Gov’t proposes adjustments to socio-economic development goals
VGP - On behalf of the Government, Minister of Planning and Investment Nguyen Chi Dung presented a report on the revised 2025 socio-economic development plan which targets a growth rate of at least 8 percent and over US$500 billion GDP scale at the opening session of the 15th NA’s 9th extraordinary sitting on February 12.
Minister of Planning and Investment Nguyen Chi Dung
Minister Nguyen said that thanks to the high determination, great efforts, and decisive actions from the entire political system, people, and businesses under the leadership of the Party, especially the Politburo and the Secretariat, the country successfully and comprehensively fulfilled the socio-economic development goals for 2024, with all 15 key targets met or surpassed.
The year 2025 holds special significance as the final year of the 5-year socio-economic development plan for 2021-2025.
Therefore, the national GDP growth in 2025 needs to reach 8 percent or more, contributing to building a strong foundation for achieving a double-digit growth rate over a sustained period, starting from 2026. The growth should be rapid yet sustainable, with macroeconomic stability maintained, inflation controlled, major balances ensured.
The GDP scale in 2025 must reach over US$500 billion, GDP per capita about over US$5,000.
The Government proposed the National Assembly consider adjusting a number of key indicators: including Gross Domestic Product (GDP) growth rate of 8 percent or more, Average Consumer Price Index (CPI) growth rate of about 4.5-5 percent; the State Budget deficit to about 4-4.5 percent of GDP to mobilize resources for development investment.
Chairman of the NA's Economic Committee Vu Hong Thanh
Chairman of the NA's Economic Committee Vu Hong Thanh presented a verification report in which the committee generally agrees with the economic growth goals, requirements, and scenarios for 2025 outlined in the Government report.
Proposing the National Assembly adjust the economic growth targets for 2025 reflects the Government's determination and efforts to successfully achieve the socio-economic development goals for the 2021-2025 period, thus creating a solid foundation to achieve double-digit growth over a sustained period, propelling the country into the era of strong development and prosperity.
According to the committee, to deliver on the GDP growth target of at least 8 percent in 2025, it is necessary to ensure legal corridors, promote intrinsic strength while maintaining groundwork for long-term and sustainable development. It laid stress on the importance of stabilising the macro-economy, managing major economic balances, and guaranteeing social security and national defence.
It also called for specific solutions to reform public investment management, assure the disbursement of allocated public investment funds, and develop concrete monetary and fiscal policies to boost consumer spending and domestic tourism. Additionally, it emphasised the need to reduce and simplify administrative procedures./.
