The government seeks approval for revised GDP, CPI targets

VCN - The Government submitted to the National Assembly for consideration and comments on adjusting the target for the growth rate of gross domestic product (GDP) to 8% or more; the average growth rate of the consumer price index (CPI) to about 4.5-5%.
Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented the Report. Photo: Quochoi.vn
Minister of Planning and Investment Nguyen Chi Dung, authorized by the Prime Minister, presented the report. Photo: Quochoi.vn

On February 12th, during the opening session of the 9th Extraordinary Session of the National Assembly, Minister of Planning and Investment Nguyen Chi Dung, on behalf of the Prime Minister, presented a proposal for socio-economic development in 2025, targeting a GDP growth rate of 8% or higher.

The report highlighted Vietnam's successful and comprehensive achievement of its socio-economic development goals in 2024, attributed to the strong determination, significant efforts, and decisive actions of the entire political system.

The nation met and exceeded all 15 key targets, with 12 surpassing expectations. Many crucial indicators achieved remarkable results, exceeding initial estimates reported to the Central Committee and the National Assembly, earning high praise from the public and the international community.

For 2025, the Minister of Planning and Investment acknowledged the interwoven opportunities, advantages, challenges, and difficulties, noting that the latter may have a significant impact on Vietnam's economy.

However, within these challenges, new opportunities may arise, requiring proactive efforts to seize and maximize all available opportunities and resources for growth and development.

National Assembly delegates attending the meeting. Photo: Quochoi.vn
National Assembly delegates attending the meeting. Photo: Quochoi.vn

Given the year's particular importance, the government's proposal emphasizes the need for national GDP growth to reach 8% or higher, contributing to a solid foundation for achieving double-digit growth in the foreseeable future (starting in 2026).

This rapid growth must be sustainable, maintaining macroeconomic stability, controlling inflation, ensuring major balances, and promoting harmonious development between the economy, society, and environmental protection, while safeguarding national defense and security.

Consequently, the government is submitting to the National Assembly for consideration and approval the adjustment of several key targets: GDP growth rate of 8% or higher; average Consumer Price Index (CPI) growth rate of approximately 4.5-5%.

If necessary, the government may allow the state budget deficit to increase to approximately 4-4.5% of GDP to mobilize resources for development investment.

Public debt, government debt, and external debt may reach or exceed the warning threshold of approximately 5% of GDP.

Chairman of the Economic Committee Vu Hong Thanh presents the audit report. Photo: Quochoi.vn
Chairman of the Economic Committee Vu Hong Thanh presents the audit report. Photo: Quochoi.vn

The National Assembly's Economic Committee generally agreed with the goals, requirements, and economic growth scenario for 2025 presented by the government.

Regarding the adjusted targets, Committee Chairman Vu Hong Thanh stated that adjusting the CPI target is necessary to create space in fiscal and monetary policy management to support and stimulate economic growth.

However, inflation is a crucial indicator that directly affects macroeconomic stability, people's lives, and business costs.

Therefore, the Economic Committee requested the government to implement appropriate inflation control measures aligned with growth targets and macroeconomic stability.

Concerning the proposed adjustments to the budget deficit and public debt targets, the Economic Committee urged the government to use resources effectively and comply with the provisions of the law on state budget and the law on public debt management. It emphasized the need for decisive action to ensure that the budget deficit and public debt remain within the limits set by Resolution No. 23/2021/QH15 and Resolution No. 159/2024/QH15.

Adjustments should only be made after all other solutions have been exhausted and must ensure public debt safety, debt repayment capacity, and especially the government's debt service ratio to total budget revenue.

Furthermore, Chairman Vu Hong Thanh highlighted several tasks and solutions to achieve the new growth target.

The inspection agency emphasized that public investment in 2025 is a pillar of growth, requiring specific solutions and assigned responsibilities to reform public investment management.

The government needs to ensure disbursement of the allocated and additional public investment capital, given that investment disbursement has been a persistent weakness for many years.

Regarding monetary and fiscal policies, the Economic Committee noted the need for additional specific monetary and fiscal policies to support purchasing power, stimulate consumer spending, and boost domestic tourism.

According to the session's agenda, the National Assembly will hold group discussions on the proposal on the afternoon of February 14, 2025, and plenary discussions on the afternoon of February 15, 2025.

The National Assembly will vote to approve the Resolution on supplementing the socio-economic development plan for 2025 with the target of achieving 8% or higher growth on the morning of February 19, 2025.

By Hương Dịu/Thanh Thuy

Related News

Vietnam Customs kicks off campaign for innovation, breakthrough, and growth

Vietnam Customs kicks off campaign for innovation, breakthrough, and growth

VCN - To concentrate on leadership, guidance, and vigorous implementation of goals, targets, and tasks towards the objectives of Digital Customs and Green Customs by 2025, the General Department of Vietnam Customs has launched a competition campaign with the theme: "Innovation - Breakthrough – Development”
Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

Top 10 Reputable Animal Feed Companies in 2024: Efforts to survive the challenges of nature

VCN - In the Report announcing the Ranking of Top 10 Reputable Animal Feed Companies in 2024 on December 12, 2024, Vietnam Report Joint Stock Company said that Vietnam's animal feed industry has faced many challenges from natural disasters and epidemics. But overcoming all, the industry continues to survive and has confidence in the future.
There is still room for credit growth at the end of the year

There is still room for credit growth at the end of the year

VCN - To achieve the credit growth target of 15% for the whole year of 2024 as directed, the banking system will have to "pump" out nearly VND 670,000 billion of loans to the economy in the last 2 months of the year, so many solutions are needed to accelerate capital flow.
Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

Ho Chi Minh City achieves record state revenue of over VND500 trillion in 2024

VCN - For the first time in its history, Ho Chi Minh City’s budget revenue surpassed VND500 trillion in just 11 months of 2024.

Latest News

Personal income tax proposed for interest on some bank savings accounts

Personal income tax proposed for interest on some bank savings accounts

Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
Banks set for aggressive bond issuance in 2025 to fuel growth

Banks set for aggressive bond issuance in 2025 to fuel growth

With a higher credit growth goal set by the SBV, banks are ramping up their efforts to secure funding through bond issuance.
Central bank cuts interest rate on bills for first time in 2025

Central bank cuts interest rate on bills for first time in 2025

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.
Focusing on inspecting inventory of public assets at units with large and complex assets

Focusing on inspecting inventory of public assets at units with large and complex assets

VCN - According to Official Dispatch No. 1456/BTC-QLCS on inspecting the preparation and implementation of the General Inventory of Public Assets recently issued by the Ministry of Finance, the inspection of the inventory of public assets focuses on units with large asset scale and large number of inventory items, complex assets, and slow implementation progress.

More News

Fiscal, monetary policies support demand stimulation, price stabilisation

Fiscal, monetary policies support demand stimulation, price stabilisation

These efforts, in conjunction with the implementation of monetary policies and other macroeconomic policies, aim to solve difficulties for businesses and the public, stabilise the macroeconomy, control inflation, ensure the balance of the economy, promote economic growth, and secure social welfare and people’s livelihoods.
Vietnam secures VND 157 billion from state enterprise divestment in 2024

Vietnam secures VND 157 billion from state enterprise divestment in 2024

VCN - The Ministry of Finance reported that in 2024, the divestment of state capital in 5 enterprises (F1) generated VND 157 billion from an initial value of VND 145 billion
Vietnam gears up for potential inflation impact in 2025

Vietnam gears up for potential inflation impact in 2025

VCN - For sound price management and inflation control, Deputy Prime Minister Ho Duc Phoc directed officials to vigilantly track both domestic and international market dynamics. The goal is to proactively develop flexible strategies and solutions, enabling a swift response to any emerging challenges.
VN’s credit conditions in 2025 expected to be stable

VN’s credit conditions in 2025 expected to be stable

The credit conditions for Việt Nam will stabilise in 2025, after improving substantially over the past year, the rating agency VIS is forcasts.
State revenue in first month of the year equal to 14% of the estimate

State revenue in first month of the year equal to 14% of the estimate

VCN - According to the Ministry of Finance, in January - the first month of 2025, the total state budget revenue is estimated at VND275.9 trillion, equal to 14% of the estimate; meanwhile, the total state budget expenditure is estimated at VND134.4 trillion.
Securities 2025 expects a breakthrough in scale and quality

Securities 2025 expects a breakthrough in scale and quality

VCN – The positive factors inherent in the macro economy and the Vietnamese stock market will continue to create the foundation for the market to maintain stability, good liquidity, and growth in both scale and quality in the new year of At Ty 2025, Chairwoman of the State Securities Commission Vu Thi Chan Phuong said.
Cash reserves in stock accounts at six-quarter low amid margin rise

Cash reserves in stock accounts at six-quarter low amid margin rise

These funds are readily available in investor accounts, but remained undeployed as of the year-end.
Five solutions for developing stock market in 2025

Five solutions for developing stock market in 2025

VCN - On February 5, 2025, at the Gong-beating ceremony to open the stock trading at the Ho Chi Minh City Stock Exchange (HOSE), Deputy Minister of Finance Nguyen Duc Chi introduced five solutions for comprehensive development of the stock market.
Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

Minister of Finance Nguyen Van Thang works with GDVC at the first working day after the Tet holiday

VCN- On February 3, the first working day after the Tet holiday, Minister of Finance Nguyen Van Thang and the delegation visited and worked with the General Department of Vietnam Customs (GDVC).
Read More

Your care

Latest Most read
Personal income tax proposed for interest on some bank savings accounts

Personal income tax proposed for interest on some bank savings accounts

Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
Banks set for aggressive bond issuance in 2025 to fuel growth

Banks set for aggressive bond issuance in 2025 to fuel growth

With a higher credit growth goal set by the SBV, banks are ramping up their efforts to secure funding through bond issuance.
Central bank cuts interest rate on bills for first time in 2025

Central bank cuts interest rate on bills for first time in 2025

According to data from the financial data provider Wichart, the SBV issued VNĐ19.6 trillion of bills in the past week. The interest rate on the bills decreased by 0.1 percentage point, from 4 per cent to 3.9 per cent on February 14.
Focusing on inspecting inventory of public assets at units with large and complex assets

Focusing on inspecting inventory of public assets at units with large and complex assets

VCN - According to Official Dispatch No. 1456/BTC-QLCS on inspecting the preparation and implementation of the General Inventory of Public Assets recently issued by the Ministry of Finance, the inspection of the inventory of public assets focuses on units
The government seeks approval for revised GDP, CPI targets

The government seeks approval for revised GDP, CPI targets

The Government submitted to the National Assembly for consideration and comments on adjusting the target for the growth rate of gross domestic product (GDP) to 8% or more
Mobile Version