Vietnam targets GDP growth beyond 10% in 2026-2030: Prime Minister

Vietnam targets a GDP growth of 7% in 2024 and 8% in 2025, in order to prepare for an annual growth beyond 10% in 2026-2030, Prime Minister Pham Minh Chinh said at a monthly cabinet meeting on Saturday.

Chinh highlighted the strong socioeconomic growth in the first 11 months of this year, including the index of industrial production (IIP) going up 8.4% year-on-year, retail sales and services increasing 8.8%, the purchasing managers' index (PMI) reaching 50.8, inflation being tamed at 3.69%, credit growth hitting 12%, and trade surplus rising to $24.3 billion.

Minister of Planning and Investment Nguyen Chi Dung said the GDP growth can exceed 7% in the last quarter of this year.

To extend the country’s strong economic growth, he suggested the government focus on providing detailed guidance to implement the National Assembly’s decision, streamlining the apparatus, early building plans for 2025, updating the legal framework to facilitate business activities, pushing the demand ahead of the Lunar New Year (Tet) Holiday 2025, and ensuring defense-security.

Concluding the meeting, the PM recommended solutions to ensure socioeconomic growth, including the government streamlining 15% of its apparatus, continuation of flexible monetary policy, the central bank stabilizing the exchange rate and pushing credit growth to 15%, and the government enforcing a two-percentage-point reduction in the VAT.

Other solutions are pushing innovation and green transformation, developing digital infrastructure, enhancing workforce training, speeding up the handling of SCB fraud, and the Ministry of Public Security investigating frauds in land bidding and market manipulation.