Deputy Prime Minister Le Thanh Long addressing the National Assembly – Photo: VGP/Nhat Bac
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On behalf of the Government and the Prime Minister, Deputy Prime Minister Le Thanh Long expressed gratitude for the insightful and responsible opinions of the National Assembly delegates, which have opened up numerous feasible solutions grounded in practical realities.
Projected 2025 growth exceeds 8%
Regarding the overall socio-economic issues for 2025 and the outlook for 2026, the Deputy Prime Minister stated that in 2025, Vietnam is expected to achieve a GDP growth rate of approximately 8% or higher. Over the entire 2020-2025 term, growth is projected to reach 6.3%, surpassing the 6.2% rate of the 2015-2020 period. Labor productivity in 2025 is set to increase by 6.85%, exceeding the target of around 5.5%. The contribution of total factor productivity during this period is estimated at approximately 47%. Tax revenue is a highlight of 2025, with an expected collection of 2.4 trillion VND, surpassing the estimate by 21.5%. From 2021 to 2025, total state budget revenue is projected to reach 9.6 trillion VND.
According to the Deputy Prime Minister, when these achievements are viewed against the backdrop of the COVID-19 pandemic, complex regional and global dynamics, geopolitical tensions within our region, and the unpredictable trade and economic policies of major powers—which have nearly dismantled the international trade principles established from GATT to WTO—it becomes evident that these results reflect the immense efforts of the entire political system. This includes the Government, the Prime Minister, ministries, sectors, and localities under the leadership of the Central Committee, the Politburo, the Secretariat, and headed by the General Secretary.
Efforts to streamline public investment projects to 3,000 for impactful results
Regarding public investment disbursement, the Deputy Prime Minister cited data from the Ministry of Finance, indicating that as of October 23, 2025, the disbursement rate stands at 51.7%, compared to 51.5% in the same period last year. In absolute terms, 465 trillion VND has been disbursed, an increase of 116 trillion VND year-over-year. The Deputy Prime Minister acknowledged the validity of the concerns raised by National Assembly delegates regarding delays and noted that the disbursement progress has fallen short of expectations, despite administrative measures such as regular meetings, briefings, and discussions with ministries, sectors, and localities.
Deputy Prime Minister Le Thanh Long emphasizes focusing public investment on impactful projects – Photo: VGP/Nhat Bac
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The Deputy Prime Minister attributed this situation to the reduction in the number of projects. While there were over 12,000 projects in the 2015-2020 term, the number decreased to under 5,000 in the 2020-2025 term, with efforts to further reduce it to under 3,000 by 2026-2030.
This shift reflects a change in mindset, focusing on concentrating resources on projects that deliver significant results, which has also impacted timelines and procedural requirements.
Another factor is the delay in implementing mechanisms and policies. “We are addressing these issues, but there is a lag,” the Deputy Prime Minister noted, citing challenges related to decentralization, administrative procedure reduction, and mineral and investment issues.
A third factor is the reorganization of the apparatus, which has had an impact, particularly in task handovers. The Deputy Prime Minister urged delegates to support and accelerate disbursement in their localities, striving to meet the target of fully disbursing allocated funds.
Enhancing transparency in the gold market
Addressing the rise in gold prices, Deputy Prime Minister Le Thanh Long noted that global gold prices have reached nearly $4,400 per ounce. “I consulted with Deputy Governor Son of the State Bank, who reported that the price gap between domestic and international gold markets has fluctuated between nearly 20 million VND and as low as 1 million VND,” the Deputy Prime Minister stated.
He attributed this phenomenon to geopolitical instability, inconsistent economic and trade policies shaped by major powers, and domestic psychological factors.
The Government’s response includes strengthening situational awareness, with the Prime Minister directing inspection forces to take decisive action. Amendments to Decree 24 aim to reduce gold market monopolies, and a proposal for a gold trading platform has been submitted to enhance transaction transparency.
The Deputy Prime Minister added that with a 2024 GDP of approximately 12 trillion VND, the total gold transaction volume in the first nine months of 2025 reached about 23.3 trillion VND.
Regarding the surge in real estate prices, which has made housing unaffordable for many, the Deputy Prime Minister acknowledged the issue and outlined ongoing Government measures. These include comprehensive solutions such as amending land and real estate market regulations. During this session, the Government has submitted a resolution to address urgent issues within the Land Law, including valuation matters.
Another key initiative is the social housing program, aiming for 1 million units by 2030. According to the Ministry of Construction, 165 projects have been completed, providing approximately 117,000 units. By the end of 2025, considering completed, initiated, and approved projects, Vietnam is on track to achieve 60% of the target, with potential to exceed the 1 million goal. Additional measures include real estate market controls.
On legal development, the Deputy Prime Minister highlighted Resolution 66-NQ/TW, which shifts focus from management to development facilitation. The resolution aims to establish principles in laws, leaving flexibility for the Government and other entities, thereby streamlining the legislative process to address realities as they emerge. The drafting agency will be held accountable for the entire process.
Resolution 66 has significantly contributed to economic and social development, addressing bottlenecks and local government issues. Moving forward, the Government will direct ministries, sectors, and agencies to effectively implement the resolution’s objectives, supporting the development and enforcement of laws to foster socio-economic growth in 2025 and beyond.
– 13:45 30/10/2025
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