Boosting domestic investment

In that context, shifting growth drivers is the decision that many economic experts have made. Accordingly, it is necessary to further promote investment and consumption drivers. Assoc. Prof. Dr. Pham The Anh said that in terms of investment drivers, foreign investment in the coming period is likely to face many difficulties due to the US tariff policy. Therefore, it is necessary to focus on domestic investment, including public investment and private investment.

According to statistics, by the end of the first quarter, public investment disbursement was estimated at about 116.8 trillion VND, an increase of 19.8% over the same period in 2024. This is considered a very positive result, demonstrating the strong participation of ministries and local branches under the strong direction of the Government. The goal of unblocking public investment capital flows to lead private investment is still being vigorously implemented.

The State Bank of Vietnam (SBV) is also actively removing obstacles to bring capital into the economy more strongly. In particular, it has resolutely and actively directed the increase of highly effective credit packages in priority areas such as the credit package for aquaculture. This credit package has been continuously increased in value by commercial banks when disbursement efficiency has achieved good results.

In addition, the credit package for the 1 million hectare high-quality rice project is also being vigorously promoted. According to Deputy Governor of the State Bank of Vietnam Dao Minh Tu, the Agribank system alone has guaranteed to provide about VND30,000 billion to lend to the components participating in the implementation of this project. However, the State Bank of Vietnam has no policy to limit the figure of VND30,000 billion or any specific limit, but is ready to accompany and ensure the provision of sufficient preferential credit capital to serve the project.

Notably, the credit package for businesses investing in infrastructure and digital technology has also been implemented by banks soon after the direction of the Government and the State Bank. Accordingly, the State Bank has built a credit package of about 500 trillion VND with preferential interest rates to support businesses investing in infrastructure and digital technology, encourage investment for growth and release social resources. In particular, many banks have informed that they are ready to deploy a credit package of 5,000 - 10,000 billion VND with preferential interest rates about 1% lower than the normal level, to accompany the key policies of the State.

In addition to preparing capital for lending to the above priority customers, banks are proactively introducing very early support policies for customers affected by the new US tax policy. For cases that are widely affected, some banks have proposed a debt restructuring mechanism, maintaining the debt group, and simultaneously reducing interest rates and fees to share the difficulties with customers.

Strong consumer stimulus

To achieve the growth target of 8%, the Ministry of Industry and Trade has developed a plan and assigned targets to units and industry associations to strive for a total retail sales of goods and services of about 12% this year. However, the results of the first quarter of 2025 have not increased as expected. Specifically, retail sales of goods increased by 8.8%; revenue from accommodation and food services increased by 14.0%; revenue from tourism and travel increased by 18.3% and revenue from other services increased by 12.5%. Thus, the total retail sales of goods and consumer services at current prices is estimated at VND 1,708.3 trillion, up 9.9% over the same period last year. If excluding the price factor, the increase is only 5.5% over the same period.

In the context of goods exports potentially being affected, promoting domestic consumption is considered a factor to help businesses during this period. Mr. Le Hoang Tai - Deputy Director of the Trade Promotion Department (Ministry of Industry and Trade) said that every year, the Ministry of Industry and Trade still builds a national concentrated promotion program at the end of the year to stimulate consumption.

However, in 2025, the Ministry is reporting to competent authorities to consider promoting this program to promote domestic consumption. Accordingly, the Ministry plans to move the national promotional program this year to mid-year, around June and July, and may also have a program organized at the end of the year as usual. The Ministry of Industry and Trade has determined the goal of promoting the consumption of goods by Vietnamese enterprises both domestically and for export, and at the same time determined that these campaigns will be the "hand pulling the market".

In addition, strong stimulus policies such as the policy to support value-added tax reduction, which will last for 18 months until the end of 2026, will also be considered a strong campaign, promoting businesses to have long-term production strategies, aiming to strongly attract consumption from the people.

Source: https://baophapluat.vn/can-dich-chuyen-dong-luc-tang-truong-sau-cu-soc-thue-quan-hoa-ky-post545407.html