GDP growth in the first quarter of 2025 is estimated at 6.93%

On the morning of May 5, continuing the program of the ninth session of the 15th National Assembly, Prime Minister Pham Minh Chinh presented a supplementary assessment report on the results of the implementation of the socio-economic development plan and state budget in 2024; the implementation of the socio-economic development plan and state budget in the first months of 2025.

Prime Minister Pham Minh Chinh said that the assessments and results for 2024 reported to the National Assembly at the previous session were basically consistent and had many better targets. Specifically, all 15/15 main targets were achieved and exceeded, of which 12 targets exceeded the set target. The economy recovered strongly, with a GDP growth rate of 7.09% (reported to the National Assembly at 6.8 - 7%), the highest in the region and among the group with high growth rates in the world; raising the size of the economy to 476.3 billion USD, up 3 places, reaching 32nd place in the world.

GDP per capita in 2024 will reach 4,700 USD, approaching the upper middle-income threshold. Meanwhile, inflation will be controlled at 3.63%; the money and foreign exchange markets will be basically stable, and lending interest rates will continue to decrease. State budget revenue will reach a record of over 2 million billion VND, up 20.1% compared to the estimate, exceeding 342.7 trillion VND; while 197.3 trillion VND in taxes, fees, charges, and land rents will be exempted, reduced, or extended.

Prime Minister Pham Minh Chinh said that since the beginning of 2025, the world situation has had many new developments that are extremely complicated and unpredictable. In particular, the US's sudden announcement of a large-scale reciprocal tax policy at a high level has negatively impacted global economic growth, seriously threatening the supply chain and international trade and investment flows. Traditional and non-traditional security issues are increasingly fierce and difficult to control.

In that context, implementing the resolutions and conclusions of the Central Committee, the National Assembly, and the direction of General Secretary To Lam, with the spirit of "Discipline, responsibility; proactiveness, timeliness; streamlining, efficiency; accelerating breakthroughs", the Government and the Prime Minister focused on directing ministries, branches, and localities to synchronously, drastically, and effectively deploy tasks and solutions in all fields.

The focus is on streamlining and reorganizing the apparatus to ensure smooth operations; reorganizing administrative units at all levels; building a two-level local government model and a series of accompanying legal documents. At the same time, the Government focuses on promoting growth with a target of 8% or more...

The Prime Minister emphasized that in response to the US announcement of its new tariff policy, we have been calm, courageous, proactive, and synchronous in implementing many timely, flexible, and appropriate response measures, achieving initial positive results. Vietnam is one of the first countries with which the US agreed to negotiate.

As a result, GDP growth in the first quarter of 2025 is estimated at 6.93%, the highest compared to the same period in 2020-2025; many localities have double-digit growth. In the first 4 months of the year, the macro economy was basically stable, inflation was well controlled, and major balances were ensured. Socio-economic infrastructure was developed in a synchronous and modern direction, prioritizing key and important projects on highways, high-speed railways, airports, seaports, education, health and social infrastructure.

Resolutely and effectively implement 11 tasks and solutions

Regarding the tasks in the coming time, Prime Minister Pham Minh Chinh emphasized the need to thoroughly grasp and strictly implement the resolutions of the Party and the National Assembly, especially the Resolution of the 13th National Party Congress, focusing on 3 strategic breakthroughs, 6 key tasks, 12 main groups of solutions; focusing on implementing tasks and solutions in the "strategic quartet".

At the same time, carefully analyze and closely evaluate the implementation of the Socio-Economic Development Plan for 2025 and the 5-year period of 2021-2025, and have breakthrough solutions to strive to complete the set goals, especially the growth target of 8% or more.

To achieve the growth target of 8% or more, the economic scale reaching over 500 billion USD (expected to rank 30th in the world, up 2 places), and GDP per capita in 2025 reaching over 5,000 USD, the Prime Minister requested all levels, sectors, and localities to continue to resolutely, synchronously, and effectively implement the 11 tasks and solutions set out in various fields.

Specifically, closely monitor the international and domestic situation, proactively forecast and have flexible and timely policy responses, especially to the new US tariff policy; prioritize promoting growth associated with macroeconomic stability, controlling inflation, ensuring major balances of the economy. Strengthen financial and state budget discipline; expand the collection base, collect correctly, fully, promptly and prevent tax losses, especially through electronic tax collection initiated from cash registers; strive to increase state budget revenue by over 15%.

By 2025, abolish at least 30% of unnecessary business investment conditions; reduce at least 30% of administrative procedure processing time; reduce at least 30% of administrative procedure costs; complete public administrative service centers at ministries, branches and localities to handle administrative procedures for people and businesses. In particular, accelerate digitalization, enhance integration, sharing and reuse of data; ensure smooth and continuous implementation of administrative procedures in the process of arranging administrative units and organizing 2-level local governments.

The Prime Minister emphasized the need to deeply reform state governance, perfect the organizational model of the political system in the spirit of "not doing things half-heartedly, doing them thoroughly"; organizing to collect public opinions on amending and supplementing a number of articles of the Constitution (2013).

At the same time, complete the review, revision or promulgation of new legal documents guiding the implementation of merging provincial-level administrative units and building a two-level local government organization model before June 30, 2025, ensuring smooth and continuous operation without creating legal gaps.

Strongly innovate leadership, direction, management, working style and manners towards science, professionalism and modernity with the motto "Lean apparatus - Connected data - Smart management".

Strive to complete the goal of having over 3,000km of expressways and over 1,000km of coastal roads nationwide by 2025; speed up the implementation of component projects of the North-South expressway in the 2021-2025 period and other important and driving projects; strive to open the expressway from Cao Bang to Ca Mau by the end of 2025.

By 2025, it is necessary to basically eliminate all temporary and dilapidated houses nationwide and complete over 100,000 social housing units; establish a "National Social Housing Fund" to develop low-cost housing in large cities, social housing, and housing for young people.

“In the context of a volatile world and the inherent difficulties of the economy, more than ever, we need to promote the spirit of solidarity, the desire for innovation, with a long-term vision, thinking deeply, doing big things and high determination, making great efforts, taking drastic actions, turning challenges into opportunities, turning difficulties into motivation to excel in completing the set goals for the entire period of 2021-2025, competing to make achievements to welcome Party congresses at all levels towards the 14th National Congress of the Party,” Prime Minister Pham Minh Chinh emphasized.

Source: https://hanoimoi.vn/hoan-thien-mo-hinh-to-chuc-bo-may-voi-tinh-than-lam-den-cung-lam-triet-de-701233.html