Minister of Industry and Trade, Nguyen Hong Dien – Photo: VGP/NB
On September 6, Prime Minister Pham Minh Chinh chaired the regular Government meeting for August 2025, discussing several important issues.
Industrial Production Growth Across the Nation
According to Minister of Industry and Trade, Nguyen Hong Dien, the industrial production index for August is estimated to increase by 1.8% compared to July and 19% year-on-year. The cumulative index for the first eight months rose by 8.5%, higher than the same period last year, with the processing and manufacturing sector continuing to grow by 10%.
Domestic trade continues to thrive. Total retail sales of goods and services revenue for August is expected to rise by 0.6% from the previous month and surge by 50.2% year-on-year. The cumulative growth for the first eight months is estimated at 9.7%.
The Ministry of Industry and Trade attributes this growth to increased consumer optimism and spending, especially during holidays like the recent National Day celebrations. Businesses and localities have actively promoted consumption stimulation programs. Tourism revenue has significantly increased, surpassing the year’s target, reaching over 23%.
Trade turnover in August 2025 is estimated at $63 billion, up 0.9% from the previous month. Despite the impact of monetary tightening policies in other countries, exports still witnessed a slight increase of 0.6% compared to July and 11.2% year-on-year. Exports to the US market in August decreased by 5% compared to July, but the eight-month figure still rose by 17.3% year-on-year.
Trade Turnover Expected to Break Records
The cumulative trade turnover from the beginning of the year is estimated at nearly $600 billion, up 16.3% year-on-year. The Ministry of Industry and Trade forecasts that the trade turnover for the whole year may reach $800 billion, which would be a new record for Vietnam. Notably, the trade balance this year is expected to see a surplus of nearly $14 billion.
“This achievement is partly due to businesses expediting the execution of signed orders. It reflects the tremendous efforts of the business community and the entire political system in providing guidance and governance during this period,” said Minister Nguyen Hong Dien.
Alongside these achievements, Minister Nguyen Hong Dien suggested that relevant ministries, sectors, and businesses closely monitor adverse developments in the global market to promptly formulate appropriate policies, especially regarding issues related to the US, inflation, prices, and global supply chain disruptions for certain commodities.
To achieve the 8.3% growth target for 2025 and the following years, the Ministry of Industry and Trade proposes accelerating the implementation of National Assembly and Government resolutions, particularly the economic recovery and development program and the newly issued resolutions of the Party Central Committee. Additionally, it is crucial to expedite public investment disbursement, put into operation, and accelerate the progress of key projects nationwide, especially those that have been recently inaugurated or commenced. Simultaneously, we must vigorously implement investment projects under the national industry and mineral resource planning to ensure a stable supply of raw materials for domestic production.
The Ministry of Industry and Trade also recommends that the competent authorities promptly issue and implement the Government’s resolution on comprehensive solutions to respond effectively to related policies of the US, alongside fulfilling existing trade agreements with the US. On this matter, the Ministry of Industry and Trade submitted the proposal to the Government on August 18, incorporating feedback from other ministries and finalizing it on August 29.
Furthermore, the Ministry of Industry and Trade suggests that the competent authorities vigorously remove obstacles for projects and works facing difficulties by applying special mechanisms, particularly in the energy sector. Concurrently, it is essential to continue reviewing and addressing institutional bottlenecks through Government resolutions and amending laws and decrees to align with Vietnam’s high growth context.
Minister Nguyen Hong Dien proposed that ministries and sectors continue to support and accompany localities in performing the functions and tasks of the two-level local government according to the assigned authority and delegation.
Two Major Autumn and Year-End Fairs Planned
Additionally, the Minister shared that to stimulate domestic consumption and facilitate domestic and international trade, the Ministry of Industry and Trade has developed and finalized a proposal to organize two significant fairs: the Autumn Fair in late September, focusing on industry and food, and the Spring Fair at the end of this year, showcasing consumer goods for the Lunar New Year holiday. The proposal will be submitted to the Government next week.
Finally, the head of the industry and trade sector requested the Government to direct localities to be more proactive and determined in adjusting provincial planning and land use plans to attract investment projects. Localities also need to exercise their authority to approve investment proposals for energy projects, which are currently facing delays.
Title: Experts: The Financial Clout and Contributions of Private Enterprises Have Far Surpassed the “Start-up” or “Complementary” Stages.
“The growing presence of private sector involvement in government budgets is indicative of a maturing Vietnamese economy, where resources are allocated in a more multi-pillar and balanced fashion.” – Mr. Phan Vu Hoang, Deputy General Director of Tax and Legal Advisory Services at Deloitte Vietnam, commented on the recently released PRIVATE 100 list by CafeF.
“The Benefits of Registering for a 17% Tax Rate: Why It’s a Smart Move for Your Business”
The Ministry of Finance has recently submitted to the Ministry of Justice a dossier for appraisal of the Personal Income Tax Law (amended). This latest draft features several significant changes, most notably the introduction of a mechanism to calculate taxes on income and apply a 17% tax rate for households and individuals with business revenues exceeding the prescribed threshold.
“NCB Visa Cards Shine Bright Across Hanoi for National Day Celebrations”
Introducing the NCB Visa card, a symbol of pride and patriotism, released just in time for the 80th anniversary of our nation’s independence. With its vibrant red and yellow colors, this special “Pride” edition card is a perfect tribute to our beloved country. Just like the vibrant hues of our national flag flying high across the streets, this card adds a special touch to your celebrations.
A Rewarding Announcement for Over a Million Educators Nationwide
“This information has been provided by the Minister of Education and Training, Nguyen Kim Son.”
Don’t Be Mechanical: Applying International Standards to Vietnam’s Green Finance
“Over the years, Nam A Bank has been a strong advocate for green finance, and Mr. Vo Hoang Hai, the bank’s Deputy General Director, shared three key lessons learned during this journey at the International Conference on September 5th, with the theme ‘Unlocking the International Green Capital Market’.”
