Institutional innovation creates momentum for economic growth

Kinhtedothi - Regarding the GDP growth target for 2025, at the regular Government Press Conference on the afternoon of January 8, Deputy Minister of Planning and Investment Nguyen Duc Tam informed about the plan to set a GDP target of 8.25% in 2025.

Accordingly, the Government has submitted to the National Assembly and the National Assembly has passed the Resolution and Resolution No. 158 also approved the economic growth rate in 2025. The economic growth rate is expected to be from 6.5 - 7%, striving for 7 - 7.5%. However, in the context of the current new situation, following the direction of Party and State leaders at all levels and the drastic direction of the Government and the Prime Minister, since the end of December 2024, the Prime Minister has issued telegram 140, in which he requested all ministries, branches and localities to implement growth scenarios so that in 2025 they can strive to achieve a minimum growth rate of 8% and under favorable conditions, double-digit growth.

This includes very high requirements for leading localities and growth drivers (including Hanoi, Ho Chi Minh City) along with Binh Duong , Dong Nai and other localities.

"If these localities grow higher than the current figures achieved in 2024, it will create a huge growth momentum," said Mr. Tam.

Reviewing the 2024 Plan, a representative of the Ministry of Planning and Investment said that the initial growth target was 6.5% because the impact of storms and floods affected growth by 0.8% and up to now, with the strong direction of the Government and the Prime Minister, the growth rate has been achieved at 7.09% - this is a very important basis and premise in 2025 to implement the set goals.

Emphasizing the current basis to achieve the growth target of at least 8% and strive for double-digit growth (at least 10%), in terms of solutions, the representative of the Ministry of Planning and Investment said that with the advisory body, the Ministry still determined that by 2025, it will continue to innovate and perfect institutional work, this will be one of the driving forces to help growth achieve high results.

“In 2024, many laws were submitted, among which were highly appreciated by ministries, branches and localities, such as 1 law amending 4 laws in the field of investment planning; as well as 1 law amending 9 laws in the field of finance and public investment law... implementing decentralization and delegation of power thoroughly to localities in the right direction: localities decide, localities do, localities take responsibility, we determined that in 2025, continuing work related to institutional work will be one of the growth drivers" - said the Deputy Minister of Planning and Investment.

At the same time, it is further informed that at the upcoming 9th Session, the Government will strive to amend many laws, including: amending Law 69 to create motivation for businesses and amending the Enterprise Law to be submitted to the National Assembly in the coming time to "untie" and remove difficulties for the business community.

Next, regarding macroeconomic management, Mr. Nguyen Duc Tam affirmed the continued implementation of macroeconomic stability, inflation control and ensuring major balances of the economy.

“This is one of the key tasks. Although we strive for high growth rates, we still have to ensure fundamental factors related to the macro economy and control inflation in the coming time,” said Mr. Nguyen Duc Tam.

Regarding monetary policy management, the representative of the Ministry of Planning and Investment emphasized the need to continue to be proactive, flexible, timely, effective and synchronous. Specifically, in 2024, although many tasks related to tax exemption, reduction, extension and deferral were carried out, and by the end of 2024, about 197,000 billion VND of tax exemption and deferral were carried out, while at the end of the year, revenue was still increased, estimated at about 337,000 billion VND, showing one thing: If we create conditions for businesses, we will collect more and businesses will return to operations and have more confidence in the economy. This is one of the solutions that the Ministry believes will continue to implement in the coming time.

Source: https://kinhtedothi.vn/doi-moi-the-che-tao-dong-luc-de-tang-truong-kinh-te.html