PM gives directions on key measures to boost economic growth this year

To achieve the ambitious targets for this year and beyond, the PM has highlighted the priorities of boosting economic growth, maintaining macroeconomic stability, controlling inflation, and guaranteeing major economic balances.

Workers produce electronic components. (Photo: VNA)
Workers produce electronic components. (Photo: VNA)

Hanoi (VNA) – Prime Minister Pham Minh Chinh signed an official dispatch on April 22, outlining key tasks and solutions aimed at driving Vietnam’s economic growth throughout the year.

The document comes amid a backdrop of increasingly complex and unpredictable global developments. It said heightened strategic competition among major powers, widespread trade wars, and a deteriorating global economic outlook are posing significant challenges. Domestically, in light of evolving realities and development demand, as proposed by the Government, the Party Central Committee and the Politburo have raised the national growth target to a minimum of 8% for 2025 and to double-digit growth for subsequent years. Basing on this, the National Assembly and the Government have issued resolutions to support this revised goal.

To achieve these ambitious targets, the PM has highlighted the priorities of boosting economic growth, maintaining macroeconomic stability, controlling inflation, and guaranteeing major economic balances.

He told ministries, agencies, and localities to keep a close watch on international and regional developments to make timely, appropriate, and effective policy response while proactively building scenarios to ready counter-measures. In particular, they need to quickly take flexible and efficient actions for immediate and long-term adaptation to the new US tariff policy.

The Ministry of Finance is tasked with coordinating closely with other ministries and localities to urgently finalise and submit a new draft resolution to replace the Government’s Resolution 01/NQ-CP by April 25. The new document is set to adjust GDP growth scenarios for Q2 and the rest of the year to ensure this year's GDP growth target of at least 8% is achieved. The ministry must also assess the impact of the US’s reciprocal tariff policy on Vietnam and develop fiscal support packages for enterprises and workers in the affected sectors.

The State Bank of Vietnam is directed to monitor global and regional developments, particularly policy shifts in major economies. It must employ monetary policy tools effectively to appropriately regulate exchange rates and interest rates, ensure adequate capital supply for the economy, and maintain the stability of the monetary, foreign exchange, and gold markets as well as the safety of the credit institution system. Special attention is to be given to cutting lending interest rates and providing short-term loans for businesses affected by the US tariff policy. The preferential credit package should be expanded to cover the timber, fishery, and forestry sectors, which are considerably impacted by the new US tariff.

pm-direction-economic-growth-2025-vna2.jpg
Making garment products for export. (Photo: VNA)

According to the dispatch, traditional growth drivers must continue to be renewed and promoted.

In particular, public investment disbursement ought to be accelerated toward achieving 100% of the target set for this year. Preparations for the 2026–2030 medium-term public investment plan must also begin, limiting the number of centrally funded projects to no more than 3,000. Meanwhile, more large-scaled FDI projects that apply high technology and are environmentally friendly should be attracted, and obstacles to FDI firms, especially administrative procedures, be addressed in a timely manner to accelerate their projects in Vietnam.

In terms of consumption, the PM asked for stepping up measures to connect supply and demand, encourage e-marketplaces to stimulate the consumption of domestically produced goods, launch promotional programmes nationwide, and distribute more goods to rural, border, and insular areas.

Export promotion is another critical area. The Ministry of Industry and Trade and relevant authorities are instructed to fully exploit Vietnam’s 17 existing free trade agreements, expedite ongoing negotiations, and initiate talks on new FTAs with potential markets such as the Middle East, Africa, Latin America, Central Asia, Eastern Europe, India, Brazil, Pakistan, and Egypt. Urgent talks are also to be held with US agencies to negotiate a reciprocal trade agreement that is mutually beneficial.

The directive also includes guidance on tapping into new growth drivers; making breakthroughs on science and technology development, innovation, and digital transformation; building free trade zones and international financial centres; developing the private sector; and boosting the labour market, among many others.

It is necessary to fully mobilise all available social resources to drive national development, the Government leader affirmed./.

VNA

See more

Prime Minister Pham Minh Chinh (R) encourages workers and engineers at the Vietnam Exhibition Fair Centre project site. (Photo: VNA)

PM requests basic completion of Vietnam Exhibition Fair Centre in July

For the long term, PM Chinh stressed the need to develop the centre into a new symbol of Hanoi and the nation in terms of scale, culture, architecture, structure, environmental landscape, and governance, so as to reflect the national stature, worthy of the country's historical and cultural traditions, and especially to showcase its achievements after 40 years of ‘Doi Moi’ (Renewal).

Prime Minister Pham Minh Chinh (3rd from left) at the symbolic button-pressing ceremony to kick off the construction of the Tu Lien bridge in Hanoi on May 19. (Photo: VNA)

Prime Minister launches construction of Tu Lien bridge in Hanoi

PM Chinh stressed that the Tu Lien bridge will not only enhance connectivity and promote socio-economic development across Hanoi’s districts, but also link regional cities and provinces involved, national transport routes, and international gateways via Noi Bai and Gia Binh international airports.

The FBC ASEAN 2025 International Manufacturing Business Matching Event will take place from September 17–19 in Hanoi. (Photo: FBC ASEAN)

Vietnam to host int’l manufacturing exhibition in September

The exhibition gathers a significant number of manufacturers and buyers seeking suppliers in Vietnam, including major brands. The event continues to serve as a key platform for branding, trade promotion, and sustainable international business networking.

A corner of Ho Chi Minh City seen from above (Photo: nhandan.vn)

Efforts needed to enhance role of private sector in expanded HCM City

The resolution affirms that in a socialist-oriented market economy, the private sector is one of the most important driving forces of the national economy. On that foundation, the upcoming mergence of Binh Duong and Ba Ria–Vung Tau provinces into Ho Chi Minh City will create conditions to form a mega-urban region integrating industry, finance, seaports, and innovation.

Cuban President Miguel Díaz-Canel at a meeting with a delegation of Vietnamese businesses led by the Thai Binh Group. (Photo: VNA)

Cuba strengthens economic ties with Vietnamese businesses

Both sides discussed opportunities to expand cooperation in Cuba’s priority development sectors. The Vietnamese delegation reaffirmed its commitment to sustaining and expanding its operations in the Mariel Special Development Zone (ZEDM), a key driver of Cuba’s economic growth.

Deputy Minister Tran Thanh Nam (front line, in a red tie) takes a photo with representatives of German associations and businesses at the event. (Photo: VNA)

Vietnam explores agricultural partnerships in Germany

A major highlight of the visit was a trade promotion forum on Vietnam–Germany agro-forestry-aquatic products, which attracted participation from various trade associations, vocational training institutions, German distribution channels, supermarket chains, and nearly 50 companies specialising in the production, processing, and logistics of agricultural, forestry, and aquatic products.

Ministerial-level negotiation session between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson Greer (Photo: VNA)

Vietnam, US promote negotiations on reciprocal trade agreement

Vietnamese Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson Greer reached a high consensus on principles, approaches, content orientations, and negotiation plans, thereby establishing a foundation for subsequent negotiation sessions to achieve positive outcomes.

Le Thanh Lam, CEO of TOPSKILLS, shares insights into the role of AI in modern HR management at the launch event of the AI-Powered TMS system in HCM City on May 16. (Photo: courtesy of the organisers)

AI helps businesses build resilient, adaptable succession teams

Experts said that in the context of digital transformation and AI increasingly becoming key drivers of business innovation, building a capable succession team—those who will lead the company toward sustainable growth—has become an urgent priority.

Prime Minister Pham Minh Chinh and Thai Prime Minister Paetongtarn Shinawatra witnessed the exchange of the MoU between the Ministry of Industry and Trade and Thailand's Central Group. (Photo: VNA)

MoIT, Thailand’s Central Group forge partnership to boost Vietnamese exports

The MoU, signed as part of Thai Prime Minister Paetongtarn Shinawatra’s official visit to Vietnam from May 15-16, was the result of extensive discussions between the two sides, aimed at enhancing the presence and competitiveness of Vietnamese products, particularly consumer goods, and agricultural and aquatic products.

Chu Lai Port welcomes the Chana Bhum, a Singapore-flagged vessel operated by RCL, marking the opening of the Chu Lai–India shipping route. (Photo: VNA)

Vietnamese firm, Thailand-based shipping line cooperate to launch Chu Lai - India direct call service

The direct call service helps cut transportation time, reduce costs, increase competitiveness by bypassing major transshipment ports in northern and southern Vietnam. At the same time, it opens up new trade opportunities, promotes logistics activities, develops supply chains, strengthens regional connectivity, and enhances the position of Chu Lai Port on the international maritime map.