Prime Minister Pham Minh Chinh reports to the National Assembly on the socio-economic situation.

Socio-economic achievements in 2024 and development drivers

Affirming the special significance of the session in institutionalizing the historic decisions of the 11th Central Conference of the 13th tenure, creating a premise for the country's rapid and sustainable development, the Prime Minister emphasized that in 2024, with the spirit of "turning danger into opportunity, changing the state, and turning the situation around", the Government has resolutely directed ministries, branches, and localities to achieve and exceed all 15/15 socio-economic targets, of which 12 targets exceeded the plan. Notably, the target of increasing labor productivity exceeded the target after 3 years of not achieving it, marking an important step forward.

The macro economy remained stable, with major balances ensured, and budget deficit and public debt well controlled. GDP growth reached 7.09%, the highest in the region and among the top in the world, bringing the size of the economy to 476.3 billion USD, up three places, ranking 32nd globally. GDP per capita reached 4,700 USD, approaching the upper middle-income threshold. Inflation was controlled at 3.63%, the money and foreign exchange markets were stable, and lending interest rates continued to decrease. State budget revenue reached a record of over 2 million billion VND, up 20.1% compared to the estimate, exceeding 342.7 trillion VND, despite exemption, reduction, and extension of 197.3 trillion VND in taxes, fees, charges, and land rents.

In particular, according to the Prime Minister, traditional growth drivers have been strongly effective; new growth drivers have also been effectively exploited; three strategic breakthroughs have been drastically implemented; institutional building work has been innovated; administrative procedures have been cut, saving costs for people and businesses...

Social security is ensured with the spirit of “leaving no one behind”. People’s lives have improved, the poverty rate has decreased, especially in ethnic minority areas, remote areas, border areas, and islands...

The Prime Minister emphasized that these achievements, in the context of many difficulties, are very proud, creating momentum for reform, development motivation, and the people's firm belief in the Party's leadership.

Challenges in the first months of 2025

The Prime Minister said that in the context of complicated developments in the world, especially with the high reciprocal tax policy of the United States, the Government has synchronously implemented solutions with the spirit of "discipline, responsibility, proactiveness, efficiency, and breakthrough acceleration". As a result, GDP growth in the first quarter of 2025 reached 6.93%, the highest in the same period in the 2020-2025 period, with many localities achieving double-digit growth. The macro economy is stable, inflation is controlled at 3.2%, exchange rates are stable, lending interest rates are reduced, and credit growth is positive. Budget revenue in the first four months reached VND944 trillion, equal to 48% of the estimate, up 26.3%. Import-export turnover reached more than 275 billion USD, up 15%, with a trade surplus of over 5 billion USD. Realized FDI capital reached 6.7 billion USD, the highest in the 2020-2025 period.

All three economic sectors grew positively. Agriculture maintained its growth momentum, the processing and manufacturing industry increased by 10.1%, and trade and services developed strongly with total retail sales increasing by nearly 10%. Tourism reached a record with 7.7 million international visitors, up 23.8%. Socio-economic infrastructure was developed synchronously, with 80 key projects started and inaugurated, including Tan Son Nhat T3 terminal and five North-South expressway component projects. Digital transformation achieved many substantive results, with Project 06 providing many utilities, online public services being enhanced, and e-invoices being effectively implemented...

However, the Prime Minister pointed out some limitations, such as pressure on macroeconomic management, difficulties in production and business activities, low disbursement of public investment capital, and slow recovery of the real estate market. Administrative procedures are still cumbersome, decentralization and delegation of power are not thorough, and the lives of some people in remote and isolated areas are still difficult. Security, order, high-tech crime, and environmental pollution in large cities are still challenges that need to be resolved decisively.

Key tasks and solutions for 2025

The Prime Minister emphasized that, in the context of complex global changes, the Government will continue to implement synchronous solutions to achieve the growth target of 8% or more, an economic scale exceeding 500 billion USD, and GDP per capita exceeding 5,000 USD. He proposed 11 groups of key tasks and solutions, including:

First, closely monitor the international situation, especially the US tariff policy, to have flexible policy responses, prioritizing promoting growth associated with macroeconomic stability. Strengthen financial discipline, strive to increase budget revenue by over 15%, adjust the budget deficit to 4-4.5% of GDP if necessary, and save regular expenditure to increase investment expenditure. Monetary policy will be operated flexibly, coordinated with a reasonable expansionary fiscal policy, directing credit to production, business and strategic infrastructure.

Second, institutionalize the Politburo’s resolutions, especially Resolution 66 on innovation in law making and enforcement, and Resolution 68 on private economic development. The Government will propose amending laws to remove bottlenecks, build a new legal framework for science, technology, and digital transformation, and reduce 30% of business investment conditions and administrative procedure costs by 2025.

Third, thoroughly reform state governance, perfect the two-tier local government model, and seek public opinion on amending the 2013 Constitution. The Government will strengthen anti-corruption, resolve complaints and denunciations, and handle backlogged projects, unlocking resources for development.

Fourth, restructure the economy, taking science and technology and digital transformation as the main driving force. The government will develop emerging industries such as semiconductors and artificial intelligence, and promote green agriculture and professional tourism, with the goal of attracting 22-23 million international visitors.

Fifth, speed up the progress of key infrastructure projects, complete 3,000 km of expressways and 1,000 km of coastal roads, ensure no power shortages and develop synchronous digital infrastructure.

Sixth, develop high-quality human resources, exempt tuition fees for preschool and primary school students, and deploy electronic health records nationwide before September 2025...

The Prime Minister called for promoting the spirit of solidarity, the desire for innovation, turning challenges into opportunities to fulfill the goals of the 2021-2025 period, welcoming the 14th National Party Congress. He also expressed his gratitude for the leadership of the Party, the companionship of the National Assembly, and the support of the people, and committed to building a strong and prosperous Vietnam, standing shoulder to shoulder with the great powers.

Source: https://thoibaonganhang.vn/thao-go-diem-nghen-cai-cach-the-che-quyet-tam-but-pha-kinh-te-xa-hoi-163682.html