General Secretary To Lam's Conclusion following working session with Central Policy and Strategy Commission

On February 24, 2025, General Secretary To Lam presided over a working session with the Central Policy and Strategy Commission to discuss ways to achieve the GDP growth goal of at least 8 percent in 2025, creating solid foundation for double-digit growth in the following years; directions for management of digital assets and currencies in Viet Nam.

General Secretary To Lam concluded as follows:

1. The Central Policy and Strategy Commission studied and put forward several major principles, orientations and solutions to achieve the GDP growth target of at least 8 percent in 2025 and double-digit GDP growth in the period beyond 2025. The General Secretary agreed with 10 strategic solutions put forward by the Central Policy and Strategy Commission.

2. In the immediate and long-term future, the first and foremost requirement is to mobilize all economic sectors, businesses and individuals to join socio-economic development process and work actively to contribute to growth and national development. All institutions, mechanisms and policies must serve to achieve this requirement.

3. In order to achieve fast and sustainable growth, it is necessary to focus on reforming and promoting both supply and demand sides in a manner consistent with the reality, nature and level of the Vietnamese economy.

- Regarding the supply side, it is necessary to focus on drastically reforming institutions, improving the business environment, consolidating the confidence of businesses and citizens.

In 2025, strive to reduce time required for processing administrative procedures by at least 30 percent; cut the business costs, especially in customs area and unofficial costs by at least 30 percent; abolish at least 30 percent of unnecessary business conditions.

In the newt 2-3 years, Viet Nam's business environment will be the top three countries in ASEAN.

The Central Policy and Strategy Commission should mull over a special legal framework to help Viet Nam catch up with the development pace of digital economy, innovation and international integration, especially financial technology, artificial intelligence, platform economy, e-commerce and special economic zones; put forward regulatory sandboxes for new technology industries; propose a legal framework designated for special economic zones and special tech zones (such as special preferential tax mechanisms, special mechanisms for resolving trade disputes in special zones).

Regarding land and real estate market policies, it is necessary to promote transactions and attract investment sources into the real estate market; promote and expand urban areas to become a driving force for national growth through building high-quality and comprehensive infrastructure development; develop a national digital map system on planning and land prices; mull over the establishment of national housing fund to develop low-cost housing in large cities; open financial policies for international financial center models; effectively take advantage of foreign indirect investment; study the model of "duty-free port" to attract foreign investors to Viet Nam; promote the development of science and technology, and innovation; completely address air pollution in Ha Noi, Ho Chi Minh City and other big cities

Implement policies to attract talents to work in State agencies and enterprises and special policies for cadres and civil servants with good performance at work; adopt mechanisms to remove incompetent and unqualified people from the State apparatus. Further concretize the orientation to encourage and protect cadres and civil servants who dare to think, dare to do. Continue to improve the organization of the State apparatus, and adopt mechanisms to strengthen power decentralization to localities. In addition, it is necessary to improve policies deal with population aging.

- For the demand side, focus on accelerating Government's investment in strategic infrastructure development, both in terms of quantity, quality and comprehensiveness; promote private investment through creating a favorable, transparent, safe, low-cost business. Promote domestic consumption for sustainable GDP growth; increase net exports. Promote export of processed farm products based on agricultural economic development instead of pure agricultural production; promote industrialization of agriculture; adjust land limit policy to facilitate land accumulation; encourage new forms of cooperation in agriculture. Implement open fiscal policy and flexible monetary policy, cautiously ease monetary policy.

4. Regarding digital currency management, the General Secretary agreed with the Central Policy and Strategy Commission's proposal to soon manage digital currencies to avoid negative impacts on the economy and the society and to contribute values to the economy. The National Assembly and Government agencies need to soon adopt management policies; mull over an experimental mechanism for establishment of digital currency exchange.