Vietnam PM Seeks Steps for Double-Digit GDP Growth Next Year
Vietnamese Prime Minister Pham Minh Chinh instructed the investment ministry and other authorities to work on development scenarios and measures that will enable the country to attain “double-digit” growth in gross domestic product next year.
(Bloomberg) -- Vietnamese Prime Minister Pham Minh Chinh instructed the investment ministry and other authorities to work on development scenarios and measures that will enable the country to attain “double-digit” growth in gross domestic product next year.
Cities and provinces have been ordered to develop expansion plans aimed at reaching the national growth goal, while ministries must set targets in their assigned sectors to achieve the same, according to a government statement. Plans must be submitted to the premier before Jan. 3.
While the National Assembly has set a GDP growth target of 6.5%-7% for next year, Chinh said earlier this month that the government sees 2025 as “the year of acceleration” and would strive for about 8% growth.
Chinh urged officials to focus on disbursing public investment from the start of 2025 to create growth momentum, according to the statement. Disbursements in the first eleven months of 2024 were at just 60.4% of what had been planned by the premier, according to a publication under the finance ministry.
He also said the construction of key transportation projects should be sped up, including the completion of a 3,000-kilometer (1,864-mile) expressway next year.
The prime minister ordered the technology ministry and other authorities to work on policies to attract investments in high-value added sectors including semiconductors, artificial intelligence, renewable energy and smart infrastructure. Proposals should be submitted in the first quarter.
Chinh sought for increases in exports through inroads into new markets, and favorable policies to lure investments in green projects. Officials should step up measures to boost the growth of property, stock and bond markets, while cutting unnecessary administrative procedures to support businesses, he said.
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Business NewsEconomyVietnam PM Seeks Steps for Double-Digit GDP Growth Next Year
First Published:28 Dec 2024, 05:21 PM IST
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