The conference, attended by deputy prime ministers and leaders of various ministries, focused on translating central resolutions and National Assembly directives into concrete action.

The PM emphasized that 2025 is a critical year, marking major national anniversaries and the preparation for the 14th National Congress of the Communist Party of Vietnam.

More importantly, it is a pivotal period in achieving Vietnam’s two long-term economic goals: becoming a modern, upper-middle-income country by 2030 and attaining high-income status by 2045.

To reach these targets, the government has proposed an ambitious GDP growth rate of at least 8% in 2025, with the goal of achieving double-digit growth in subsequent years.

However, sustaining this level of economic expansion will require comprehensive reforms, decisive policy implementation, and nationwide collaboration.

Vietnam’s economic growth imperative

Prime Minister Pham Minh Chinh underscored that GDP growth is the most crucial factor in achieving Vietnam’s long-term economic vision. A robust GDP directly impacts the country’s economic scale, per capita income, and global economic ranking.

“We have no choice but to maintain high, continuous, and sustainable growth from now until 2045. Only then can we escape the middle-income trap and achieve our strategic goals, fulfilling the national aspiration for prosperity and well-being,” the PM stated.

Vietnam’s growth strategy aligns with global economic trends. The World Bank’s latest report indicates that over the past 30 years, only 34 economies have successfully transitioned to high-income status, while 108 nations remain stuck in the middle-income trap.

Historically, countries that achieved high-income status sustained rapid growth for approximately 30 years:

Japan: 11.5% annual GDP growth (1951–1973)

South Korea: 9.6% (1963–1996)

China: 10% (1978–2011)

Taiwan: 8.9% (1952–1989)

Singapore: 8.5% (1961–1997)

By comparison, Vietnam has maintained an average growth rate of 6.4% over nearly 40 years of economic reforms since 1986.

In 2024, Vietnam’s GDP is estimated to surpass $470 billion, with per capita income reaching approximately $4,700.

However, at the current growth rate of 7% per year, Vietnam would struggle to meet its long-term economic targets. A higher trajectory is needed to ensure sustainable progress.

Challenges and strategies for achieving sustainable growth

To set the stage for long-term economic transformation, Vietnam must achieve at least 8% GDP growth in 2025, creating momentum for double-digit expansion in the following years.

The PM highlighted that this ambitious goal requires collective effort from all sectors - not just a few high-performing provinces or industries.

“Every ministry, sector, locality, and business  - whether domestic or foreign, private or state-owned - must aim for at least 8% growth. Relying on just a few economic drivers is not a sustainable strategy,” he asserted.

However, the PM stressed that growth must be both high and sustainable - ensuring macroeconomic stability, inflation control, social equity, and environmental protection. Economic expansion should not come at the cost of social progress, environmental degradation, or financial instability.

To achieve this balance, Vietnam must:

Enhance traditional growth drivers, such as investment, exports, and domestic consumption, while diversifying markets, products, and supply chains.

Promote new economic engines, including the digital economy, green economy, circular economy, and knowledge-based industries.

Explore new economic frontiers, such as marine economy, underground infrastructure, and space economy.

Improve capital efficiency, by reducing the Incremental Capital-Output Ratio (ICOR) - a measure of investment effectiveness. Currently, Vietnam’s ICOR remains high, indicating suboptimal capital utilization.

Accelerate public investment, as efficient public spending is a key catalyst for growth. Ministries and local authorities must expedite the disbursement of public investment funds to maximize economic impact.

Seizing opportunities and overcoming challenges

The PM urged policymakers and business leaders to proactively identify global and regional economic trends, seizing opportunities while mitigating risks. He called for strategic discussions on leveraging Vietnam’s competitive advantages, implementing high-impact reforms, and ensuring policy effectiveness.

“This is the time to accelerate, to break through, to push forward. We must maximize every opportunity for Vietnam to progress rapidly and reach new heights,” he emphasized.

Vietnam’s future economic success depends on its ability to turn challenges into opportunities. As the global economy evolves, the country must remain adaptable, forward-thinking, and determined to overcome obstacles on the path to sustainable development.

Baochinhphu.vn