Crisis Management for a Conflict with North Korea

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PM: 2025 GDP growth of 8.5% is a challenge but within reach

Vietnam Net - E | English | News | July 18, 2025 | UndeterminedEconomic Growth

Vietnam aims for GDP growth of 8.3%-8.5% in 2025, with an even higher target of 10% or more in 2026. Prime Minister Pham Minh Chinh acknowledged these goals as ambitious and challenging but emphasized they are achievable with effective implementation of national strategies, including the Politburo’s four-pillar resolutions.

During a government meeting on July 16, two 2025 growth scenarios were presented by Finance Minister Nguyen Van Thang. The first projects 8% growth, with GDP exceeding $508 billion and per capita income over $5,000. The more ambitious second scenario targets 8.3%-8.5% growth, expecting GDP over $510 billion, per capita income around $5,020, and higher quarterly growth rates. The government is encouraged to pursue this second scenario as groundwork for 10% growth in 2026.

Prime Minister Chinh highlighted key objectives including macroeconomic stability, inflation control below 4.5%, managing public debt, and maintaining the economy's major balances. Total social investment in 2025 is projected at about $110 billion, combining public and other sources. Monetary policy should stabilize the exchange rate, reduce interest rates, and direct credit toward digital, green, circular economies and social housing, with strong coordination between fiscal and monetary policies.

Infrastructure projects in highways, coastal roads, and railways are key strategic priorities, with local governments required to demonstrate accountability. Institutional reforms and human resource development, particularly in emerging sectors, are emphasized. The agriculture sector should focus on food security and export expansion, while cultural and tourism industries aim to attract 25 million international visitors. Simplifying administrative procedures, enhancing execution capacity, and promoting proactive local governance were also stressed.

State-owned enterprises are expected to achieve growth around 10%, outpacing the national average through efficient resource use. The government will establish flexible monitoring and evaluation mechanisms for timely adjustments. Officials at all levels should be competent and responsive to local issues. The Prime Minister also directed successful organization of Party Congresses without slowing economic growth and called for a realistic, actionable government resolution with systemic measures to meet 2025 growth targets.

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