Prime Minister: Annual GDP Growth Could Exceed 8%

Budget Revenue May Exceed Half a Quadrillion Dong

On the afternoon of October 10th, speaking at the first Private Economic Panorama Model program, Prime Minister Pham Minh Chinh emphasized that Vietnam’s private economic sector has affirmed its role as the most important driving force of the socialist-oriented market economy under the leadership of the Party, the management of the State, and the ownership of the people.

The private economic sector has significantly contributed to promoting economic growth, increasing state budget revenue, effectively mobilizing social resources for investment and development, creating jobs, livelihoods, income, improving people’s lives, ensuring social security, reflecting business ethics, and promoting international integration. It has also made important contributions to the cause of building, protecting the nation, and developing the country.

According to the Prime Minister, we have carried out the renovation process for 40 years with three main pillars: eliminating bureaucracy and subsidies, developing a multi-sectoral economy including the private sector, and international integration.

Recognizing that agriculture has helped the country escape poverty and become a rice exporter, and that industry and foreign investment have helped the country achieve middle-income status, the Prime Minister expressed hope and confidence that science and technology, innovation, and digital transformation will help the country become a developed, high-income nation.

The Prime Minister stated that we must be proud, confident, and steadfast in moving forward, believing that with the current momentum, we will undoubtedly achieve the above goals.

Highlighting that a notable trait of Vietnamese people is that the more pressure they face, the more effort they put in, the Prime Minister cited a recent example where the Central Committee raised the GDP growth target for 2025 to 8% or higher (up from the previous target of 6.5-7%, striving for 7-7.5%).

The Prime Minister noted that after setting this target, the third quarter faced significant challenges with 8 storms, including 4 in September alone, “storms upon storms, floods upon floods.” However, with high determination and great effort, “the Party directed, the Government unified, the National Assembly agreed, the people supported, businesses accompanied, and the nation awaited, we only moved forward, not backward.”

“As of now, the GDP growth for the first 9 months of 2025 is estimated at 7.85% compared to the same period last year. The Prime Minister assessed that if there are no significant fluctuations and with higher resilience and breakthroughs, the GDP growth for the entire year could exceed 8%.

Also, in the first 9 months, budget revenue has reached nearly 2 quadrillion dong, and for the whole year, it could reach 2.5 quadrillion dong, exceeding the target by 500 trillion dong. We plan to use this surplus for major national projects and to improve social welfare and people’s livelihoods,” the Prime Minister said.

Overcoming Ourselves and Integrating Globally

For the business community and private entrepreneurs, the Prime Minister hopes to achieve “3 Pioneering” under the theme “Public-Private Partnership for Nation Building,” “2 Strengthening,” and 1 overarching goal.

“3 Pioneering” includes:

First, pioneering in achieving the two 100-year strategic goals (by 2030, becoming a developing country with modern industry and upper-middle income, and by 2045, becoming a developed, high-income country), aligning business goals with national objectives.

Second, pioneering in the patriotic emulation movement, with each business and entrepreneur producing one measurable, quantifiable product each year, contributing to building a strong, prosperous nation and improving people’s material and spiritual lives.

Third, pioneering in achieving equality, progress, and social justice, ensuring social welfare, and leaving no one behind.

“2 Strengthening” includes:

First, strengthening by overcoming oneself, surpassing one’s own limits to develop faster and stronger, promoting science and technology, innovation, and digital transformation, contributing to the development of a digital economy, creative economy, green economy, and circular economy, ensuring rapid, green, and sustainable national development.

Second, strengthening in the process of deep, substantive, and effective international integration, competing fairly and squarely with international businesses, actively participating in global value chains, diversifying markets, products, and supply chains, overcoming challenges from the international situation and fierce strategic competition, with a vision to “reach far into the ocean, delve deep into the earth, and soar high into space,” effectively harnessing our skies, seas, and land.

With “3 Pioneering” and “2 Strengthening,” the Prime Minister is confident that the private business community will successfully achieve the overarching goal, which is also the mission entrusted by the Party, State, and people: “The private economy is the most important driving force of the national economy,” harmoniously and effectively combining with the state-owned economy as the leading force, contributing to bringing the country into a new era of wealth, civilization, prosperity, and happiness.