Hanoi (VNA)🍨 – The National Assembly has approved an economic growth target of over 8% for 2025, underscoring the government’s strong determination to achieve the country’s socio-economic development goals for the 2021-2025 period.

The resolution, passed on February 19, outlines breakthrough measures across various sectors, from institutional reform and infrastructure development to business environment improvement and new growth drivers. Institutional reform serves as a crucial driver for economic growth, Phan Duc Hieu, a standing member of the National Assembly’s Economic Committee, told VietnamPlus. Local authorities have been given the power to take decisive steps and are held accountable for their decisions, he said, emphasising the importance of translating policy into action. The 8% growth target is not just a number, Hien said, adding that it’s a milestone that positions Vietnam to achieve a GDP of over 500 billion USD and per capita income above 5,000 USD by 2025. To realise this goal, the National Assembly’s resolution outlines foundational and breakthrough solutions across multiple fields. In terms of legal and institutional frameworks, the resolution advocates for a shift towards results-based governance, encouraging creativity and protecting officials who dare to think and act boldly. It also stresses the need for legal corridors to support emerging sectors like digital transformation, green growth, and the circular economy.

Infrastructure development remains a key focus, with priority projects including Long Thanh International Airport and Lach Huyen Sea Port, alongside efforts to accelerate other vital transport projects. Increased public investment and cost-saving measures in regular expenditures are seen as crucial steps to fund these initiatives. Equally important are measures to improve the business environment, such as streamlining administrative procedures and addressing bottlenecks in the real estate, capital, and bond markets. Attracting high-tech foreign direct investment (FDI) and resolving delays in ongoing projects are also among the resolution’s priorities. To sustain high growth, Vietnam aims to harness both traditional drivers—consumption, investment, and exports—and new engines like science and technology, innovation, and digital transformation. Special attention will be given to emerging industries like artificial intelligence, big data, and biotechnology, alongside efforts to develop a high-quality workforce and attract global talent. On trade, the resolution highlights the importance of leveraging free trade agreements (FTAs) and expanding export markets. It also stresses the need to boost the competitiveness of Vietnamese goods and services and facilitate domestic enterprises’s further joining global value chains. Hieu noted that the resolution’s emphasis on decentralisation and creating space for innovation and protecting officials willing to push for change. Adjustments to budget overexpenditures to increase development investment resources also reflect the government’s strong political determination to achieve the ambitious growth target.

The economic achievements of 2024 have laid a solid foundation for 2025, Hieu said, pointing to last year’s impressive 7.02% growth rate, which exceeded the target of 6-6.5%. This success reflects the effective governance of the government and the relentless efforts of businesses and the public, Hieu said.

With the 2025 growth target set, Vietnam now faces the challenge of turning determination into action. The government’s push for institutional reform, infrastructure investment, and business environment improvement will be critical in ensuring the country’s economic takeoff in the years ahead.