Proposal to deliver localities ‘GRDP growth at least 8%’

This year, the Government aims to grow GDP at least 8%, creating momentum for the following years to grow two -digit (over 10%). At the regular press conference on the Government on February 5, Deputy Minister of Planning and Investment Tran Quoc Phuong recalled that this is a very heavy and challenging task. But according to Mr. Phuong, this indicator is also necessary for Vietnam to become a country with high income in 2045.

The Deputy Minister said that the Ministry of Planning and Investment asked the Government members about the Resolution to concretize the growth goals and assign targets to each locality and ministry. Accordingly, the GRDP growth target proposes to localities from 8% or more. At the same time, the Government will add a number of indicators of industry development and fields on industrial production, tourism and consumption associated with the responsibilities of specific ministries and agencies.

In 2024, about one third of the country recorded 8% or more. In which, 9 provinces are two digits, according to statistics. Ho Chi Minh City and Hanoi – two cities with the largest economic scale in the country – not in the top 20 localities with the fastest growth rate.

“The ministries and localities must be more determined and made higher. Even the work must double, simply understand that each person works two more than normal to achieve the goal,” Mr. Phuong said .

Regarding the solution, the Deputy Minister said that the institutional reform, including the removal of bottlenecks for the investment projects that are entangled, will help open resources that have not been put into the economy.

Increasing investment will be an important driving force for immediate impact on the economy. According to the Deputy Minister, the Government directed 10% of recurrent spending, reducing the proportion of this amount to less than 60% of the budget spending to save resources for investment. At the same time, the operator also plans to deploy some important projects, such as Lao Cai – Hanoi – Hai Phong railway, according to Deputy Minister.

In addition, the Minister and Chairman of the Government Office Tran Van Son emphasized that the public investment in 2025 was very large, nearly 1 million billion dong. This is a resource used from the increase from previous years and 10%recurrent spending savings. In addition, investing in state-owned enterprises now has 2.4-2.6 million billion dong. The Government also directed to remove 154 solar power projects that were inspected with an investment of more than 13 billion USD, to liberate resources.

Last year, exports reached a record, exceeding US $ 400 billion. But this growth motivation may have a great challenge related to the context of the world still has many complicated fluctuations. Mr. Phuong said that the management agency will carefully analyze the situation, have solutions to make the most of FTAs, especially with new markets. In addition, solutions to improve the investment environment, create a development space for businesses, attract FDI, tourists … will contribute to growth.

To achieve growth goals, businesses, people need money to invest and develop. In the context of medium and long -term capital mobilization channels such as securities and bonds, credit will continue to lead to an important capital for the economy. Typically, in order to have 1 % of economic growth, credit must increase by 2 %, according to Deputy Governor of the State Bank Dao Minh Tu.

Mr. Tu quoted the last example of 2023, a total outstanding loan of about 13.4 million billion dong, by the end of 2024 was 15.5 million billion dong. Thus, the outstanding loans increased in the economy last year about 2.1 million billion dong. “Last year’s loan sales were 23 million billion dong, debt collection was 21 million billion dong to get 7.09% of GDP growth,” the Deputy Governor of Information.

This year, the credit growth target of the banking industry is 16%. The Deputy Governor said that monetary policy management will continue to be flexible, in accordance with policies such as fiscal, import and export, and trade. At the same time, the State Bank will ensure the liquidity of the economy and commercial banks. This is based on increasing idle capital mobilization in the economy from people and businesses with reasonable interest rates.

The executive agency continues to direct commercial banks to reduce interest rates by cutting costs and applying technology. In addition, the exchange rate will be kept in a stable direction, intervened when necessary to ensure a reasonable level, avoiding the psychology of holding foreign currencies.