Vietnam’s premier aims for about 8% economic growth in 2025
VIETNAM’S Prime Minister Pham Minh Chinh said the government will strive for economic growth of about 8 per cent next year, significantly higher than the parliament’s goal for 2025.
While the National Assembly set a gross domestic product growth target of 6.5 to 7 per cent for next year, Chinh said that the government sees 2025 as “the year of acceleration” and will strive for about 8 per cent growth, according to a statement on the government’s website.
It will prioritise promoting economic growth while controlling inflation and ensuring the budget deficit and public debt are within reasonable limits, the statement said.
Chinh forecasts 2024 GDP growth at above 7 per cent, more than the government’s official target of 6.5 per cent expansion, with inflation of less than 4 per cent, according to the statement.
The government forecasts the value of total imports and exports of goods and services to reach US$807.7 billion this year, a record high.
Next year will create momentum for double-digit growth levels in the 2026 to 2030 period, according to the statement.
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The country will also strive to complete big infrastructure projects, including a 3,000 kilometre expressway and “basic” completion of Long Thanh International Airport’s initial phase, it said.
The government earlier said it will “drastically” push for 7 per cent growth in 2024 and vowed to speed up the disbursement of public investment, which is far behind the year’s target.
Spending for the first 10 months of 2024 stood at just 52.29 per cent of this year’s planned investment, according to a separate government statement on Friday (Nov 29).
Chinh previously said that this is due to a combination of factors, including a lack of coordination among government agencies, and officials being afraid to take responsibility for their actions. BLOOMBERG
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