A junction in HCM City on the first morning of 2025. VNA/VNS Photo

 

Vietnam must strive to achieve at least 8 per cent economic growth this year or even higher, laying a foundation for double-digit growth from 2026, wrote Prime Minister Phạm Minh Chính in his New Year's Day article.

 

The article highlighted innovation, creativity, acceleration and breakthroughs to bring the country steadily into an era of national growth, wealth, civilisation and prosperity.

 

In 2024, Vietnam continued to be a bright spot in terms of growth, developing at a rapid rate compared to many other countries in the region and the world, he said. Its GDP growth in 2024 was estimated at about 7 per cent, while its overall economy reached about US$470 billion.

 

The country’s labour productivity growth was also estimated at 5.7 per cent, exceeding the set target, while the index of economic freedom jumped 13 places to 59th out of 176 countries and territories, according to the Heritage Foundation.

 

Vietnam has been recognised for controlling inflation and maintaining macroeconomic stability amid strong global economic fluctuations and other difficulties.

 

The average consumer price index in 2024 increased by about 3.6 per cent, and total import-export turnover hit a record high with about $24 billion in trade surplus.

 

Agricultural exports also reported a new record at over $62 billion.

 

Vietnam continues to be a safe and attractive destination for international businesses, partners and investors, Chính said, noting that the country is among the 15 developing countries attracting the most foreign investment capital in the world (about $40 billion in 2024, including $25 billion of foreign direct investment disbursement).

 

Vietnam is also one of the 20 economies with the largest scale of trade in the world, with 17 free trade agreements.

 

The nation is in the process of transforming into a digital, green, high-tech and environmentally friendly economy.

 

Chính said that Vietnam has confirmed its important position in the global semiconductor industry chain, attracting a number of major technology corporations. The national brand value in 2024 reached $507 billion, ranking 32nd out of 193 countries and territories.

 

The Cabinet leader also pointed out several shortcomings, including bottlenecks in law, cumbersome administrative procedures, and development gaps between regions. Workforce development has also not met requirements, he noted.

 

“We must pay special attention to ensuring social security, improving the material and spiritual lives of people while putting people at the centre, the subject, the goal and the most important resource and driving force for development,” he said.

 

With 2025 being a significant year, Chính said it is time to accelerate growth to make breakthroughs, urging continued administrative procedure simplification and the building of e-Government.

 

“We must prioritise promoting strong economic growth associated with macroeconomic stability, controlling inflation and ensuring major balances of the economy,” he said.

 

He also called for the acceleration of key projects including connecting the expressway system with airports and seaports, high-speed railways and urban railways.

 

Vietnam must strive to complete 3,000km of expressways and over 1,000km of coastal roads by the end of 2025. At the same time, it must expand its agricultural, industrial and service sectors and apply advanced technology to head the country in a green, efficient and sustainable direction.

 

The PM also emphasised other key orientations including the digital transformation, skilled workforce development, strengthening anti-corruption and anti-wastefulness efforts and improving international integration. — VNS

 

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