2-12-2024 (HANOI) Vietnamese Prime Minister Pham Minh Chinh has unveiled plans to pursue an ambitious economic growth target of approximately 8% for 2025, markedly surpassing the National Assembly’s more conservative projection of 6.5-7%.
Speaking at a government briefing, the Prime Minister declared 2025 would be Vietnam’s “year of acceleration”, outlining a comprehensive strategy that aims to balance robust economic expansion whilst maintaining strict inflation controls and sustainable public debt levels.
The announcement comes as the government projects stronger-than-anticipated performance for 2024, with GDP growth expected to exceed 7%, outpacing the official target of 6.5%. Inflation is forecast to remain contained below 4%, whilst the nation’s combined imports and exports are set to reach an unprecedented £807.7 billion this year.
The ambitious growth agenda forms part of a broader economic vision, with Chinh suggesting these targets will pave the way for double-digit growth rates during the 2026-2030 period. The strategy includes significant infrastructure development, with plans to construct a 3,000-kilometre expressway network and complete the initial phase of the Long Thanh International Airport project.
However, challenges remain in public investment execution. Recent government data reveals that spending in the first ten months of 2024 achieved merely 52.29% of the annual target. The Prime Minister attributes these delays to bureaucratic inefficiencies and hesitancy among officials to assume responsibility for decision-making.
The government has pledged to “drastically” pursue its 7% growth target for 2024, emphasising accelerated public investment disbursement as a key priority. This aggressive growth strategy represents Vietnam’s determination to position itself as one of Asia’s fastest-growing economies, despite global economic uncertainties.
