Belonging to the high growth group in the region and the world
In the article "Innovation, creativity, acceleration, breakthrough, bringing the country firmly into the era of national development, prosperity, civilization and prosperity", Politburo member and Prime Minister Pham Minh Chinh assessed that in 2024, the world situation will continue to develop rapidly and complicatedly, with many unprecedented issues, exceeding forecasts.
However, according to the Prime Minister, thanks to the high determination, great efforts, and drastic actions of the entire political system, people, and business community... Vietnam continues to be a bright spot in growth and is among the countries with high growth in the region and the world. GDP growth for the whole year is estimated at about 7%; economic scale is about 470 billion USD; economic structure continues to shift positively; the proportion of the agricultural sector is about 11%. Growth quality has improved; labor productivity growth is estimated at 5.7%, exceeding the set target; the economic freedom index has increased by 13 places, to 59/176 countries and territories.
Speaking to Lao Dong reporter, Dr. Nguyen Dinh Cung - former Director of the Central Institute for Economic Management - said that GDP growth in 2024 is relatively good. Statistics show that GDP growth this year may be higher than previous forecasts, which is a positive signal. The export market is good, orders are returning to businesses. The number of newly registered businesses in recent months has increased again...
According to Dr. Nguyen Quoc Viet - Deputy Director of the Vietnam Institute for Economic and Policy Research (VEPR), University of Economics - Vietnam National University, Hanoi, looking at the economic drivers in 2024, there are still many positive signals due to the return of growth in factors such as demand, export turnover, FDI capital flows and private investment. The number of newly established and resuming enterprises has grown more strongly than the period before the COVID-19 pandemic, money supply growth continues to recover from the second half of 2024....
Growth drivers such as public investment, private investment and import-export activities are all maintaining their momentum. The US Federal Reserve's (FED) interest rate cut policy to support the macro economy will facilitate exports, especially to the United States.
Driving force to achieve 8% growth target by 2025
Besides the driving forces, Vietnam's economy still faces challenges from both inside and outside. Therefore, to achieve GDP growth of over 8% in 2025 and higher growth in the coming years, Dr. Nguyen Quoc Viet said that Vietnam needs to focus on 6 solutions.
"First, macroeconomic stability is associated with faster and stronger growth recovery. Second, reforming and streamlining the state apparatus towards an effective, efficient, modern, transparent, easy-to-understand and easy-to-implement institutional and state management system to reduce business risks and compliance costs. Third, promoting sustainable economic development momentum based on new growth models and linked to global trade and investment trends.
Fourth, with short-term risks, ensure room for macroeconomic adjustment policies to support domestic economic activities and vulnerable groups. Fifth, in the medium term, upgrade infrastructure, improve qualifications and skills for the workforce and develop science and technology to improve competitiveness, promote innovative and sustainable business. Sixth, in the long term, build strategies and implement targeted, focused and key development policies while ensuring effective disbursement of public investment" - Dr. Nguyen Quoc Viet recommended.
In 2025, the National Assembly assigned the Government an economic growth target of 6.5-7%, striving for 7-7.5%. The Prime Minister affirmed a strong message in Official Dispatch 137/CD-TTg with the goal of accelerating and breaking through towards a growth rate of over 8% and expecting to achieve double-digit growth in the coming period.
