HCMC – The National Assembly (NA) is debating a plan to drive economic growth to at least 8% this year, with a focus on public investment and private sector expansion.
During an extraordinary session on February 15, lawmakers called for urgent reforms to eliminate institutional barriers that hinder investment. An NA deputy from Dak Nong Province argued that current regulatory frameworks prioritize control over development, slowing economic progress. He urged faster legal revisions to foster a more business-friendly environment.
While public investment remains a key pillar of economic growth, legislators stressed the importance of setting clear targets for the private sector. A deputy from Dong Nai Province described the 8% growth goal as a test for future double-digit expansion and called for immediate measures to achieve it.
Private sector investment has been slowing, with projections between 7-9% growth. To meet the overall target, policymakers proposed boosting private investment to double-digit levels.
Credit expansion was another major concern. NA deputies suggested raising credit growth limits from 15-16% to 18-19% to further support economic expansion. However, the NA’s Economic Committee warned of inflation risks, noting that core inflation in January had risen to 3.07%, up from 2.71% in 2023.
A deputy from Thai Binh Province urged the Government to strengthen collaboration between domestic small and medium-sized enterprises (SMEs) and foreign direct investment (FDI) firms. He also called for a government resolution to facilitate these partnerships and address stalled projects.
The Economic Committee emphasized the need for a balanced approach to fiscal and monetary policies to sustain growth while keeping inflation under control. Lawmakers will continue discussions on strategies to meet the 2025 economic target.
