Investments

Sustained Economic Growth Amid Dual Challenges

At the November 2025 regular government meeting held on the morning of December 6th, Minister of Finance Nguyễn Văn Thắng emphasized that amidst challenges and hardships, we must redouble our efforts, remain steadfast, and resolutely turn the tide. We are committed to effectively responding to the situation and providing timely support to the people in preventing, combating, and overcoming the consequences of natural disasters. As a result, despite facing a "double impact" from external adverse factors and natural calamities, the economy has continued to achieve remarkable, comprehensive results, earning global recognition and high praise.

Administrator

8 December, 2025

Minister of Finance Nguyen Van Thang speaks at the Government’s regular November 2025 meeting – Photo: VGP/Nhat Bac

In November, the global situation remained complex, marked by trade tensions, geopolitical instability in the region, volatile financial, monetary, and commodity markets with inherent risks, and historic typhoons and floods in Thailand, Indonesia, the Philippines, and South Asia, causing severe damage.

Domestically, natural disasters and floods have been highly complex and unpredictable, especially since the beginning of Q3. The rare occurrence of “storm after storm, flood after flood” has led to record-breaking widespread flooding, severely impacting people’s lives and the socio-economic development of localities and the nation as a whole.

The Government and the Prime Minister have closely and decisively directed ministries, sectors, and localities to concretize laws, resolutions, conclusions, and directives from the Party Central Committee, the Politburo, the Secretariat, and the National Assembly. They have also proactively and effectively responded to external challenges and natural disasters.

According to the Ministry of Finance’s report, despite significant difficulties and challenges, macroeconomic stability has been maintained, inflation controlled, and major economic balances ensured, promoting production and business. The consumer price index (CPI) for 11 months increased by approximately 3.29% compared to the same period last year. State budget revenue for 11 months is estimated at nearly VND 2,400 trillion, reaching 121.9% of the plan and increasing by 30.9% year-on-year, with a sustainable state budget revenue structure. Budget deficits and public debt are well-controlled. Energy and food security remain stable.

Notably, growth drivers continue to be promoted and renewed. Total registered FDI for 11 months reached nearly USD 33.7 billion, up 7.4% year-on-year, with realized FDI at approximately USD 23.6 billion, up 8.9%. Total import-export turnover for 11 months is estimated at nearly USD 840 billion, up 17.2%, with a trade surplus of USD 20.53 billion. Total retail sales and consumer service revenue for 11 months increased by 9.1%; international visitors reached 19.15 million, up 20.9%.

Simultaneously, production and business have grown positively. The industrial production index (IIP) in November increased by 2.3% month-on-month and 10.8% year-on-year; cumulatively for 11 months, it increased by 9.3%.

It is estimated that 20 out of 34 localities achieved a GRDP growth rate of 8% or higher in 2025, with 6 localities achieving double-digit growth: Quang Ninh, Hai Phong, Ninh Binh, Phu Tho, Bac Ninh, and Quang Ngai.

Culture, society, social welfare, and environmental protection continue to receive attention. The education and health sectors focus on disaster prevention, mitigation, and recovery; developing national target programs; and submitting laws and resolutions to the National Assembly for implementation of Politburo resolutions. National defense, security, and social order remain stable. External affairs and international integration are further strengthened.

Additionally, efforts are focused on preparing for the 14th National Party Congress, reviewing, guiding, and resolving issues in the operation of two-tier local governments, linked with digital transformation; reorganizing public service units, state-owned enterprises, and internal units of agencies and organizations; and enhancing information and communication to build consensus and inspire development aspirations across society.

Growth Challenges Persist

Alongside achievements, Minister Nguyen Van Thang highlighted existing challenges. Specifically, the 2025 growth target faces significant obstacles. The remaining time in 2025 is very short, while growth drivers such as investment, consumption, and exports continue to face risks and difficulties from external markets, U.S. tariff policies, and internal economic issues. Public investment disbursement for 11 months reached only 60.6% of the plan; progress on key projects has been significantly affected by landslides, prolonged rain, and flooding. Private investment has not met expectations; investment promotion and attracting large-scale FDI projects still face obstacles.

Preliminary estimates indicate that natural disasters reduced the GRDP growth rate in Q4 for Hue, Dak Lak, Gia Lai, and Khanh Hoa by approximately 1%, with a full-year reduction of 0.2-0.3%, and lowered the national GDP growth rate in Q4 by about 0.1%.

Furthermore, while macroeconomic stability is maintained, it faces considerable pressure. Efforts to improve institutions and laws have been prioritized but still lag behind development needs. The final month’s weather remains complex and unpredictable. Smuggling, trade fraud, counterfeit goods, and air pollution in major cities require continued attention.

More Decisive and Close Implementation

In this context, Minister of Finance Nguyen Van Thang proposed that all levels, sectors, and localities proactively, decisively, and closely implement key task groups.

First, urgently issue and submit detailed regulations and guidelines for laws and resolutions approved by the National Assembly.

Second, consistently prioritize macroeconomic stability, inflation control, and major economic balances to create a favorable business environment, promoting rapid and sustainable growth.

Third, continue focusing on disaster prevention, mitigation, and recovery, stabilizing people’s lives, and restoring production and business. This includes implementing the “Quang Trung Campaign” to rebuild and repair homes for residents; supporting businesses, cooperatives, and households to resume operations, preventing supply chain disruptions; enhancing community and local government capacity, especially at the commune level, in disaster prevention; reviewing reservoir and hydropower system operations to ensure safety and effective emergency response; and addressing landslide-prone roads to develop mitigation solutions.

Fourth, coordinate preparations for the 11th National Emulation Congress and the 14th National Party Congress. Ministries, agencies, and localities should launch peak emulation campaigns to overcome challenges, accelerate progress, and create significant changes under the motto “innovative thinking, development creation, determined action, leading by example, dedicated service, and serving the people.” Simultaneously, prepare for the inauguration and groundbreaking of major projects on December 19, 2025, to celebrate the 14th National Party Congress.

Additionally, continue improving institutions, laws, and administrative procedures; promote investment, stimulate consumption, and develop new growth drivers such as science, technology, innovation, and digital transformation; enhance exports and sustainable trade development; focus on cultural and social development, and prepare for the Lunar New Year; effectively implement conclusions and directives from the Politburo, Secretariat, Central Steering Committee, Government, and Prime Minister on reorganizing public service units, two-tier local government models, and state asset management; and urgently adjust planning to leverage new development spaces for sectors, fields, and localities post-reorganization.

Nhat Quang

– 11:00 06/12/2025