Vietnam's Economic Ambitions Soar

Following a robust 7.09% growth last year, Vietnam sets its sights on an ambitious 8-10% growth target by 2025. Deputy Prime Minister Nguyen Hoa Binh emphasized the importance of this period for laying the groundwork for double-digit growth in the coming years.

Despite the National Assembly's maximum expansion rate target of 7%, Vietnam's leadership is pushing for higher growth. International forecasts, however, remain cautious, with the International Monetary Fund and the Asian Development Bank predicting growth rates of 6.1% and 6.6%, respectively.

Strategic Reforms and Economic Policies

Party General Secretary To Lam highlighted the need for comprehensive reforms, including institutional changes, market-driven resource allocation, and the elimination of bureaucratic hurdles. These measures aim to foster entrepreneurship, protect property rights, and encourage innovative business models.

Minister of Planning and Investment Nguyen Chi Dung stressed the importance of achieving over 10% annual growth to reach high-income status by 2045. The 2025-2030 period is crucial for setting the foundation for this ambitious goal.

Local Governments' Role in National Growth

HCMC and Hanoi are leading the charge with growth targets of at least 10% and the highest possible rate, respectively. HCMC chairman Phan Van Mai advocated for new policies to mobilize resources from the Red River and Mekong Delta regions, which could contribute over 50% of the country's GDP with the right support.

Prime Minister Pham Minh Chinh reaffirmed the government's commitment to decentralization, efficient resource allocation, and reducing bureaucratic inefficiencies. The government's focus remains on disciplined, responsible, and efficient action to achieve the 2025 growth targets.

With bold reforms, strategic investments, and sustained cooperation between central and local governments, Vietnam is poised to become a leading economy by mid-century.