Deputy Minister of Planning and Investment Tran Quoc Phuong has urged all sectors to work at double their capacity to meet Vietnam’s ambitious GDP growth targets of 8% in 2025 and over 10% from 2026. The government is pushing institutional reforms, increased public investment, and efforts to resolve economic bottlenecks.

Speaking at the regular government press conference on the afternoon of February 5, Phuong acknowledged that exports in 2025 could face significant challenges.

He urged government agencies and local authorities to closely monitor the situation, analyze difficulties in depth, and proactively address potential risks.

According to Phuong, the Central Committee has just passed a resolution targeting an 8% GDP growth rate in 2025, which is crucial for achieving the overall five-year economic objectives (2020–2025). This foundation will also pave the way for double-digit growth, exceeding 10%, from 2026 onward.

The deputy minister affirmed that key policies and solutions for achieving this ambitious growth have been outlined in government resolutions. However, he stressed that success depends on the concerted efforts of ministries, localities, and businesses.

"The principle is that each person must work twice as hard if we are to reach the set goals," Phuong emphasized.

Regarding specific solutions, Phuong stated that the resolution assigns growth targets to ministries, sectors, and localities. One immediate priority is institutional reform to unlock development resources quickly, which he described as the "breakthrough of breakthroughs."

Another key measure is resolving bottlenecks in ongoing projects and clearing stalled investments to generate momentum for national development in this new era. The government plans to ramp up public investment in 2025.

"This morning, the government directed a 10% reduction in recurrent spending to allocate more funds for investment. Additionally, recurrent expenditures will be lowered to below 60% of the total budget to free up resources for development," Phuong said.

He noted that 2025 will see increased public investment across various projects, including early implementation of major railway developments, such as the Lao Cai – Hai Phong railway and the Hanoi – Lang Son railway.

The deputy minister also revealed that state-owned enterprises will undergo restructuring to create opportunities for leading firms to drive private-sector investment. Foreign direct investment (FDI) and private-sector investments are expected to continue growing.

"We must address policy obstacles to attract capital into high-tech industries, semiconductors, and other strategic sectors," Phuong said.

He urged ministries, localities, business associations, and enterprises to stay well-informed about global trade dynamics, thoroughly analyze potential difficulties, and proactively implement strategic plans. The Prime Minister has instructed government agencies to maximize the benefits of next-generation free trade agreements (FTAs), particularly newly signed FTAs, to expand market access.

At the press conference, Minister and Head of the Government Office Tran Van Son emphasized that public investment in 2025 will be substantial.

During the morning's government meeting, officials reported that nearly $40 billion in public investment funding - sourced from revenue surpluses from 2024 and previous years - will be allocated to key infrastructure projects.

Quang Phong