As the National Assembly has set a GDP growth target of 8% or higher in 2025, Vietnam is implementing a coordinated set of measures to maximise financial resources, both domestic and foreign.

Vietnam is likely to secure an annual growth of 8% in 2025, which could grow to double-digit levels in 2026-2030, according to Suan Teck Kin, executive director of Global Economics and Markets Research at Singapore-based United Overseas Bank (UOB).

At the 9th extraordinary session of the 15th National Assembly on February 19, 2025, the National Assembly passed a resolution supplementing the 2025 socio-economic development plan, setting a GDP growth target of at least 8%. The resolution was approved with 463 out of 464 delegates voting in favour, accounting for 96.86% of the total.

A series of year-end stimulus programmes is expected to support Vietnam’s economy to achieve the GDP growth target of over 7% this year.

Prime Minister Pham Minh Chinh called for greater efforts to achieve the annual GDP growth target of over 7%, while delivering a report on the implementation of the 2024 socio-economic development plan and another for 2025 at the ongoing 8th session of the 15th National Assembly in Hanoi on October 21.

Apart from challenges, many opportunities will be offered to the Vietnamese economy in 2021, experts have said.

The Lao Government has suggested the National Assembly revise down economic growth target this year due to the impacts of COVID-19.

The National Assembly has set its GDP growth target for 2020 at 6.8% after carefully considering global movements and the domestic situation. However, according to experts, the target is challenging.

The Philippines on March 13 lowered its GDP growth target for this year to 6-7 percent, instead of 7-8 percent, citing the impact of a delay in the approval from the legislature for this year's budget.

Vietnam’s economy enjoyed a more sustainable growth in the first quarter of the year with a strong economic expansion of 7.38 percent, the best first-quarter performance in the last decade.

Prime Minister Nguyen Xuan Phuc’s working group has called for the railway sector to raise its competitiveness in comparison with other modes of transport.

To realise the GDP growth target of between 6.3-6.5 percent in 2016, the growth rate in the final quarter of this year must reach between 7.09 -7.71 percent.

Though experts forecast a rise in lending interest rates in 2016, a central bank official believes it is feasible to keep the rates stable and reducing it slightly this year.