HCMC – Prime Minister Pham Minh Chinh has set a target of at least 8% GDP growth for 2025, with the aim of achieving double-digit growth in 2026.
Chinh attributed Vietnam’s projected 7% GDP growth in 2024 to the collaborative efforts of the political system, businesses, and the leadership of the Communist Party. The economy’s size is nearing US$470 billion, with notable achievements across key sectors. Labor productivity rose by 5.7%, surpassing expectations, while agricultural exports reached a record US$62 billion.
Foreign direct investment (FDI) remains a strong driver, totaling US$40 billion in 2024, placing Vietnam among the top 15 developing nations for FDI attraction.
However, Chinh acknowledged challenges in institutional reforms, citing issues with legal frameworks, administrative inefficiency, and governance. He emphasized that 2025 would focus on accelerating reforms to achieve the socio-economic development goals outlined in the 2021-2025 plan.
Policy improvements, infrastructure modernization, and advancements in digital transformation and green technologies will be prioritized. The Government also aims to strengthen workforce quality and leverage emerging technologies like artificial intelligence and big data to boost productivity and innovation.
As part of Vietnam’s long-term strategy to become a high-income country by 2045, efforts will be made to deepen integration into global trade networks and develop cultural and entertainment industries. Infrastructure projects such as high-speed rail and highways will be critical to supporting economic growth.
