Bottlenecks removed: Unlocking resources to boost 2025 growth
The Ministry of Planning and Investment (MPI) announced that the National Assembly recently passed a series of laws addressing numerous "bottlenecks," which will stimulate growth by freeing up long-stalled resources.
Enterprises ramp up exports, driving growth. (Photo: Duc Duy/Vietnam+)
Hanoi (VNA)ꦏ - At a press conference held by the Government Office on December 7, Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted that the projected 15% credit growth in 2024, as proposed by the central bank, will serve as a significant driver for economic growth next year.
Aiming for 7% growth in 2024
With only one month left in 2024, Phuong emphasised the importance of accelerating all solutions laid out at the beginning of the year—such as resolutions and directives from the Government and Prime Minister—and implementing them at maximum intensity in the final month to achieve the year’s goals.
Speaking about the socio-economic report presented by the MPI during the Government meeting on December 7, Phuong said most international organisations have raised their forecasts for Vietnam’s 2024 economic growth compared to earlier in the year. This reflects an objective recognition of Vietnam’s positive economic prospects.
Both domestic and foreign direct investment (FDI) have delivered encouraging results over the past 11 months, contributing significantly to economic growth.
While international organisations vary in their projections, the MPI's third-quarter socio-economic scenario suggested that, barring major disruptions such as natural disasters or external shocks, Vietnam is on track to achieve the 7% growth target for 2024.
Looking at growth drivers for the remainder of the year, Phuong noted promising signals in export markets.
"Export orders are not only returning to businesses in 2024 but are also increasing significantly. With a little more effort, growth can be further enhanced," he said.
Deputy Minister Tran Quoc Phuong outlines solutions to boost economic growth. (Photo: Duc Duy/Vietnam+)
Additionally, investors and experts have observed that while global investment markets appear subdued, foreign investment in Vietnam has been rising. This positive trend is expected to contribute to overall growth this year.
“With the concerted efforts of all sectors and the implementation of sound policies from the start of the year, combined with heightened intensity in December, we are not only poised to meet the 7% growth target but could even exceed it. This gives us hope for a strong finish to 2024,” Phuong stressed.
Setting higher goals for 2025
For 2025, the National Assembly has issued a resolution outlining a socio-economic development plan targeting GDP growth of 6.5–7%. However, Phuong noted that the government is striving for higher growth, aiming for 7–7.5%, with the Prime Minister pushing for an ambitious 8% target.
“This goal is achievable, as it builds on the momentum of 2024 and marks the final year of the 2021–2025 development plan. Additionally, 2025 will see structural changes and institutional reforms,” Phuong explained.
The recent eighth session of the National Assembly passed a series of groundbreaking laws aimed at addressing challenges, streamlining administrative procedures, and removing long-standing bottlenecks.
Workers on the Su Tu Trang oil rig. (Photo: Vietnam+)
These laws, effective from early 2025, are expected to drive growth by unlocking previously untapped resources, significantly contributing to the year’s economic performance.
With the government’s strong commitment to achieving 8% growth, the Prime Minister has emphasised that this is a preparatory step for entering a "new era of national growth," as envisioned by the Party leader.
While the National Assembly resolution is in place, the MPI has proposed that the government and Prime Minister adopt a mindset focused on surpassing the 8% target, Deputy Minister Tran Quoc Phuong emphasized./.
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