Vietnam to focus on 3 'strategic breakthroughs' for double-digit growth in 2025: Deputy PM
The government is focusing on three "strategic breakthroughs" to achieve a double-digit economic growth for 2025, says Deputy Prime Minister Ho Duc Phoc.
Deputy Prime Minister Ho Duc Phoc addresses the 17th Vietnam Economic Scenario Forum in Hanoi, January 7, 2024. Photo courtesy of the government's news portal.
The strategic breakthroughs, set at the 13th National Party Congress, are institutional improvement, infrastructure building, and human resource development, Phoc said at the 17th Vietnam Economic Scenario Forum (VESF).
Regarding institutional reform, the deputy PM noted that in recent times, particularly the final months of 2024, several laws have been amended to address the "bottleneck of bottlenecks" and unleash development resources. "In the coming period, the government will continue to refine the policies and legal system to create even greater and more impactful breakthroughs."
He said the government will continue to allocate resources for infrastructure development. In 2025, about VND800 trillion ($31.52 billion) will be arranged for public investment in this area, focusing on key projects such as expresswayss, the Long Thanh International Airport in the southern province of Dong Nai, the North-South high-speed railway (scheduled to break ground in 2027), as well as high-speed rail lines connecting China to Ha Long (Quang Ninh), Hai Phong, and Hanoi, and linking Ho Chi Minh City to Vung Tau and Kien Giang.
The cabinet will also focus on energy infrastructure (including nuclear and renewable energy), industrial parks, and economic zones.
It will concentrate on implementing Resolution 57-NQ/TW for breakthroughs in science, technology, and innovation, and solutions to enhance the quality of human resource.
Phoc noted that science and technology are core factors to change the nature of economic growth, toward high-quality, sustainable, and robust growth.
According to the deputy PM, Vietnam is transitioning to a green economy and a digital economy to achieve the highest quality, strongest, and most sustainable growth.
Vietnam's GDP growth reached 7.09 percent in 2024. The economic size hit $476.3 billion, ranking 33rd globally, up two places from 2023.
The consumer price index (CPI) increased by 3.63% in the year. Total trade reached nearly $800 billion, with a trade surplus of $24.77 billion. State budget revenue rose 19.8% from the estimate, reaching over VND2,000 trillion ($78.8 billion), up VND336.5 trillion. The poverty rate dropped to only 1.95%.
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