Vietnam aims for 8% economic growth, $5,000 GDP per capita in 2025

Prime Minister Pham Minh Chinh released these targets in a report presented at the ninth session of Vietnam’s 15th National Assembly, which opened in Hanoi on Monday.

Last year, the NA set an economic growth target of 7.5 percent for 2025, with a GDP of up to $500 billion. 

However, the government later determined to strive for a higher rate, at least eight percent.

Also, the government is striving to boost the GDP per capita in 2025 to more than $5,000, compared to the previous expectation of $4,900.

These targets are built upon the impetus from 2024, during which the economy expanded 7.09 percent versus 2023 and reported a per capita GDP of $4,700.

Furthermore, in the first quarter of 2025, Vietnam’s GDP growth was estimated at 6.93 percent, the highest for the 2020-25 period, with several localities achieving double-digit growth, PM Chinh told the meeting.

Approaches to realize growth ambitions

The government leader outlined a series of key measures to reach these goals, with priorities given to promoting growth in tandem with maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances.

He stressed the need to closely monitor international and domestic developments, proactively forecast, and respond with flexible and timely policies, especially concerning the U.S.'s new tariff policies.

The government aims to increase state budget revenue by over 15 percent and is prepared to adjust the budget deficit to 4-4.5 percent of GDP if necessary.

Besides, there will be preferential, long-term credit packages prioritizing sectors such as forestry, fisheries, wood processing, and housing for young people, with a target of achieving over 16 percent credit growth.

The government is committed to accelerating the disbursement and efficient use of public investment capital, focusing on key projects.

Emphasis will be placed on leveraging the 17 signed free trade agreements, intensifying trade promotion, enhancing the inspection and supervision of goods' origin, and diversifying markets, products, and supply chains.

The government encourages Vietnamese consumers to buy domestically produced goods, particularly agricultural products and items under the One Commune One Product (OCOP) program, to stimulate internal demand and support rural economic development.

Among other solutions, Chinh said efforts must be intensified to combat smuggling, trade fraud, counterfeit goods, and substandard products, particularly in pharmaceuticals, nutritional products, and functional foods, with any false advertising practices to be strictly prevented and addressed.

He also urged the prompt development and implementation of support measures for businesses and workers affected by the U.S.'s new tariff policies, including a 46-percent reciprocal tariff on Vietnamese exports to the U.S., which was initially set to take effect on April 9 but has been delayed for 90 days to allow for negotiations.