Bắc Ninh
Vietnam stands firm on 8% GDP growth goal
The Vietnamese government will maintain its 8% GDP growth target for this year despite global and domestic economic hurdles.
A recent government resolution highlighted the global economy’s struggles with a trade war, geopolitical tensions, and risks of supply chain disruptions.
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Lach Huyen Port in Hai Phong City, northern Vietnam, January 2025. |
Domestically, extreme weather threatens agricultural production and electricity supply.
"Unpredictable external and internal factors" are pressuring macroeconomic stability, inflation, and exchange rates, the government said.
However, it wants ministries, agencies, and local authorities to seize opportunities and tackle obstacles to meet the 8% GDP growth target while ensuring macroeconomic stability and controlling inflation.
In response to global uncertainties, particularly U.S. tax policies, ministries and sectors have been tasked with crafting contingency plans.
The Ministry of Finance is directed to propose support measures for businesses and workers affected by U.S. tariffs and to submit a draft extending the value-added tax reduction from July 1, 2025 through the end of 2026.
The State Bank of Vietnam is asked to adopt a flexible approach to exchange rate management, intervening when necessary, and prioritize credit allocation to production sectors.
It should provide short-term loans to businesses impacted by U.S. tariffs. The bank is exploring preferential loan programs, including packages for homebuyers under 35 and long-term credit for infrastructure and digital technology projects.
To stabilize production and drive economic growth, the government has tasked the Ministry of Industry and Trade with resolving bottlenecks in the national power plan to prevent electricity shortages.
It is ordered to intensify trade promotion, forge connections with new markets, finalize new free trade agreements and advance bilateral negotiations with the United States.
The government has called for accelerated disbursement of public investment, aiming to fully utilize the 2025 capital plan.
The Ministry of Construction is instructed to develop policies to boost domestic consumption of construction materials and propose tax reductions on clinker, a key cement component.
The government orders the tourism sector to gear up for a robust summer 2025 campaign, with plans to coordinate airfare management and stimulate domestic travel demand.
It also wants to simplify administrative procedures, especially for businesses.
BAC GIANG - The Government delegation led by Nguyen Hong Dien, member of the Party Central Committee and Minister of Industry and Trade on March 27 worked with Bac Giang province on production, business, construction investment, import and export in the province.
Prime Minister Pham Minh Chinh has just signed and issued Directive No.09/CT-TTg on the tasks and solutions of state-owned enterprises (SOEs) to contribute to double-digit economic growth and rapid and sustainable national development.
BAC GIANG - The People's Committee of Bac Giang province (PPC) has just issued a Plan to implement Directive No. 05/CT-TTg dated March 1, 2025 of the Prime Minister on key tasks and solutions to promote economic growth and accelerate disbursement of public investment capital, ensuring the national growth target of 8% or more in 2025.
Politburo member and Director of the Ho Chi Minh National Academy of Politics (HCMA) Nguyen Xuan Thang welcomed Prof. Young-Sup Joo, Chairman of the Republic of Korea (RoK)’s National Research Council of Science and Technology (NST) to Hanoi on March 14 to explore how sci-tech can fuel Vietnam’s economic growth.
The goal of placing Vietnam among the top ASEAN countries in terms of business investment environment was emphasised by Party General Secretary To Lam with a specific requirement that Vietnam must enter the ASEAN Top 3.
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