At the workshop on Vietnam’s economy in 2024 and outlook for 2025 in Hanoi on January 14, 2025.

According to the Central Institute for Economic Management (CIEM), Vietnam’s economy has a strong foundation to advance into a new development phase, with GDP growth of 7.09% in 2024.

CIEM identifies four key challenges for economic growth in 2025 including slow global growth recovery in 2025, the ability to respond to the rapid development of new technologies, ensuring project quality to attract high-quality foreign direct investment (FDI), and achieving high growth but not at the cost of increased inflation pressure.

“We have clearly identified numerous difficulties and challenges, including the risk of the middle-income trap, and the need for new drivers to shift the growth model and enhance competitiveness,” Dr. Tran Thi Hong Minh, Director of CIEM, said. “With this perspective, such challenges can transform into 'positive pressure,' motivating Vietnam to pursue more fundamental economic reforms, focusing on innovation and integration to achieve economic growth targets for 2025 and beyond."

CIEM further recommends that Vietnam focus on shifting toward industries and products with higher added value and incorporating advanced science and technology, further attracting foreign investment to expand growth potential, boosting productivity through institutional reforms.