Vietnam Aims for 8% Economic Growth in 2025 with Comprehensive Policy Measures

Hanoi, The Gulf Observer: Prime Minister Phạm Minh Chính has approved a series of key tasks and solutions aimed at achieving an ambitious economic growth rate of 8% or higher in 2025. The decision, signed on March 1, underscores the government’s commitment to fostering economic momentum and laying the groundwork for double-digit growth in subsequent years.

Recognizing the ambitious nature of this target, the Prime Minister emphasized the need for strong determination and decisive actions. He stressed the importance of implementing key economic strategies, particularly the acceleration of public investment disbursement, to achieve sustainable and inclusive growth.

Key Economic Measures

To support businesses and stimulate economic activities, the Ministry of Finance has been tasked with proposing policies for tax exemptions, reductions, and extensions related to fees, charges, and land rents. These measures are expected to enhance production, business operations, tourism, and domestic consumption. The ministry must report its implementation results by March 15, 2025.

The State Bank of Vietnam has been directed to adopt a proactive, flexible, and effective monetary policy in coordination with an appropriate expansionary fiscal strategy. The central bank will oversee interest rates, exchange rates, credit growth, and monetary supply management to ensure economic stability while fostering growth.

Enhancing Business and Investment Climate

The government is also prioritizing initiatives to facilitate investment and support enterprises. Ministries, agencies, and local authorities have been urged to implement pilot programs, special mechanisms, and breakthrough regulations to streamline investment procedures in industrial parks and economic zones, particularly in high-tech sectors.

Additionally, the Ministry of Agriculture and Environment has been assigned the task of establishing classification criteria for “green projects” to facilitate capital mobilization for sustainable development. Authorities are encouraged to develop policies that promote investment in infrastructure projects, including North-South high-speed railways, urban transport systems, renewable energy initiatives, and offshore wind power developments.

Institutional Reforms and Digital Transformation

To accelerate economic progress, the Prime Minister has instructed relevant ministries and agencies to review and amend outdated, overlapping, or incomplete regulations. The government is also pushing for greater decentralization while strengthening oversight and institutional efficiency.

In a move to foster digital transformation, the Ministry of Finance and the State Bank of Vietnam will develop a legal framework to regulate and encourage the healthy growth of digital assets and digital currencies. Meanwhile, the Ministry of Justice will integrate digital technology into legal document processing and feedback mechanisms.

Public Investment and Infrastructure Development

A crucial element of the government’s economic strategy is the disbursement of public investment capital. The 2025 target has been set at no less than 95%, following the principle of utilizing public investment to attract broader social resources.

Vietnam aims to complete at least 3,000 kilometers of highways and over 1,000 kilometers of coastal roads by the end of 2025. Key infrastructure projects include the completion of Long Thành International Airport, the development of Lạch Huyện area ports, and the expansion of Tân Sơn Nhất Airport’s T3 terminal and Nội Bài Airport’s T2 terminal. Additional projects include the construction of Liên Chiểu Port and the finalization of investment procedures for Cần Giờ International Seaport.

Strengthening Exports and Trade Partnerships

The Ministry of Industry and Trade, in collaboration with the Ministry of Foreign Affairs, has been assigned to maximize the benefits of the 17 Free Trade Agreements (FTAs) Vietnam has signed. Efforts will also be made to negotiate new trade agreements with countries including India, Brazil, Switzerland, Norway, and Finland.

Vietnamese businesses are encouraged to explore new markets, particularly in the Middle East, Latin America, and Africa. Furthermore, cross-border e-commerce regulations will be reinforced, and service exports in sectors such as finance, banking, logistics, and transportation will be expanded.

With these comprehensive policy measures, Vietnam is positioning itself for robust economic growth in 2025, reinforcing its status as a dynamic and competitive economy in the global market.