Vietnam targets 7-7.5% economic growth in 2025
Vietnam has set a GDP growth target of 6.5-7% in 2025, but will strive to push it further to 7.5%, says Planning and Investment Minister Nguyen Chi Dung.
With such a projection, Vietnam will rank 31st-33rd among the largest economies in the world, according to a report Dung presented to the Standing Committee of the National Assembly (NA), the country’s supreme legislative body.
Minister of Planning and Investment Nguyen Chi Dung (standing) presents a government report on socio-economic development in 2024 and targets for 2025 at a meeting with the Standing Committee of the National Assembly in Hanoi, October 9, 2024. Photo courtesy of the National Assembly's news portal.
The report projects per capita income at $4,900 next year.
The consumer price index, the main gauge of inflation in Vietnam, is targeted to increase 4.5%, compared to the 4-4.5% target set for 2024.
The government estimates that the economy will grow 6.8-7% this year, higher than the initial target of 6-6.5% mandated by the National Assembly. This would put Vietnam among the few fast-growing economies in the region, the report notes.
Minister Dung has also asserted that the government will meet 14 of 15 benchmarks set for this year, including the productivity growth target that was not fulfilled in the previous three years.
The nation’s per capita GDP at the close of this year is estimated at $4,647, short of the $4,700-4,730 target, due to the Vietnamese dong’s depreciation.
However, in VND terms, per capita income is likely to reach VND123 million ($4,950), higher than the target of VND112 million.
The report says that Vietnam has 2,021 kilometers of expressways at present and this is likely to reach 3,000 km by the end of next year.
“In 2025, the government aims to complete required procedures and kick-start construction of the Lao Cai-Hanoi-Hai Phong railway [that links with China]; prepare investment for the Lang Son-Hanoi and Mong Cai-Ha Long-Hai Phong rail routes; and speed up the investment process for the North-South high-speed railway project,” the government report says.
Vietnam’s GDP expanded 7.4% in Q3/2024, much higher than expected, given the severe damage inflicted by typhoon Yagi in September.
Several international institutions have been upbeat about Vietnam’s growth prospects next year.
Singapore-based UOB has kept its growth forecast for 2025 unchanged at 6.6%. The Asian Development Bank (ADB) and HSBC have also retained their projections at 6.2% and 6.5%, respectively.
S&P Global has projected Vietnam’s GDP growth at 6.8% in 2025, 6.7% in 2026 and 6.6% in 2027.
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