HÀ NỘI ( WNAM MONITORING): Prime Minister Phạm Minh Chính recently approved a series of key tasks and solutions aimed at achieving an economic growth rate of 8 per cent or higher in 2025
In a decision signed on March 1, the Cabinet leader said the 2025 growth target of 8 per cent or higher is a challenging task which requires determination to complete it to create momentum for double-digit growth in the years to follow.
He stressed the importance of implementing these key tasks and solutions to promote economic growth and accelerate the disbursement of public investment capital.
The Ministry of Finance has been tasked with researching and proposing policies to exempt, reduce, and extend taxes, fees, charges, and land rents to support people and businesses, as well as boost production, business, tourism, and domestic consumption in 2025. The ministry is required to report the implementation results to the relevant authorities by March 15, 2025.
The State Bank of Việt Nam has been instructed to maintain a proactive, flexible, and effective monetary policy, alongside a reasonable, targeted expansionary fiscal policy and other macroeconomic strategies.
The central bank will focus on managing interest rates, exchange rates, credit growth, open market operations, the interbank market, refinancing, money supply and the issuance of credit notes.
Ministries, agencies and localities have been urged to continue supporting enterprises by implementing pilot programmes and specific mechanisms, breakthrough regulations, and “green channel” mechanisms for investment projects in industrial parks and economic zones, particularly in the high-tech sector.
The Ministry of Agriculture and Environment must immediately develop criteria to classify “green projects” and establish standards that will guide the mobilisation of capital for green development.
Authorities are also encouraged to study and develop policies that stimulate investment, expand raw material production capacity, and support North-South high-speed railway projects, urban railways, international railways, renewable energy projects, and offshore wind power development.
Institutional improvements
In order to accelerate growth, the PM asked relevant ministries, agencies and localities to review and make amendments to outdated, overlapping, or incomplete regulations.
He also emphasised the need to promote decentralisation while strengthening oversight, inspection and the capacity-building of civil servants and public employees. Institutional mechanisms and policies must mobilise all economic sectors, businesses and the public to engage in socio-economic development.
Each month, agencies are required to report bottlenecks and challenges faced by businesses, including foreign investors, to the Prime Minister.
The Ministry of Finance and the State Bank of Việt Nam have been assigned the task of designing a legal framework to manage and encourage the healthy development of digital assets and digital currencies.
Meanwhile, the Ministry of Justice must effectively integrate digital technology in receiving and addressing feedback and recommendations related to legal documents.
Speeding up public investment disbursement
The public investment disbursement target for 2025 has been set at no less than 95 per cent, with the guiding principle “Using public investment as a leader, activating and attracting all social resources”.
Việt Nam aims to complete at least 3,000 kilometres of highways and over 1,000 kilometres of coastal roads by the end of 2025.
Key infrastructure projects include the completion of Long Thành International Airport, Lạch Huyện area ports, the operation of Tân Sơn Nhất Airport’s T3 terminal, Nội Bài Airport’s T2 terminal, the construction of Liên Chiểu Port, and finalising investment procedures for the Cần Giờ International Seaport.
Promoting sustainable exports
The Ministry of Industry and Trade is tasked with collaborating with the Ministry of Foreign Affairs and other relevant ministries to support businesses in taking advantage of the 17 Free Trade Agreements (FTAs) that Việt Nam has signed. They are also tasked with negotiating and advising on the signing of FTAs with countries in the Middle East, Switzerland, Norway, Finland, India and Brazil.
The business sector is encouraged to explore new and potential markets in regions such as the Middle East, Halal markets, Latin America and Africa.
Ministries, agencies and localities must strengthen management on cross-border e-commerce activities while boosting service exports, especially in finance and banking, logistics, air and sea transport.
