Seizing opportunities amid challenges

The meeting took place amid concerns over potential global trade war impacting Vietnam. Prime Minister Pham Minh Chinh emphasized the need for proactive strategies to maintain momentum and avoid economic disruptions.

Prime Minister Pham Minh Chinh asked ministries, sectors and localities to set out new growth targets (Photo: VGP/Nhat Bac)

The Prime Minister suggested that Vietnam diversify markets, products, and supply chains, and expand trade with other countries and regions like India, the Middle East, South America, and Pakistan. This all needs to be accelerated as delays could mean missed opportunities. PM Chinh also stressed the importance of self-reliance. He urged all sectors to take decisive action and said words should accompany actions.

“We need to resume production and business immediately, ensuring that January’s tasks are completed, and progress continues seamlessly through February and March. Each month and quarter must be completed successfully to achieve our annual targets. That’s why we need to ensure progress at the beginning and ministries and agencies must take the lead from the outset,” said the Prime Minister.

To support the 8% GDP growth target, ministries and local authorities are expected to set new growth targets and submit them for approval. The Prime Minister highlighted key priorities, including strictly enforcing Conclusion 123 of the Party Central Committee on socio-economic development, which set the 8% growth goal for 2025. He directed the Ministry of Planning and Investment to revise growth projections, budget deficits, and public debt, while aiming to reduce regular expenditures to below 60% of total spending from the current 70%.

Ministries and sectors are asked to prioritize growth by enhancing traditional economic drivers and fostering new ones, and complete key national projects, including at least 3,000 km of expressways and over 1,000 km of coastal roads by year-end. Investment promotion efforts are strengthened to attract large FDI projects in manufacturing, electronics, semiconductors, and hydrogen energy.

Urgently implementing coordinated solutions

Following this meeting, the Government will present a report to the 9th extraordinary session of the 15th National Assembly, scheduled for next week. This report will propose adjustments to several key economic indicators.

The Ministry of Planning and Investment has also drafted a separate resolution to realize these targets, assigning specific growth goals to each locality while setting key benchmarks for ministries and central agencies. These targets are designed to be both ambitious and realistic, ensuring feasibility.

With higher growth expectations, the implementation of solutions must be more intensive and efficient, requiring ministries, sectors, and local authorities to demonstrate greater determination, doubling their efforts compared to previous years.

To achieve this, Vietnam will maximize public investment efficiency, ensuring that projects are executed on schedule and generate tangible benefits. Some key projects will be accelerated, such as the standard gauge railway connecting northern regions.

Under Resolution 18 of the Party Central Committee, the restructuring of SOEs is being fast-tracked, creating new growth opportunities. Leading state-owned enterprises are expected to take the initiative in executing large-scale projects.

Vietnam must swiftly implement policies to attract major investments in high-tech industries while also fostering growth in the domestic private sector.

The banking sector will continue to manage monetary policy flexibly, ensuring alignment with fiscal, trade, and import-export policies.

The 8% GDP growth target for 2025 reflects Vietnam’s strong commitment to economic advancement despite global uncertainties. With determined action and strategic governance, Vietnam is set to turn challenges into opportunities.