 per cent or higher in 2025. — VNA/VNS Photo Trần Việt

Prime Minister Phạn Minh Chính has issued Official Dispatch No 137/CĐ-TTg on accelerating economic growth next year to achieve a gross domestic product (GDP) expansion rate of 8 per cent or higher.

Stressing that 2025 is a milestone year for Việt Nam to embark on a new era of development – the era of the nation’s rise, the PM asked for drastic efforts by relevant ministries, agencies, provinces and cities to promote socio-economic development.

The focus will be on strengthening economic growth in line with stabilising the macroeconomy, controlling inflation, ensuring major balances to achieve a GDP growth rate of more than 8 per cent in 2025, higher than the National Assembly’s target at 6.5-7 per cent.

Specifically, Hà Nội and HCM City must strive to achieve a growth rate of around 8-10 per cent.

The PM also asked for efforts to renew traditional growth drivers, including investment, consumption and exports.

With regard to investment, the PM asked the disbursement and efficient of public investment to be increased. The Minisof Planning and Investment will be in charge to develop mechanism to attract foreign investment, focusing on large-scale and high – technology projects.

Besides, it is necessary to promote and create breakthroughs for new growth drivers, including digital transformation, circular economy and new industries such as semiconductor, artificial intelligence, cloud computing, Internet of Things as well as green transition.

A sandbox for circular economy will be submitted to the Government in the first quarter of next year. Việt Nam will also issue green taxonomy to promote green transition.

Another important focus is to strengthen the development of the strategic infrastructure system including high-speed railway, urban railway in Hà Nội and HCM City, railways connected with China and Long Thành International Airport.

Efforts are also needed to speed up the resumption of nuclear power plants, the construction of international financial centres in HCM City and Đà Nẵng and the foundation of free trade zones in several localities.

The Ministry of Information and Communications must focus on developing the national digital infrastructure system, including the commercialization of 5G and development of 6G.