HANOI – The Vietnamese government plans to submit a revised GDP growth target of at least 8% for 2025 to the National Assembly, following Resolution 01/NQ-CP 2025, which was issued early last month. This marks an upward revision from the previously approved target of 6.5%–7%, set by the National Assembly in November 2024.
Key Measures to Support 8% GDP Growth
To achieve this ambitious goal, the government has outlined several critical measures:
- Legal and Political Reforms: Continuing to refine the legal framework and streamline the political system to enhance economic efficiency.
- Accelerated Public Investment: Increasing public investment disbursement, with an adjusted 2025 public investment plan set at VND 875 trillion.
- Private Sector and Industrial Growth: Encouraging private investment, particularly in the processing and manufacturing sectors to boost industrial output.
- Consumption and Tourism: Enhancing domestic consumption and attracting more international tourists to drive economic activity.
- Export Diversification: Expanding export markets, supporting businesses in meeting new international standards, and providing assistance in anti-dumping lawsuits.
- New Growth Drivers: Fostering the development of artificial intelligence (AI), big data, cloud computing, and the Internet of Things (IoT) as new economic engines.
SBV Targets 16% Credit Growth to Support Economic Expansion
In alignment with the new GDP target, the State Bank of Vietnam (SBV) has issued Directive No. 01/CT-NHNN for 2025, setting a credit growth target of 16%. The Deputy Governor emphasized that if GDP growth reaches 10%, credit expansion could rise to 18–20% to ensure sufficient capital for businesses and consumers.
To achieve this, SBV will implement key measures:
- Liquidity Management: Ensuring a stable money supply through appropriate market operations.
- Interest Rate Reduction: Directing commercial banks to lower lending rates by cutting operational costs and leveraging financial technology.
- Flexible Credit Growth Management: Adjusting credit limits beyond 16% if inflation and exchange rates remain stable.
Economic Outlook and Policy Implications
Vietnam’s push for an 8% GDP growth rate reflects its commitment to accelerating economic recovery and long-term development. The revised target signals stronger policy coordination between fiscal and monetary authorities, with a focus on investment, consumption, exports, and technological innovation.
The National Assembly is expected to review and decide on the proposal in its upcoming session. If approved, this adjustment could position Vietnam among the fastest-growing economies in the region in 2025.
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Source: Vietnam Insider