Actively intertwined with challenges
According to the Statistics Office (Ministry of Finance), industrial production in the first two months of 2025 grew positively and achieved the highest growth rate of the same period in the past 5 years. The industrial production index in February is estimated to increase by 17.2% over the same period last year, the first two months of 2025 increased by 7.2%, the highest increase of the same period in the period of 2021-2025.
Total import and export turnover of goods in the first 2 months of 2025 reached 127.07 billion USD, up 12.0% over the same period last year.
According to Director of the Statistics Office (Ministry of Finance) Nguyen Thi Huong, the growth target of 8% or more in 2025 is a big challenge for the entire economy. Of which, the first quarter increased by 7.7%; the second quarter increased by 8.1%; the third quarter increased by 8%; the fourth quarter increased by 8.2%.
"In the first months of 2025, the labor shortage still occurred in some newly established enterprises. The growth rate of import-export turnover in the first 2 months of the year is only higher than the same period in 2023 in the past 5 years. The number of enterprises withdrawing from the market (67,000) exceeds the number of enterprises joining (49,800). Notably, 3,800 enterprises completed the dissolution, an increase of 10.3% over the same period, the highest level in the period of 2021-2025" - Ms. Nguyen Thi Huong informed.
Synchronously implementing solutions to promote growth
In response to the results achieved in the first 2 months of 2025, Director of the Statistics Office (Ministry of Finance) - Ms. Nguyen Thi Huong assessed that to create growth momentum for the following months, it is necessary to coordinate synchronously and effectively with policies.
In which, monetary policy management is proactive, flexible, timely and effective. Administrate the expansionary fiscal policy reasonably, with focus and key points, support production and business, and promote growth drivers. Update forecast scenarios on growth and inflation to have timely response to maintain stability and growth of the economy.
Developing emerging industrial fields such as chips, semiconductors, and artificial intelligence. Promote trade promotion, expand and diversify supply chains, production chains and import and export markets in conjunction with improving product quality. Effectively exploiting opportunities from 17 signed FTAs and boosting exports to major, key markets.
"In particular, there are stronger, more drastic and timely solutions to speed up the disbursement of public investment capital from the beginning of 2025, especially important national projects, key projects and national target programs. There are preferential and competitive policies, creating favorable business conditions to attract large projects, national key projects, high-tech projects... attracting strategic investors, multinational corporations to invest, set up headquarters and establish research and development centers in Vietnam" - Ms. Nguyen Thi Huong emphasized.
According to Mr. Suan Teck Kin - Director of Global Market and Economic Research at United Overseas Bank (UOB), achieving an increase of 8%, even in double digits, is completely possible. Especially when Vietnam has a strong driving force in 2024 with GDP increasing by over 7%. To achieve this, Singaporean banking experts recommend that Vietnam strongly increase public investment to support growth and reduce the impact of the risk of decline in exports and production.
"The implementation of infrastructure projects needs to be accelerated to both create short-term growth momentum while investment is being implemented and improve long-term productivity after the project is completed" - Mr. Suan Teck Kin recommended.
At the Government meeting to assess the regional and world economic situation, remove difficulties and obstacles, propose tasks and solutions to promote economic growth of 8% in 2025 and double digits in the following years - Politburo member and Prime Minister Pham Minh Chinh emphasized that promoting growth of 8% in 2025 and double digits in the coming years is a very difficult and challenging task but is a command from the heart, mind, responsibility to the nation, people and people.
