Following the Q&A sessions with the Ministers of Finance and Education and Training, Deputy PM Nguyen Hoa Binh addressed key issues raised by National Assembly deputies.

An 8% growth target remains a major challenge

Presenting to the National Assembly, the Deputy PM reported that Vietnam’s socio-economic situation in the first half of the year showed positive momentum. Growth was driven forward, macroeconomic stability was largely maintained, inflation remained under control, and major economic balances were secured. Several indicators even outperformed the same period last year.

GDP in the second quarter is projected to grow by about 7.6% year-on-year, resulting in a first-half growth estimate of 7.3% (compared to the 7.58% target scenario). This places Vietnam among the top-performing economies regionally and globally, with agriculture, industry, and services all sustaining strong growth.

Foreign direct investment remains a bright spot, with total registered capital estimated at over $20 billion and actual disbursed capital around $12 billion - signaling continued international investor confidence in Vietnam.

While global institutions remain optimistic about Vietnam’s economic outlook, Binh acknowledged ongoing shortcomings and challenges, echoing concerns raised by deputies. He also noted that achieving the 8% growth target in 2025 is an extremely ambitious task.

Focus on trade, investment, and consumption

On investment, Binh emphasized the need to accelerate public investment disbursement to reach 100% of the annual plan, particularly for key national projects. He stressed the importance of proactively fostering balanced, sustainable trade with major partners like the United States and China.

In terms of consumption, the government aims to refine tax and credit policies to boost purchasing power and stimulate domestic demand. Binh reiterated the need for decisive actions to prevent smuggling, trade fraud, and the circulation of counterfeit and substandard goods.

He also proposed establishing free trade zones in select localities and studying new models like “duty-free ports” as well as mechanisms to exploit space-based, maritime, and underground resources.

Timely appointments and public administration reform

To ensure the effective operation of newly formed provincial and commune-level governments from July 1, the government is actively managing personnel, streamlining the civil service, and restructuring the public workforce. The process includes addressing policies for affected civil servants and military personnel, as well as reallocating facilities and resources from merged administrative units. Leadership appointments for new provincial-level governments are also being finalized.

On legislative work, Binh affirmed that the Party, National Assembly, and Government prioritize lawmaking as a breakthrough measure to unlock new growth drivers and mobilize resources for rapid, sustainable development. Drafting implementation guidelines for recently passed laws remains a pressing task.

Dozens of major projects and intensified enforcement

Deputy PM Binh confirmed that by year-end, Vietnam aims to open the expressway network from Cao Bang to Ca Mau, substantially complete Long Thanh International Airport, and commence major projects including the Lao Cai - Hanoi - Hai Phong railway, expressways connecting Hanoi and Vientiane, and new routes in the Central Highlands and Mekong Delta.

To commemorate the 80th anniversary of the August Revolution and National Day (September 2), the government plans to inaugurate or launch at least 80 key infrastructure projects.

From January to May, police dismantled numerous large-scale operations producing and distributing fake dairy products, medicines, and health supplements. Authorities tackled over 40,000 cases of smuggling and counterfeiting, seizing goods worth over $158 million and initiating criminal proceedings in 1,737 cases involving 3,043 suspects.

During a peak enforcement campaign from May 15 to June 15, more than 10,400 violations were recorded, with goods valued at over $160 million confiscated, over $48 million recovered for the state budget, and 204 criminal cases opened against 378 individuals.

Despite these efforts, Binh acknowledged that smuggling, trade fraud, and IP infringement remain complex issues. He emphasized that the government will continue its strict stance: “zero tolerance, no safe zones.” He called for immediate improvements in inspections and post-clearance audits, as well as strict punishment for corrupt or colluding officials.

Finally, he urged businesses and the public to join the fight by reporting violations early and preventing them at the source.

Tran Thuong