Hanoi (VNA) - A repres🤪entative from the Ministry of Planning and Investment (MPI) emphasised that it is necessary to stimulate domestic consumption in 2025 as it is a crucial task, not only for Vietnam but also for many countries around the world.

At a regular government press conference on 8 January, Deputy Minister of Planning and Investment Nguyen Duc Tam shared that the GDP target for 2025 was set between 6.5% and 7%, with efforts to reach 7% to 7.5%. However, due to current circumstances, the Prime Minister issued official dispatch No. 140, calling for ministries, sectors, and localities to achieve a growth rate of at least 8% this year, with potential for double-digit growth under favorable conditions. This dispatch also outlined high requirements for key growth-driving regions, including Hanoi, Ho Chi Minh City, Binh Duong, Dong Nai, and others.

Focus on institutional reform and improvement

Reviewing the 2024 plan, the representative from the Ministry of Planning and Investment noted that the initial growth target was 6.5% due to the impact of natural disasters, which lowered growth by 0.8%. However, with the decisive guidance of the Government and the Prime Minister, growth reached 7.09%. This is a key foundation for the 2025 goals. To reach the target of at least 8% growth and aim for a double-digit growth rate (at least 10%), the Ministry emphasises that 2025 must continue the reform and improvement of the institutional system, which will be a driving force for achieving higher growth results. MPI identifies 2025 as a year to continue working on institutional reforms as a key growth driver. Deputy Minister Tam added that in the upcoming 9th session, the government is striving to amend several laws, including Law 69, to motivate businesses and amend the Enterprise Law to "unlock" and resolve difficulties for the business community.

Focusing on new growth drivers

Providing further information, Deputy Minister Nguyen Duc Tam said that from the beginning of 2025, the government issued a decree related to tax exemptions, reductions, and deferrals until June 2025 for businesses. This will not only help businesses but also support citizens, aimed at encouraging domestic consumption. It is hoped that with the decree, people will be able to buy more goods, stimulating domestic demand. Tam also stressed the importance of renewing traditional growth drivers, such as investment and exports. Regarding investment, he noted that in the 2025 plan, total public investment that ministries, sectors, and localities must disburse is approximately 295,000 billion VND (11.64 billion USD). This amount, combined with carry-over funds from 2024, will be more than 300,000 billion VND (11.83 billion USD), which is substantial for the economy. If these funds are disbursed in full, it will create a momentum to attract other economic sectors, using public investment as leverage for growth. According to MPI, in 2025, a key focus will be attracting both domestic and international tourists as a vital growth resource. Moreover, in exports, the country will strengthen 17 free trade agreements (FTAs) already signed, which will serve as a catalyst to promote exports to Halal markets. Another key growth driver is implementing Resolution 57 on science, technology, and innovation. This is expected to drive future growth, particularly with the government’s issuance of Decree 182/CP regarding an investment support fund. Infrastructure development is another growth driver. Tam noted that by the end of 2025, the country aims to complete 3,000 kilometers of expressways and 1,000 kilometers of coastal roads, with many projects expanding from two lanes to four.

At the press conference, Government Office Minister Tran Van Son stated that Vietnam's economy showed a clear recovery in 2024, with a GDP growth rate of 7.09%, the second-highest in the 2011-2024 period. Commercial and tourism activities saw strong growth, contributing to the services sector, which rose by 7.38%. Inflation was controlled, and core inflation rose by only 2.71%. Exports reached 786.29 billion USD, growing by 14.3%, with a trade surplus of 24.77 billion USD. Minister Son also emphasized Vietnam's growing position in the global semiconductor supply chain, which has attracted major tech corporations following a cooperation agreement with NVIDIA./.