Bắc Ninh
Vietnam aims for 8% economic growth with comprehensive solutions
Deputy Minister of Planning and Investment Tran Quoc Phuong has outlined a set of comprehensive solutions to propel Vietnam's economy toward an 8% growth this year, setting the stage for even higher leaps in the future.
To make this vision a reality, the Ministry of Planning and Investment has proposed adjustments to specific targets outlined in the National Assembly (NA)'s Resolution 153, which will be presented for approval at the legislature’s upcoming 9th extraordinary session, Phuong told a regular Government press conference in Hanoi on February 5.
 |
|
Deputy Minister of Planning and Investment Tran Quoc Phuong speaks at the press conference. |
The ministry is also drafting a separate Government resolution to realise the 8% growth target set by the Party Central Committee. This resolution will set specific growth targets for localities and assign key performance indicators for ministries and agencies.
Local authorities are encouraged to aim for at least 8% growth to ensure every contributes to the national momentum.
Phuong underlined the need to refine legal and institutional frameworks and tackle bottlenecks in investment projects. By doing so, he said, Vietnam can quickly unlock resources and channel them into the economy.
The Prime Minister directed efforts to reduce regular expenditures to less than 60% of the state budget, thereby freeing up more funds for investment.
To accelerate the use of public investment, construction on key railway projects, including the Lao Cai – Hanoi – Hai Phong and Hanoi – Lang Son routes, will soon begin. State-owned enterprises (SOEs), particularly leading ones, are also encouraged to spearhead large-scale projects with substantial spillover impacts to drive investment growth.
To attract more private and foreign investment, especially in hi-tech, Vietnam is rolling out a green lane policy. Technology parks, industrial and hi-tech zones will serve as key growth engines, enhancing competitiveness and fostering sustainable economic growth.
Others solutions to increase exports, domestic consumption, tourism, industrial production were also highlighted.
According to him, Vietnam's strategic advantage in the global technology landscape, particularly in artificial intelligence (AI) and other advanced technologies, presents a vital opportunity for sci-tech breakthroughs. This momentum can drive new growth and innovation.
On the financial front, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu announced a 16% credit growth target for this year.
The SBV's agenda includes inflation control, currency stabilisation, growth support, and maintenance of the economy's major balances.
Monetary policy will be flexibly yet tightly managed, in harmony with fiscal and other macroeconomic policies. A balanced interest rate approach will be used to draw capital, with suitable refinancing tools ensuring liquidity for commercial banks, he added.
While major economies struggle to regain growth momentum, Vietnam is seen as a bright spot with positive growth prospects and is expected to reach 6.5%.
Vietnam's industrial sector marked a remarkable growth in 2024 with the industrial production index (IIP) surging by 8.4% year-on-year, a record high over the past four years, the General Statistics Office (GSO) has said.
The fruits of economic growth must be shared harmoniously, fairly, and equitably among all citizens, Party General Secretary To Lam told a conference reviewing the 2024 performance and setting 2025 tasks for the Government and local authorities in Hanoi on January 8.
The digital technology industry (ICT) industry's GDP contribution is estimated at VND989.02 trillion (US$38.8 billion), a rise of 11.2% compared to the previous year.
Credit growth across Vietnam's banking system is projected to reach about 16% in 2025, according to the State Bank of Vietnam (SBV). In a document sent to financial institutions, said the central bank.
Vietnam will be the standout among the top six ASEAN economies (ASEAN-6), growing at a faster pace relative to its peers during the next few years, according to the Oxford Economics, a global economic advisory firm.
Ý kiến bạn đọc (0)