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

Processing dragon fruit for exports (Photo: VNA)

Overseas Vietnamese help Vietnamese products go global

In 2016, approximately 4.5 million Vietnamese were residing in 109 countries and territories. Today, the figures have risen to over 6 million and more than 130, respectively. Once focused on small-scale trade, many OV entrepreneurs now own major retail centres and operate extensive wholesale networks, boosting the availability of Vietnamese products abroad.

Illustrative image (Photo: VNA)

PM orders fast-track construction of Lao Cai - Hanoi - Hai Phong railway

The Minister of Construction was asked to work closely with local authorities to hasten land clearance, compensation, resettlement, site surveys, and the drafting of a feasibility study, which must be completed by June 2025, setting the stage for the project's groundbreaking on December 19, 2025.

LNG import operations at Thi Vai terminal. (Photo: VNA)

Vietnam cuts LNG import tariff to boost clean energy transition

The Vietnamese Government has reduced the preferential import tariff on liquefied natural gas (LNG) from 5% to 2% under Decree No. 73/2025/ND-CP, issued on March 31. The move marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.

Prime Minister Pham Minh Chinh chairs the meeting (VNA)

PM urges proactive engagement with US on trade talks

Trade negotiations with the US must be calm, consistent, and flexible, aiming to protect national sovereignty, security, and interests, while upholding international commitments and pursuing “balanced interests, shared risks," said Prime Minister Pham Minh Chinh.

Fisshing vessels in Quang Binh province (Photo: VNA)

Vietnam races against time to have EC’s "yellow card" lifted before Sept. 15

The Ministry of Agriculture and Environment particularly focused on resolving all EC concerns before September 15, the deadline for submitting a progress report to the commission, as well as ensuring thorough preparations for the fifth inspection so as to secure the removal of the “yellow card” warning.

The daily reference exchange rate for the US dollar is set at 24,960 VND/USD on April 29. (Photo: VNA)

Reference exchange rate down April 29

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,960 VND/USD on April 29, down 4 VND from April 28.

Investment in artificial intelligence surges eightfold compared to 2023 (Photo: VNA)

Investment in AI in Vietnam increases eightfold

Vietnam is entering a new phase of growth, where innovation, science, and technology are at the forefront of shaping its future. From being an emerging market, Vietnam has now risen to become a strategic destination for technology investment in Southeast Asia, driven by the aspirations of the entrepreneurial community and strategic guidance from the government

The talks between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Cham Nimul on April 28 (Photo: VNA)

Vietnam, Cambodia seek ways to bolster economic, trade ties

Vietnam and Cambodia inked an agreement on promoting bilateral trade for the 2025–2026 period, which provides preferential tariffs for many competitive goods from each side – much more favourable than those under the ASEAN Trade in Goods Agreement (ATIGA).

President of Vietnam Luong Cuong (10th from left), Party General Secretary and President of Laos Thongloun Sisoulith (ninth from left), and officials of the two countries at the inauguration ceremony of Wharf No. 3 of Lao - Viet International Port on April 28 (Photo: VNA)

New wharf at Lao - Viet Int’l Port inaugurated

The launch of Wharf No. 3 of Lao - Viet International Port expected to help ensure infrastructure for socio-economic development in both Vietnam and Laos, meeting the increasing demand for goods transportation.