At the Government’s regular January meeting on the morning of February 5, Vietnam’s Prime Minister Pham Minh Chinh emphasized the need to prepare for the possibility of a global trade war, warning that if it occurs, it could disrupt supply chains and restrict export markets.
Economic Growth Target: At Least 8% in 2025
The Prime Minister reaffirmed the Central Government’s ambitious GDP growth target of at least 8% in 2025, laying the groundwork for double-digit growth in the following years. To achieve this, he called for ministries, sectors, and localities to set specific growth targets and submit them for approval.
The Government will formally assign growth targets to each locality, ensuring that economic momentum is maintained across the country.
Unpredictable Global Trends and Strategic Response
Prime Minister Chinh highlighted the increasingly volatile global and regional landscape, which poses challenges to Vietnam’s exports, production, business environment, and macroeconomic stability.
He urged delegates to conduct in-depth forecasts and analyses, particularly regarding emerging risks such as a potential global trade war, and to propose proactive, timely solutions to avoid passivity, capitalize on opportunities, and sustain economic growth.
Key Solutions Proposed
To drive economic expansion, the Prime Minister outlined several strategic initiatives: Revitalizing traditional growth drivers while fostering new ones. Expanding and diversifying export markets, products, and supply chains, with a special focus on the Middle East, South America, and other emerging regions. Institutional reforms to remove legal bottlenecks and ensure efficient governance. Fast-tracking major infrastructure projects, including expressways and airport expansions.
Urgent Actions for Critical Projects
The Prime Minister also directed immediate action on several key national projects, such as Ninh Thuan Nuclear Power Plant: The Minister of Industry and Trade must urgently report to the Government and propose relevant policies to the National Assembly. Electricity Market Reforms: Regulations for electricity trading should be refined based on business and public feedback. Transport Infrastructure: The Minister of Transport must propose solutions to accelerate railway connectivity with China and address obstacles in road BOT projects. Legal Reforms: Ministers must submit monthly reports on regulatory challenges in their respective sectors, clearly identifying bottlenecks and proposing solutions.
Major Infrastructure Commitments for 2025
The Government remains committed to completing at least 3,000 km of expressways by 2025, ensuring that Tan Son Nhat Airport’s Terminal 3 is operational by April 30, 2025, and substantially completing Phase 1 of Long Thanh International Airport within the same year.
Positive Economic Trends Despite Challenges
Despite the nine-day Lunar New Year holiday, Vietnam’s socio-economic performance in January showed strong recovery, with:
- Macroeconomic stability
- Controlled inflation
- Sustained growth momentum
- Balanced economic fundamentals
As Vietnam navigates global uncertainties, strong policy direction and decisive actions will be key to achieving its ambitious economic targets and ensuring long-term resilience in a shifting global landscape.
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Source: Vietnam Insider