Government leader instructs strategies to hit economic growth objective by 2025
Prime Minister Pham Minh Chinh has outlined Vietnam's economic growth strategies for 2021 and the upcoming years, focusing on promoting growth across all key sectors — industry, agriculture, services, and tourism — while boosting exports and infrastructure development with specific quantitative targets.
The GDP growth target for 2025 is set at around 8 percent or more, reflecting an ambitious post-pandemic recovery and development effort. To achieve this, the PM is emphasizing the importance of promoting growth across the sectors of industry-construction, agriculture-forestry-fisheries, and services.
In the industry and construction sector, emphasis is placed on expanding industrial production capacities, including green growth initiatives aimed at energy reduction and fostering green manufacturing industries. The goal is to complete at least 3,000km of expressways and over 1,700km of coastal roads by 2025.
Agricultural growth remains a priority with support for marketing agricultural goods, One Commune, One Product (OCOP) products, local specialties, and forestry-fisheries sectors. The PM is promoting the boost of the production of agriculture, forestry, and fisheries in connection with export and sustainable consumption, with a goal of $65 billion in the export value of agro-forestry-fishery products.
Efforts to develop the service sector and tourism include improving visa procedures and aiming to attract at least 25 million international tourists and 150 million domestic holiday-makers by 2025, contributing to overall consumer service revenue growth of approximately 12 percent.
Targets for exports and trade include a 12 percent increase in total export turnover and a trade surplus of US$30 billion for 2025, reinforcing Vietnam’s role in global trade amid complex international dynamics.
The PM is urging proactive adaptation to the US's reciprocal tariff policies and the effective implementation of the resolution on comprehensive measures for timely and effective responses to these policies.
Infrastructure and Investment are key, with plans to accelerate strategic transport infrastructure, advance key railway projects like the North-South high-speed line, and fully disburse the 2025 public investment capital and additional investment capital from increased revenues and budget savings.
The Government leader is encouraging the building and carrying out of policies to support and enhance the competitiveness of affected industries and enterprises. The PM is also encouraging the study and development of policies to encourage enterprises to invest in innovation, absorption, and mastery of technologies, particularly core and foundation ones.
The Government leader directed the Ministry of Construction to accelerate the progress of strategic and nationally significant transportation projects. The PM has requested the implementation of resolutions and conclusions of the Party Central Committee and its Politburo, as well as resolutions and instructions of the Government and the PM.
To maintain macroeconomic stability and control inflation, the target is a retail sales and consumer service revenue growth rate of approximately 12% in 2025. The target is to achieve an industrial value-added growth rate of 9.6-9.8% in 2025, with a specific focus on the manufacturing and processing sector.
In conclusion, Vietnam’s strategy combines accelerating industrial and agricultural output, expanding services and tourism, boosting exports, investing in infrastructure, and fostering digital and green growth, aiming for robust socio-economic development by 2025 and beyond. These multifaceted initiatives reflect Prime Minister Pham Minh Chinh’s comprehensive approach to navigating both domestic challenges and a complex international environment.
The PM emphasizes the importance of promoting growth in the industrial-construction sector by expanding industrial production capacities, including green initiatives, with the goal of completing 3,000km of expressways and over 1,700km of coastal roads by 2025. Fostering the growth of agriculture, forestry, and fisheries for a targeted export value of $65 billion is a priority. The development of the service sector and tourism includes measures to attract tourists and boost consumer service revenue growth by 12 percent. The PM aims for a trade surplus of US$30 billion and a 12 percent increase in total export turnover, while adapting to the US's reciprocal tariff policies.
Infrastructure and investment are key components of the strategy, with plans to accelerate strategic transport infrastructure, advance key railway projects, and fully disburse public investment capital and additional investment capital. The Government leader encourages the study and development of policies to encourage enterprises to invest in innovation and technology, particularly core and foundation technologies.
To maintain macroeconomic stability and control inflation, the target is a retail sales and consumer service revenue growth rate of approximately 12% in 2025, alongside an industrial value-added growth rate of 9.6-9.8%. The strategy combines accelerating industrial and agricultural output, expanding services and tourism, boosting exports, investing in infrastructure, and fostering digital and green growth, aiming for robust socio-economic development by 2025 and beyond. These multifaceted initiatives reflect Prime Minister Pham Minh Chinh’s comprehensive approach to navigating both domestic challenges and a complex international environment.
