HCMC – The Government has set a target for the private sector to contribute approximately 55% of GDP by 2025 from 46% in 2023, Standing Deputy Prime Minister Nguyen Hoa Binh said at a conference today.
The event, held on January 8, reviewed the Government’s performance in 2024 and outlined priorities for 2025. It was attended by senior leaders, including Party General Secretary To Lam, President Luong Cuong, Prime Minister Pham Minh Chinh, and National Assembly Chairman Tran Thanh Man, according to VGP News.
In 2024, the Government prioritized implementing Party and National Assembly resolutions, focusing on three strategic breakthroughs, six key tasks, 12 main solutions, and 185 specific actions.
Key objectives included an economic growth rate of over 8%, an average CPI increase of around 4.5%, and a reduction in the multidimensional poverty rate by 0.8% to 1%, along with 71 other specific indicators.
Looking ahead to 2025, Standing Deputy Prime Minister Binh presented eight critical tasks and breakthrough solutions:
First, the Government aims to improve the legal system, streamline administrative structures, pass legislative projects, amend laws, reform administrative processes, digitize procedures, and successfully organize Party congresses at all levels.
Second, driving economic growth while maintaining macroeconomic stability will be a priority. This includes implementing flexible monetary and fiscal policies, accelerating public investment disbursement, attracting targeted foreign investment, and fostering advancements in science, technology, digital transformation, and labor productivity.
The third is mobilizing resources from the State budget, domestic and foreign loans, public-private partnerships, and other legal channels to accelerate investment in major projects and address existing bottlenecks.
A key focus will be strengthening the private sector, with a target for it to contribute 55% of GDP by 2025. The Government plans to issue an entrepreneurship strategy through 2035, with a vision for 2045, and to create a growth plan for national businesses and small- and medium-sized enterprises (SMEs).
According to the Ministry of Planning and Investment, Vietnam has over 930,000 active businesses, of which 98% are SMEs. In 2023, the private sector accounted for about 46% of GDP, contributed about 30% of state budget revenue, and employed 85% of the workforce.
Another priority involves developing strategic infrastructure. This includes completing 3,000 kilometers of highways and over 1,000 kilometers of coastal roads, upgrading existing highways, addressing climate change challenges, and planning energy and resource use. The Government will explore the effective utilization of marine, underground, and space resources.
The fifth task is to strengthen the Party by resolving pending projects, improving the efficiency of budget revenue and expenditure, reducing regular expenses, and intensifying the fight against corruption and waste.
The Government also aims to promote culture, ensure social welfare, proactively address natural disasters and climate change, and tackle air pollution in urban areas. It has set a goal of completing over 100,000 social housing units this year.
National defense and security will also be enhanced, ensuring political stability while addressing cyber threats, high-tech crimes, foreign relations, and international integration.
Finally, the Government will focus on strengthening communication, proactively disseminating information about major events, and fostering motivation and social consensus among the public.
