Enhancing the effectiveness of fiscal and monetary policy management to achieve an economic growth rate of 8.3-8.5% in 2025
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The dispatch clearly states that to further enhance the effectiveness of fiscal and monetary policy management, meet the capital needs of the economy, and contribute to the successful achievement of the economic growth target of 8.3-8.5% in 2025, the Prime Minister requires ministers, heads of ministerial agencies, governmental agencies, presidents of provincial People’s Committees, and chairmen and general directors of state corporations to continue implementing the tasks and solutions that have been put forth in the Resolutions and Conclusions of the Party, the National Assembly, and the Government, as well as in the directives of the Prime Minister.
Continue implementing reasonable, focused, and effective expansionary fiscal policy
Regarding fiscal policy, the Ministry of Finance shall take the lead in coordinating with relevant agencies to continue implementing reasonable, focused, and effective expansionary fiscal policy. This includes reviewing and perfecting the tax system and policies to align with the country’s development needs and the income of citizens and businesses. Strengthen the management of state budget revenue; inspect, check, and prevent transfer pricing, promote digital transformation, and ensure accurate, sufficient, and timely collection. Expand the revenue base, especially from e-commerce and catering services; resolutely implement regulations on electronic invoices created by cash registers (with a roadmap for complete implementation in 2025), focusing on propaganda, guidance, and timely overcoming any difficulties.
Enhance state budget revenue collection in 2025 by at least 25% compared to the estimate. Strictly save on regular expenses and review and cut down on unnecessary expenditures.
Continue implementing policies on tax exemption, reduction, extension, and land rent, as well as other mechanisms and policies to facilitate citizens and businesses, promote production and business, and create jobs and livelihoods…
Effectively advise the Prime Minister’s working groups to urge and remove difficulties and obstacles in production and business, import and export, infrastructure construction, promote growth, and accelerate the disbursement of 100% of public investment capital in ministries, agencies, and localities. Carefully evaluate the reasons for the slowdown in public investment disbursement in August 2025 and propose breakthrough solutions to accelerate disbursement in the last months of the year (especially for ministries, agencies, and localities with large capital plans).
Implement breakthrough solutions and policies to attract large-scale FDI projects with high technology and value chain leadership. Promptly and decisively solve difficulties and obstacles in foreign investment projects and reduce administrative procedures to speed up project implementation. Implement measures to promote Vietnamese investment abroad.
Vigorously implement solutions to develop the stock market and the corporate bond market in a stable, safe, and healthy manner, making it an effective medium and long-term capital mobilization channel for the economy to support monetary policy. Urgently complete the criteria as prescribed to meet the requirements for upgrading the stock market from a frontier market to an emerging market…
Ministries, agencies, and localities shall proactively grasp the developments of the international and domestic situations, improve their capacity for analysis, forecasting, and flexible and timely policy responses, and not be passive or surprised by negative impacts on Vietnam’s macro-economy.
More drastically and effectively implement tasks and solutions to promote the disbursement of public investment capital; focus on accelerating the progress of key and large-scale infrastructure projects, especially in the fields of transport, energy, health, education, culture, and sports… Provide close direction to ensure uninterrupted and timely disbursement of public investment during the implementation of the local government model with two levels. Actively overcome difficulties and obstacles in site clearance and construction material supply; timely adjust capital from slow-disbursing projects to well-disbursing projects. Strive to achieve a disbursement rate of about 60% by the end of the third quarter of 2025 and 100% of the 2025 plan. Promote private investment attraction and strengthen public-private partnerships. Focus on effectively handling stagnant and problematic projects within their authority to support businesses and people.
The Ministry of Science and Technology, ministries, agencies, and localities shall urgently implement science and technology, innovation, and digital transformation projects that have been allocated state budget funds; approve the list to implement projects supplemented with capital from the state budget revenue surplus in 2024 for implementation in 2025; and immediately remove any difficulties and obstacles to effectively implement Resolution No. 57-NQ/TW of the Politburo…
State economic groups and corporations shall promote their leading role, improve governance and business efficiency, strive for a production or business growth rate of over 10% in 2025, contribute to the country’s growth target, and ensure the major balances of the economy; focus on accelerating the progress of key infrastructure projects…
Conduct proactive, flexible, timely, creative, and effective monetary policy management
Regarding monetary policy, the State Bank of Vietnam shall take the lead in coordinating with relevant agencies to closely monitor the market and domestic and foreign economic situation to conduct proactive, flexible, timely, creative, and effective monetary policy management, coordinating harmoniously and closely with fiscal policy and other macro policies to contribute to promoting growth while ensuring macroeconomic stability, controlling inflation, and maintaining the economy’s major balances.
Manage credit in accordance with macroeconomic developments and monetary policy objectives, meeting the credit capital needs of the economy. Instruct credit institutions to continue to cut costs, simplify administrative procedures, and promote digital transformation… to create room for reducing the lending interest rate; orient credit to production and business sectors, priority areas, traditional growth drivers of the economy (investment, exports, and consumption), and new growth drivers (science and technology, innovation, digital economy, green economy, and circular economy…). Effectively implement credit programs for social housing loans, infrastructure investment, digital technology, support for production linkage, processing, and consumption of high-quality rice…
Build a roadmap and pilot the removal of credit growth targets from 2026 onwards as directed by the Prime Minister in Dispatch No. 128/CD-TTg dated August 6, 2025. Continue to promote cashless payment and digital transformation in banking activities…
Use monetary policy and banking tools to manage the exchange rate flexibly, harmoniously, and effectively, balancing it with interest rates; closely manage the foreign exchange market and stabilize the value of the Vietnamese dong.
Deputy Prime Ministers, within the scope of their assigned responsibilities, shall direct ministries, agencies, and localities to implement this Dispatch.
– 08:45 09/08/2025
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