Vietnam's National Assembly took a significant step forward on February 19, 2025, as it officially approved the 2025 Socio-Economic Development Plan, encompassing ambitious targets for the country’s economic growth and stability.
With 463 out of 464 deputies casting votes in favor, the new plan sets the bar high with a target for gross domestic product (GDP) growth exceeding 8% and inflation rates anticipated to stay within 4.5% to 5%. This historic vote during the extraordinary session highlights the assembly's commitment to steering Vietnam toward a fruitful economic future.
Lê Quang Tùng, the General Secretary of the National Assembly Office, addressed the deputies, articulately outlining the overarching objectives of the economic plan. "The general objective is to consolidate and well prepare the foundational elements to successfully implement the socio-economic development strategy for the next decade, marking the transition of the country to a new development era," he emphasized. Tùng’s vision includes establishing a strong basis for achieving two-digit growth rates between 2026 and 2030, leveraging this initial target as the nation embarks on its ambitious development path.
The newly approved framework aims to reinforce macroeconomic stability, control inflation, and assure consistency across various sectors of the economy. According to the proposal, the GDP is expected to reach approximately $500 billion by 2025, resulting in GDP per capita figures surrounding $5,000.
To fulfill these aspirations, the National Assembly has identified five primary tasks and solutions, which Tùng elaborated on. First on the agenda is enhancing the legal system and administrative processes to improve investment attractiveness. "We need to create favorable conditions for investment, production, commerce, and the development of science and technology," Tùng said, reinforcing the need for reform at various governmental levels.
Infrastructure development has also been marked as key. The plan lays out specific projects slated for near completion, including the Long Thành International Airport and enhancements across pivotal maritime and air transport facilities. A proposal to inject approximately 84.3 trillion VND (about 3.6 billion USD) from the state budget surplus is on the table to expedite some of these projects, highlighting the government’s commitment to enhancing infrastructure rapidly.
Administrative reforms also play a prominent role, with efforts to streamline business environments and encourage the growth of the private sector. Emphasis is placed on dismantling bureaucratic barriers, thereby allowing businesses to operate more freely and effectively contribute to economic growth. The government aims to promote private enterprises and smaller companies, especially focusing on their integration within global supply chains.
The assembly’s plan also details new growth drivers, which are imperative for keeping pace with modern economic demands. This involves accelerating innovation and technology, with Tùng stressing the importance of establishing mechanisms to propel the nation toward breakthroughs in artificial intelligence, digital transformation, and sustainable energy sources.
Given the clear intentions and frameworks outlined, analysts predict these approaches could significantly impact Vietnam's economic positioning regionally and internationally. By focusing on developing modern industries and innovative technologies, Vietnam aims to transition from traditional growth models to one more aligned with 21st-century economic principles.
Overall, the approval of the 2025 Socio-Economic Development Plan marks not just another legislative success for the National Assembly but signals Vietnam’s steadfast determination to carve out its future within the global economic arena. By emphasizing stability, infrastructure, and innovation, the government is working to create sandboxes for sustainable growth, preparing the nation for the challenges and opportunities of the years to come.