Brian Jeffrey
This guideline comes from Resolution No. 01, which outlines key objectives and strategies for achieving the socio-economic development goals and state budget plans for 2025.
The government is pushing ministries, agencies, and local governments to aim for a national GDP growth of at least 8% in 2025, aspiring for even higher rates if conditions are favorable, surpassing the National Assembly’s goal of 6.5–7%.
Local economies should aim for a growth rate of 8–10%, while major cities like Hanoi and Ho Chi Minh City are urged to strive for even greater achievements to foster national advancement.
Prime Minister Pham Minh Chinh led a recent government meeting featuring the theme: “Discipline and responsibility; proactive and timely action; streamlined and effective governance; acceleration and breakthrough.” This emphasizes a united approach to innovation and resilience in tackling challenges.
Reforming institutions is seen as a vital step, focusing on modernizing legal structures that facilitate growth. This involves moving towards a results-based governance model and moving away from restrictive policies such as “if it cannot be controlled, it should be banned.”
Economic stability is a key focus, with objectives including regulating inflation at about 4.5% and increasing retail and service revenue by 10–12%. Aiming to attract 22–23 million international tourists and 120–130 million domestic tourists by 2025 is also a significant target.
The government plans to complete 3,000 km of expressways and over 1,000 km of coastal roads by 2025, prioritizing the advancement of digital infrastructure, the commercialization of 5G technology, and the research of 6G.
Furthermore, there will be initiatives to restructure industries and promote new technologies, such as chip production, semiconductors, and artificial intelligence.
Ho Chi Minh City will develop into an international financial center, with Da Nang aiming to become a regional financial hub. Additionally, several areas will form free trade zones to boost economic competitiveness.
There will be efforts to resolve tourism infrastructure issues, addressing problems like airport congestion and high airfares. Plans include enhancing rail services for travelers and streamlining public investment towards fewer, more impactful initiatives.
A significant focus will also be on developing a skilled workforce and promoting socio-cultural progress alongside economic growth. Policies for social welfare will be adjusted to improve living conditions and contribute to the country’s overall security and prosperity.
The government will examine the viability of increasing wages and benefits in the public sector based on the economic situation, ensuring long-term financial health. If conditions allow, this proposal will be forwarded for higher authority approval.
