Hanoi (VNA) – Prime Minister Pham Minh Chinh has called on the entire political system to show strong determination, great efforts, and decisive action to meet the ambitious economic growth target of 8.3–8.5% for 2025.
While the goal is highly challenging, it is not impossible and must be achieved to create momentum for double-digit growth in the years ahead, he told a teleconference between the Government and localities on July 16 that discussed measures for reaching the growth target.
The meeting highlighted outstanding economic results during the first half of 2025. In particular, the economy grew 7.52%, the fastest H1 pace in nearly two decades. Exports rose 14.4%, newly registered foreign direct investment (FDI) exceeded 21.5 billion USD (up 32.6%), and state budget revenue reached 67.7% of the annual target.
However, participants acknowledged persistent challenges such as high pressure on public investment disbursement, slow recovery of domestic purchasing power, and global trade uncertainties, particularly impacts of the new US tariff policy.
Two growth scenarios were proposed, one targeting a growth rate of at least 8% while the other eyeing 8.3–8.5%. In the more ambitious one, the Vietnamese economy must expand by 8.9–9.2% in the third quarter and 9.1–9.5% in the fourth quarter of this year.
Concluding the conference, PM Chinh stressed the core targets for this year, including to maintain macroeconomic stability, curb inflation at around 4.5%, achieve GDP growth of 8.3–8.5%, and ensure key economic balances, which are all highly difficult.
To that end, the PM ordered a proactive, flexible, timely, and effective monetary policy harmoniously coordinated with the fiscal policy. Ministries and agencies must take actions to keep USD/VND exchange rates stable, lower interest rates, and channel credit into green, digital, and circular economy sectors.
They were also assigned to boost public investment disbursement, mobilise other legal capital sources to raise total investment across society, expand revenue sources, and issue development bonds.
PM Chinh also reaffirmed the importance of advancing the three strategic breakthroughs in infrastructure development, institutional reform, and human resources training.
He urged faster implementation of the Party and National Assembly resolutions on the "four key pillars", and the drafting of new resolutions on healthcare, education, and culture to submit to the Politburo so as to support fast and sustainable development.
Relevant agencies were also demanded to boost the country’s cultural, tourism, and entertainment industries in efforts to attract 25 million visitors in 2025. Other important tasks include streamlining administrative procedures, improving grassroots-level effectiveness, and stepping up power decentralisation.
The Government leader called on state-owned corporations to aim for growth of over 10% to contribute to the national targets. He also emphasised linking economic growth with political stability, national defence, security, and social welfare. One clear priority is eliminating substandard housing and building at least 100,000 social housing units nationwide this year.
Lastly, he urged thorough preparations for Party congresses at all levels./.
