Striving for a national GDP growth rate of over 8% in 2025 – Illustrative image |
Telegraphic message sent to comrades Minister, Head of ministerial-level agency, Head of Government agency; comrades Secretary of Provincial Party Committee, Municipal Party Committee, Chairman of Provincial People’s Council, Chairman of Provincial People’s Committee, Chairman of People’s Committee of centrally-run cities and provinces.
The telegram states: Under the leadership of the Party, directly and regularly by the Politburo, the Secretariat, with the companionship of the National Assembly, the drastic, timely and effective direction of the Government and the Prime Minister, and the efforts of ministries, sectors and localities, the socio-economic situation in 2024 has continued to recover positively, with each month and quarter being better than the previous one; the macro economy has been stable, inflation has been kept under control, and major balances have been ensured. The estimated growth rate for the whole year will be above 7%, with 15/15 key targets meeting and exceeding the plan set by the Central Committee and the National Assembly. Notably, many provinces and cities have achieved impressive growth rates, with state budget revenue far exceeding the estimate, social security guaranteed, and people’s lives continue to improve.
The year 2025 is of special importance, as it is a year of acceleration, breakthrough, and completion of the 2021-2025 Socio-Economic Development Plan, as well as a year of preparation and consolidation of fundamental factors to lay the groundwork for our country to confidently enter a new era – an era of prosperity and strength for the nation. To achieve the highest goals, targets, and tasks of the 2025 Socio-Economic Development Plan (especially the GDP growth target) and the 2021-2025 five-year plan, creating a premise for achieving double-digit economic growth in the 2026-2030 period, the Prime Minister requests the comrades Minister, Head of ministerial-level agency, Head of Government agency, Chairman of the People’s Committees of provinces and centrally-run cities, and suggests the comrades Secretary of Provincial Party Committee, Municipal Party Committee, Chairman of Provincial People’s Council to focus on leading and directing the implementation of the following key tasks and solutions:
1. Strongly and effectively implement Conclusion No. 97-KL/TW dated October 5, 2024 of the Party Central Committee on socio-economic development in 2024-2025, the Resolutions and Conclusions of the Central Committee, Politburo, Secretariat, and Key Leaders; Resolution No. 158/2024/QH15 of the National Assembly on the 2025 Socio-Economic Development Plan and the National Assembly’s Resolutions, Government’s Resolutions, and the Prime Minister’s directions on guidelines, viewpoints, tasks, and solutions for socio-economic development in 2025 and the 2021-2025 period.
2. Prioritize strongly promoting economic growth in association with maintaining macro-economic stability, controlling inflation, ensuring major balances, and achieving high surpluses; accelerate and break through, striving for a national GDP growth rate of over 8% in 2025 (higher than the target assigned by the National Assembly)
a) The Ministry of Planning and Investment shall take the lead, in coordination with ministries, agencies, and localities, in building a scenario for the country’s economic growth in 2025 at over 8%, proposing specific targets, tasks, and solutions for sectors, fields, ministries, agencies, and localities in the draft Government’s Resolution on key tasks and solutions to implement the socio-economic development plan and state budget estimate for 2025, ensuring consistency, feasibility, and effectiveness; reporting at the Government’s conference on reviewing the work in 2024 and deploying tasks for 2025 on January 8, 2025; on that basis, assigning 2025 targets to each ministry, sector, and locality.
b) The centrally-run provinces and cities shall build their Socio-Economic Development Plans for 2025 with drastic and breakthrough targets and solutions, promoting their potential and advantages, seizing opportunities, and overcoming challenges to strive for the highest results; in which, strive for a local GRDP growth rate of at least 8-10% in 2025, especially Hanoi and Ho Chi Minh City, big cities, and the country’s growth poles, which need to aim for a higher growth rate to further promote their role as the driving force in 2025.
c) The State Bank of Vietnam shall take the lead, in coordination with agencies and localities
– Use management tools effectively to adjust exchange rates and interest rates in line with macro-economic developments and set goals, meeting the capital needs of the economy; maintain stability in the monetary, foreign exchange, and gold markets, as well as the safety of the credit institution system.
– Continue to direct commercial banks to reduce operating costs, promote the application of information technology, and digital transformation to lower lending interest rates. Improve credit quality, focus credit on production and business, priority areas, and growth drivers of the economy, while strictly controlling credit in potential risk areas; effectively implement preferential credit programs (social housing credit package, support for agriculture, forestry, and fisheries…). Continue to restructure credit institutions in association with effectively handling bad debts.
d) The Ministry of Finance and other ministries, agencies, and localities, within their functions, tasks, and authority
– Strengthen financial and state budget discipline; manage revenues and expenditures strictly; ensure proper, sufficient, and timely collection, expand the revenue base, and combat tax losses, especially in land use, e-commerce, and digital platforms; drastically implement digital transformation and mandatory e-invoicing regulations for all sectors and fields, while inspecting, supervising, and monitoring their implementation; strive for state budget collection in 2025 to be at least 10% higher than in 2024; drastically save expenditures, especially regular expenditures, to allocate resources for development investment and social security.
– Implement in a timely and effective manner the policy of reducing value-added tax in the first six months of 2025 according to the Resolution of the 8th session of the 15th National Assembly. The Ministry of Finance shall continue to study and propose policies on exemption, reduction, and extension of tax, fees, charges, and land rent to support people and businesses in production and business development in 2025.
d) The Ministry of Construction shall take the lead, in coordination with relevant agencies and localities, in synchronously implementing solutions to remove difficulties and obstacles in the implementation of real estate projects, social housing, and promoting the sustainable, healthy, and stable development of the real estate market; effectively implement the VND 145 trillion credit package for social housing; and determine to build 100,000 social houses by the end of 2025.
3. Renew traditional growth drivers
a) On investment
– Ministries, agencies, and localities shall focus on promoting the disbursement of public investment capital from the beginning of 2025, especially for important national programs, projects, and works; national target programs; using public investment to lead private investment and promote public-private partnership. Emphasize the responsibility of leaders, overcome limitations and shortcomings, and drastically remove difficulties and obstacles for each project. There should be strict discipline for acts of corruption, negativity, and causing obstacles that slow down the disbursement progress of public investment capital. Focus on building a medium-term public investment plan for the 2026-2030 period; allocate capital in a focused and selective manner, and resolutely avoid scattering and small-scale projects, ensuring that the total number of projects using the central budget capital in the 2026-2030 period does not exceed 3,000 projects (including ongoing and new projects); actively carry out investment preparation for important national projects and key projects.
– The Ministry of Planning and Investment shall take the lead, in coordination with ministries, agencies, and localities, in building an effective mechanism to selectively attract foreign investment, focusing on promoting and attracting large-scale FDI projects with advanced technology; promptly grasp and handle difficulties and obstacles of FDI enterprises, especially administrative procedures, to speed up the progress of projects in Vietnam.
b) On consumption
The Ministry of Industry and Trade and other ministries, agencies, and localities, within their functions, tasks, and authority, shall effectively implement solutions to stimulate consumption in each locality and across the country, promote the “Vietnamese People Give Priority to Using Vietnamese Goods” movement, the One Commune One Product Program (OCOP), e-commerce, and online payment; strengthen the organization of concentrated promotion programs; promote production, ensure sufficient supply and no shortage of goods, especially essential goods; link production, distribution, and consumption; improve the quality of services, especially catering, accommodation, and domestic tourism services; and strengthen promotion and attract international tourists (aiming to attract over 20 million international visitors in 2025).
c) On export
The Ministry of Industry and Trade and other ministries, agencies, and localities, within their functions, tasks, and authority, shall promote trade promotion, diversify export markets, build brands for high-quality Vietnamese goods; take advantage of 17 signed free trade agreements and negotiate new ones; expand and effectively exploit new markets, especially the Halal market, the Middle East, Latin America, and Africa…; support enterprises to meet new standards of export markets; improve trade defense capacity, prevent origin fraud; and focus on providing market information and legal support in international trade and investment.
4. Promote and create breakthroughs for new growth drivers
a) The Ministry of Information and Communications shall take the lead, in coordination with relevant agencies and localities, in accelerating national digital transformation in a deep, comprehensive, and breakthrough manner, especially in building a flexible digital institution, modern digital infrastructure, and a pervasive digital economy, while ensuring network security and safety.
b) The Ministry of Planning and Investment shall take the lead, in coordination with relevant agencies, in urgently completing the Decree on the mechanism for experimental development of the circular economy, submitting it to the Government in the first quarter of 2025; attracting investment in new sectors and fields with advanced technology such as semiconductor chips, artificial intelligence, cloud computing, and the Internet of Things…; research and build specific mechanisms, policies, and solutions to support and encourage effectively. Strongly and effectively implement the Program for Human Resource Development in the Semiconductor Industry towards 2030, with a vision to 2050. Promote the development of the maritime economy, urban economy, regional economy, and regional connectivity.
c) The Ministry of Natural Resources and Environment and the Ministry of Planning and Investment, within their assigned functions and tasks, shall urgently take the lead, in coordination with relevant agencies, in submitting to the Prime Minister the set of national green criteria and proposing a list of green economic sectors integrated into the system of Vietnamese economic sectors, to encourage and promote green transformation.
5. Promote the development of strategic infrastructure
a) Ministries, agencies, and localities, within their assigned functions, tasks, and authority
– Focus on completing key and important national infrastructure systems; urgently connect the expressway system with airports and seaports and implement high-speed railways and urban railways such as the North-South high-speed railway, railways connecting with China, and urban railways in Hanoi and Ho Chi Minh City; strive to basically complete Long Thanh International Airport in 2025; and determine to complete at least 3,000 km of expressways by the end of 2025. Focus on removing difficulties and obstacles in implementing large-scale infrastructure projects, especially in compensation, support, and resettlement. Ensure the supply of raw materials, control the price of raw materials, and land use indicators to speed up the progress and ensure the quality of expressways.
– Continue to invest in completing agricultural, rural, and climate change response infrastructure, as well as energy infrastructure.
– Urgently implement the direction of competent authorities on restarting the nuclear power project, establishing an international financial center and regional financial centers in Ho Chi Minh City and Da Nang, and establishing a Free Trade Area in some localities.
b) The Ministry of Information and Communications shall take the lead, in coordination with ministries, agencies, and localities, in focusing on developing national digital infrastructure, innovation infrastructure, developing telecommunications satellites, and upgrading the national telecommunications backbone infrastructure; promoting the commercialization of 5G, researching 6G, and applying satellite services…
6. Mobilize maximum resources for development
a) The Ministry of Planning and Investment and the Ministry of Finance, within their assigned functions and tasks, shall take the lead, in coordination with relevant agencies and localities, in implementing effective solutions to mobilize maximum and diversify resources from the State, people, businesses, direct and indirect investors, and public-private partnership (PPP) sources to develop strategic infrastructure systems. Research and take advantage of the room for public debt, government debt, and deficit to mobilize additional resources for development investment. Remove obstacles to unblock, mobilize, and effectively use resources from the stock market and corporate bonds.
b) The State Capital Management Committee shall direct state-owned groups and corporations to continue to improve the efficiency of investment and business operations in a comprehensive and sustainable manner, ensuring that they are commensurate with the resources held through governance innovation, optimization of production methods, and improvement of human resource quality; focus on and accelerate investment in large-scale projects with spillover effects, contributing to growth promotion. Develop the private economic sector into one of the important driving forces of the economy; build mechanisms to promote large-scale ethnic enterprises.
c) Ministries, agencies, and localities, within their assigned functions, tasks, and authority, shall urgently implement the Resolution of the National Assembly on removing difficulties and obstacles in projects and land in some localities. Promote the effectiveness of the Steering Committee under Decision No. 1250/QD-TTg dated October 23, 2024, on removing difficulties for projects; focus on reviewing, classifying, and proposing mechanisms and policies to remove obstacles, soon put them into use, and unlock resources to contribute to socio-economic development.
7. Continue to improve institutions, laws, mechanisms, and policies to immediately remove difficulties and obstacles, and promote socio-economic development.
a) Ministries, agencies, and localities shall focus on drastically implementing the organization of apparatus in a “Compact – Efficient – Effective – Effective – Efficient” manner according to the direction and orientation of the Central Committee and the Government, ensuring progress and quality as required. Strengthen decentralization and delegation of power in association with resource allocation, inspection, supervision, and follow the motto “Localities decide, do, and take responsibility”. Resolutely cut and simplify administrative procedures, reducing costs for people and businesses. Implement in a timely and effective manner the laws and resolutions passed by the National Assembly at the 8th session to put new regulations into practice as soon as possible.
b) The ministries and ministerial-level agencies shall continue to review the provisions of the Laws that are no longer appropriate, overlapping, or incomplete, for submission to the National Assembly at the extraordinary session in February 2025; in which: The Ministry of Planning and Investment shall continue to review and propose amendments to the Laws on investment in the form of public-private partnership, the Law on Investment (especially regulations on overseas investment); the Ministry of Finance shall urgently complete the draft Law on State Capital Management and Investment in Enterprises; the Ministries of Science and Technology and Information and Communications shall submit amendments to the Laws in their respective fields to unblock resources and promote development.
8. Ministries, agencies, and localities, within their assigned functions, tasks, and authority, shall proactively and flexibly implement synchronous solutions to develop culture, effectively implement social security policies, and sustainably reduce poverty; effectively implement the Target Program on Cultural Development in the period of 2025-2035. Take the initiative in natural disaster prevention and response, and adapt to climate change; strongly implement the commitments at COP26. Ensure political stability, consolidate and strengthen national defense and security; do well in policy communication, and continue to promote substantive and effective external affairs and international integration.
9. The Government Office, within its assigned functions and tasks, shall monitor and urge the implementation of this telegram and report to the Prime Minister the issues beyond its competence.
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