Vietnam is setting ambitious economic growth targets, aiming for at least 8% annual growth by 2025 and positioning itself for sustained double-digit growth thereafter. Prime Minister Pham Minh Chinh expressed the difficulty of this task but emphasized its necessity for the country's economic momentum. On March 1, 2025, he signed Directive No. 05/CT-TTg, detailing urgent missions and solutions to stimulate economic growth and accelerate public investment disbursement.
The directive highlights the need for strict adherence to resolutions from the Central Committee, the Politburo, the National Assembly, and the government. It calls for the removal of obstacles hindering economic resources and advocates for effective implementation of new regulations and policies. The Ministry of Finance is tasked with proposing tax relief measures aimed at assisting citizens and businesses, thereby spurring domestic production and tourism.
To achieve these targets, the State Bank of Vietnam will implement proactive monetary policies, focusing on interest rates, exchange rates, and credit growth to align with overall economic goals. Local agencies are also encouraged to support businesses by facilitating compliance with innovative regulations.
The government aims for significant infrastructure development, including at least 3,000 km of roads and over 1,000 km of coastal roads completed by the end of 2025. Several major projects have been initiated, including improvements to long-haul routes and ports, positioning Vietnam as a logistics hub.
Export sustainability is another focal point, with plans to utilize free trade agreements effectively. The Ministry of Industry and Trade is coordinating initiatives to open up new markets, particularly focusing on the Middle East and Latin America. Efforts also include enhancing e-commerce management on international borders and promoting financial, banking, and service exports.
Chinh's approach is rooted in collective strength: "The Party has decided, the government has agreed, the National Assembly has approved, and the people have supported," he said. With this united front, Vietnam is determined not only to tackle challenges but to transform its vision of economic growth and innovation.
Alongside economic goals, the directive also emphasizes the importance of sustainable environmental practices and alignment with international obligations, including those stemming from the COP26 climate discussions. The focus lies on maintaining political stability, enhancing national defense, and improving social security.
This strategic focus reflects Vietnam's commitment to fostering economic resilience and ensuring its place within the global economy through adaptable and proactive policies. The culmination of public and private partnership will be pivotal as the nation centers its efforts on recovery and growth.
Overall, these directives signal not only Vietnam's ambitious economic targets but also its readiness to embrace innovation, sustainability, and its role on the global stage. With specific actions laid out across various sectors, the government is poised to lead Vietnam toward its vision of growth and prosperity.