Authorized by the Prime Minister, Minister of Planning and Investment Nguyen Chi Dung, on behalf of the Government, presented a report on the revised 2025 socio-economic development plan which targets a growth rate of at least 8 percent and GDP size estimated at over $500 billion, at the opening session of the 15th NA’s 9th extraordinary sitting on February 12, according to a report from the Government News.

The report stated that the country successfully and comprehensively fulfilled the socio-economic development goals for 2024, with all 15 key targets met or surpassed.

The year 2025 holds special significance as the final year of the 5-year socio-economic development plan for 2021-2025, according to the report.

Therefore, it went on, the national GDP growth in 2025 needs to reach 8 per cent or more in order to contribute to a strong foundation for achieving a double-digit growth rate over a sustained period, starting from 2026, adding that the growth should be rapid yet sustainable, with macroeconomic stability maintained, inflation controlled, major balances ensured.

The GDP size in 2025 must reach over $500 billion, and GDP per capita about over $5,000, the report stated.

Under the Government’s proposal, the National Assembly will consider adjusting a number of other key indicators: including Average Consumer Price Index (CPI) growth rate of about 4.5-5 per cent; the State Budget deficit to about 4-4.5 per cent of GDP to mobilize resources for development investment.

Chairman of the NA's Economic Committee Vu Hong Thanh then presented a verification report in which the committee generally agrees with the economic growth goals, requirements, and scenarios for 2025 outlined in the Government report.

Proposing the National Assembly adjust the economic growth targets for 2025 reflects the Government's determination and efforts to successfully achieve the socio-economic development goals for the 2021-2025 period, thus creating a solid foundation to achieve double-digit growth over a sustained period, propelling the country into the era of strong development and prosperity.

According to the committee, to deliver on the GDP growth target of at least 8 per cent in 2025, it is necessary to ensure legal corridors, promote intrinsic strength while maintaining groundwork for long-term and sustainable development. It laid stress on the importance of stabilizing the macro-economy, managing major economic balances, and guaranteeing social security and national defense.

It also called for specific solutions to reform public investment management, assure the disbursement of allocated public investment funds, and develop concrete monetary and fiscal policies to boost consumer spending and domestic tourism. Additionally, it emphasized the need to reduce and simplify administrative procedures.