Chinh chaired a government online conference with localities on July 16 to discuss economic growth and tasks to achieve the targets.

Finance Minister Nguyen Van Thang said the ministry had drawn up two economic growth scenarios for 2025.

Scenario 1 bases the growth rate for the whole year of 2025 at 8 percent. The growth rates in the third quarter would be 8.3 percent, and in the fourth quarter 8.5 percent. The GDP value for the whole year would be about $508 billion, and the GDP per capita $5,000.

With Scenario 2, the full-year growth rate would be 8.3-8.5 percent in 2025. The Ministry of Finance (MOF) estimated that the growth rate in the third quarter would be 8.9-9.2 percent over the same period last year; and in the fourth quarter 9.1-9.5 percent. The GDP value in 2025 is about $510 billion, while GDP per capita is about $5,020.

The ministry recommended that the government and Prime Minister direct ministries, branches and localities to strive for Scenario 2 (8.3-8.5 percent) to build momentum for the targeted 10 percent or higher in 2026.

Chinh outlined key targets: stabilizing the macroeconomy, controlling inflation at below 4.5 percent, achieving 8.3-8.5 percent GDP growth in 2025 and 10 percent or higher in 2026, and ensuring major economic balances.

Total social investment in 2025 is expected to reach VND2.8 trillion, including VND1 trillion from public investment and VND1.8 trillion from other sources. The other tasks include controlling public debt, government debt, foreign debt, and budget deficits, while improving the material and spiritual lives of the people.

Chinh said these are all highly challenging targets with significant obstacles, but they must be pursued, as the failure to achieve them this year will impact future growth targets and the two 100-year goals. 

He called for the entire political system to act with high determination, great effort, and decisive, effective actions, ensuring clear assignments in six aspects: clear personnel, clear tasks, clear timelines, clear responsibilities, clear results, and clear authority.

He urged proactive, flexible, timely, and effective monetary policies. The State Bank needs to stabilize exchange rates, strive to reduce interest rates, support production, business, and livelihoods, and direct credit flows to economic growth drivers, digital economy, green economy, circular economy, and social housing.

He emphasized harmonious, reasonable, and effective coordination between monetary and fiscal policies to support economic growth.

Regarding three strategic breakthroughs, the Prime Minister requested that the set goals of highways and coastal roads must be completed, and railway projects must be started. Localities assigned works and projects must promote the spirit of self-reliance, self-control and responsibility.

The Ministry of Justice and related ministries and branches have been asked to resolve institutional bottlenecks, including focusing on training high-quality human resources for emerging industries such as the digital economy, green economy, and circular economy. 

Regarding agriculture, Chinh said ensuring food security and expanding exports to markets such as China, the Middle East, Africa, and South America were important.

The Prime Minister also called for promoting cultural and entertainment industries, implementing suitable visa policies, and enhancing tourism promotion to achieve the 25 million tourist target in 2025.

He asked to promote decentralization; enforcement capacity and inspection and supervision; and reduce administrative inconveniences, costs and compliance time for people and businesses.

State-owned corporations and enterprises must strive for growth above the national average, targeting around 10 percent this year by effectively using resources.

Localities should demonstrate proactivity, creativity, and independence, avoiding reliance on others, in line with decentralization and their assigned functions, tasks, and authority.

It is also necessary to establish flexible, periodic monitoring, and evaluations, and make appropriate adjustments. At the same time, teams of grassroots cadres, capable of completing their tasks, should be close to the people, serve the people, and promptly resolve tasks and problems for the people.

He requested a government resolution on growth targets that is specific, feasible, systematic, and effective.

Tran Thuong