It wants the economy to grow by at least 8% to $500 billion this year, Minister of Planning and Investment Nguyen Chi Dung said while outlining proposed adjustments to development plans at an extraordinary session of the National Assembly on Wednesday. The GDP growth target was previously set a 6.5%.

Minister of Planning and Investment Nguyen Chi Dung at the National Assembly session on Feb. 12, 2025.

The higher GDP per capita target represents a $300 growth from last year and is more than twice the figure from 2015.

The government expects retail sales of goods and services to grow by 12% and inflation to be 4.5-5%.

It also seeks the flexibility to run a budget deficit of 4-4.5% of GDP, up from last year’s 3.4%, to support investment.

It wants 95% of public spending, or around VND890 trillion (US$34.7 billion), to be actually disbursed so that some key infrastructure projects are completed and Tan Son Nhat Airport’s Terminal 3 and Noi Bai Airport’s Terminal 2 are opened this year.

Vu Hong Thanh, chairman of the National Assembly’s Economic Committee, pointed out that this year’s targets need to be adjusted to achieve the 2021-25 targets.

But he noted that growth could be challenged by global uncertainties negatively impacting exports and FDI inflows.

Meanwhile, domestic business activity is sluggish, the industrial production index grew by only 0.6% year-on-year last month and the purchasing managers’ index remained under 50 for the second month in a row, he said.

He urged the government to make detailed plans for utilizing the money made available by increasing the debt ceiling and budget deficit, and pointed out that repayment obligations must be met.

Given the risk of tariffs from major trade partners, the committee recommended that Vietnam should make every effort to take advantage of the 17 free trade agreements it has signed, expand into new and niche markets and improve transparency in exports to avoid getting hit by tariffs.

Public investment is expected to be a key pillar of growth, but slow disbursement has been a longstanding issue.

With many major projects set to be completed this year, Thanh called for measures to expedite the disbursement of public investments.

Vietnam expects GDP per capita to hit $4,900 next year

Vietnam’s GDP per capita is set to rise by 5% to $4,900 next year if the country achieves economic growth of 7% this year, Prime Minister Pham Minh Chinh has said.

Vietnam posts 6.8% GDP growth in the first 9 months

The GDP in the first 9 months of 2024 expanded by 6.82% compared to the same period in 2023. The GDP, based on 2010 constant prices, reached 4,472.22 trillion VND (around 180 billion USD).

PM orders extra efforts to reach yearly GDP growth of over 7%

Prime Minister Pham Minh Chinh requested ministries, sectors, and localities to strive their best to achieve the set growth rate of over 7% for 2024, while presiding over a regular Cabinet meeting connected online with the 63 provinces and centrally-run cities on October 7.

Vietnam posts 7.4% GDP growth in Q3

Vietnam's gross domestic product (GDP) expanded by about 7.4% in the third quarter and 6.82% during the first nine months of 2024 compared to the respective periods of last year, the General Statistics Office (GSO) reported on October 6. 

Government eyes 7% GDP growth in 2024

The government is striving to register an economic growth rate of 7% for the whole year, higher than the National Assembly (NA)’s target of 6-6.5%.

HSBC keeps Vietnam’s GDP growth at 6.5% for 2024, 2025

HSBC has maintained its GDP growth forecast for Vietnam at 6.5% for both 2024 and 2025 in its “Asian Economics Quarterly – Comin’ for a landing” report.