(VOVWORLD) - Vietnam’s socio-economic achievements in 2024 created a firm foundation for reform, development, and a strong momentum heading into 2025, said Prime Minister Pham Minh Chinh, presenting the Government report at the National Assembly’s ongoing session in Hanoi on Monday. Mr. Chinh underscored the importance of coordinated and decisive implementation of solutions to ensure Vietnam fulfills the growth targets set for the 2021-2025 period.
 Prime Minister Pham Minh Chinh presents a government report on socio-economic development at the 9th session of the 15th National Assembly (Photo: quochoi.vn) |
The report said that in the first 4 months of this year Vietnam’s macroeconomy was stable, inflation was controlled, and major economic balances were maintained. GDP expanded 6.93% in Q1, the highest Q1 growth since 2020. Several localities reported double-digit growth. Disbursed FDI surpassed 6.7 billion USD, the highest in the 2020-2025 period, showing that Vietnam continues to be an attractive destination for foreign investors.
Vietnam ranked 46th of 143 countries in the 2025 World Happiness Report, rising 8 places from 2024. Major national anniversaries and festivals were celebrated, including a grand parade commemorating the 50th anniversary of the liberation of the South and national reunification.
 At the 9th session of the 15th National Assembly (Photo: quochoi.vn) |
Focusing on strategic priorities
In 2025 the Government is determined to realize its target growth of at least 8%, expand the economy beyond 500 billion USD, rise 2 places to rank 30th globally, and raise GDP per capita above 5,000 USD. To this end, it will continue to implement Party and National Assembly resolutions, particularly the 13th Party Congress Resolution. The Government will focus on executing tasks within the "strategic quartet" – streamlining the political system; making breakthroughs in science, technology, innovation, and digital transformation; enhancing international integration in the new context; and promoting the private sector.
Prime Minister Chinh said: "It is crucial to revise laws to remove obstacles, unlock resources, and fully mobilize internal strength for socio-economic development. By 2025 at least 30% of unnecessary investment and business conditions will be abolished, and the processing time for administrative procedures will be reduced 30% or more."
"Other key tasks include accelerating state governance reforms, completing the organizational model of the political system, organizing public consultations on proposed amendments to the 2013 Constitution, promoting economic restructuring and developing a new growth model driven by science, innovation, and digital transformation. Vietnam will strive to have completed 3,000 kilometers of expressways and 1,000 kilometers of coastal roads and to accelerate the progress of the North-South Expressway and other key national infrastructure projects this year," said the Prime Minister.
Turning challenges into momentum for growth
The report noted that the global situation has been increasingly complex and unpredictable since early this year. Of particular concern is the US’s sudden announcement of sweeping tariffs, which have negatively impacted the global economy.
The Vietnamese Government remained calm and flexible, implemented timely and effective countermeasures, and became one of the first governments to propose new trade negotiations with the US. Negotiations are scheduled to begin on Wednesday.
Prime Minister Chinh said the Government is working closely with ministries and the negotiation team to devise a strategy based on the principle of “harmonized benefits, shared risks”.
"Vietnam will negotiate with the US in a spirit of safeguarding its legitimate rights and interests, promoting balanced and sustainable trade, and fully respecting international commitments to which Vietnam is a signatory. The Government will issue a Decree on strategic trade control, strengthen inspection of goods origins, and continue efforts to diversify markets, products, and supply chains. It’s important to improve the quality and competitiveness of goods and services, adapt to global economic developments, and implement timely solutions to support businesses and workers affected by the US tariff policy," said Mr. Chinh.
Despite current difficulties, the Government is committed to pursuing its development goals with stronger determination, greater effort, and more decisive action in governance and implementation, Prime Minister Chinh said.
“In the face of a volatile global environment and internal economic challenges, it’s more critical than ever to uphold the spirit of unity and innovation, guided by a long-term vision, deep thinking, and a bold approach. We must act with great determination, transform challenges into opportunities, turn difficulties into a driving force to achieve the targets set for the 2021-2025 period, and strive to deliver concrete achievements heading into the 14th National Party Congress,” said Mr. Chinh.
The Prime Minister expressed strong confidence that the Government will achieve its objectives and instill renewed confidence, energy, and momentum into building a strong, prosperous, and modern Vietnam.