To achieve an economic growth target of over 8% this year, the Government will introduce mechanisms and policies related to taxation and credit to stimulate consumer demand, and promote domestic tourism. Consumption as a growth driver faces challenges Alongside investment and exports, consumption has traditionally been a key driver of Vietnam’s economic growth. This issue is also a concern for Nguyen Manh Hung, a standing member of the National Assembly’s Economic Committee. At the recent ninth extraordinary session of the National Assembly, during a group discussion on the additional plan for socio-economic development in 2025—targeting a growth rate of 8% or higher—Hung remarked: “Exports and investment have continued to grow relatively well year after year, but domestic consumption is facing challenges.” To surpass 8% growth, the Government plans to ramp up public investment, accepting a fiscal deficit up to 4-4.5% of GDP and an increase in the consumer price index (CPI) to 4.5-5%. respectively. “Simply put, if prices rise, people will only spend more if they have higher incomes or more job opportunities. However, several factors are currently affecting this,” Hung noted. The first factor is the ongoing restructuring and streamlining of the public sector, which is impacting around 100,000 […]
To achieve an economic growth target of over 8% this year, the Government will introduce mechanisms and policies related to taxation and credit to stimulate consumer demand, and promote domestic tourism. Consumption as a growth driver faces challenges Alongside investment and exports, consumption has traditionally been a key driver of Vietnam’s economic growth. This issue is also a concern for Nguyen Manh Hung, a standing member of the National Assembly’s Economic Committee. At the recent ninth extraordinary session of the National Assembly, during a group discussion on the additional plan for socio-economic development in 2025—targeting a growth rate of 8% or higher—Hung remarked: “Exports and investment have continued to grow relatively well year after year, but domestic consumption is facing challenges.” To surpass 8% growth, the Government plans to ramp up public investment, accepting a fiscal deficit up to 4-4.5% of GDP and an increase in the consumer price index (CPI) to 4.5-5%. respectively. “Simply put, if prices rise, people will only spend more if they have higher incomes or more job opportunities. However, several factors are currently affecting this,” Hung noted. The first factor is the ongoing restructuring and streamlining of the public sector, which is impacting around 100,000 […]
To achieve an economic growth target of over 8% this year, the Government will introduce mechanisms and policies related to taxation and credit to stimulate consumer demand, and promote domestic tourism. Consumption as a growth driver faces challenges Alongside investment and exports, consumption has traditionally been a key driver of Vietnam’s economic growth. This issue is also a concern for Nguyen Manh Hung, a standing member of the National Assembly’s Economic Committee. At the recent ninth extraordinary session of the National Assembly, during a group discussion on the additional plan for socio-economic development in 2025—targeting a growth rate of 8% or higher—Hung remarked: “Exports and investment have continued to grow relatively well year after year, but domestic consumption is facing challenges.” To surpass 8% growth, the Government plans to ramp up public investment, accepting a fiscal deficit up to 4-4.5% of GDP and an increase in the consumer price index (CPI) to 4.5-5%. respectively. “Simply put, if prices rise, people will only spend more if they have higher incomes or more job opportunities. However, several factors are currently affecting this,” Hung noted. The first factor is the ongoing restructuring and streamlining of the public sector, which is impacting around 100,000 […]
The National Assembly wrapped up its 9th extraordinary session on February 12, passing several critical policies that will shape Vietnam’s development path in the...
The Government looks determined to achieve economic growth of over 8% this year. While supporting this growth scenario, the National Assembly Standing Committee has...
Beyond “natural” growth, Vietnam is expected to find fresh opportunities through its strong determination for institutional reform and resolute leadership. “This is not just...
Despite some positive indicators, the economy continues to grapple with difficulties.
According to the socio-economic report from the General Statistics Office, the gross domestic product...
Green and sustainable growth is an inevitable economic trend that localities need to follow. To restrict investment projects that can threaten the environment at...