Welcoming the 14th National Party Congress: Bright spot in growth, premise for a new development journey
On average, in the period of 2021 - 2025, Vietnam's growth will reach about 6.3%, higher than the previous period. A stable macroeconomic foundation and new growth drivers are creating important room to aim for high growth in 2026 and the following years.
Maintaining growth momentum amid many fluctuations
The 13th National Party Congress term ended in the context of strong fluctuations in the world economy, the COVID-19 pandemic caused disruptions in the supply chain and global recession.
In that situation, under the leadership of the Party, Vietnam's economy not only remains strong but also recovers quickly, maintaining a high growth rate in the region and the world. Thanks to the drastic participation of the entire political system, the entire people, the entire army and the business community, the socio-economic situation in 2025 is estimated to be completed and exceed 15/15 main targets.
GDP growth in each quarter is higher than the previous quarter; the whole year of 2025 is estimated to reach 8.02%, among the world's leading groups. On average, in the 2021-2025 period, growth will reach about 6.3%, higher than the previous period. If 2021 is not included in the severe impact of the COVID-19 epidemic, the average growth in the period of 2022-2025 will reach 7.13%, exceeding the 5-year socio-economic development plan target.
The processing and manufacturing industry increased by 9.97%, the highest level in the period of 2019-2025, continuing to be the main driver of growth. By the end of 2025, 3,335km of expressways and over 1,700km of coastal roads have been completed.
GDP in 2025 is estimated to reach 514 billion USD, up 5 places, rising to 32nd place in the world; GDP per capita reached about 5,026 USD, 1.4 times higher than in 2020, putting Vietnam in the group of countries with high average incomes, exceeding the set target.
State budget revenue achieved outstanding results with total budget revenue for 5 years reaching nearly 9.88 million billion VND, exceeding the set target by 18.1%, nearly 1.4 times higher than the previous period, while tax, fee and charge exemptions, reductions and extensions have been implemented for about 1.1 million billion VND.
The internal capacity of the economy is enhanced. The private economy is developing positively, with nearly 297,500 newly established and returning to operation in 2025. The total number of operating enterprises exceeded 1 million, a sharp increase compared to previous years.
Establishing a new growth model
The draft political report submitted to the 14th Congress affirmed: Fully promote the functions and roles of economic regions. Effective State economic development, truly maintaining the leading role in ensuring major balances, strategic orientations, leading the economy; developing the private economy as the most important driving force of the economy; cooperative economy, collective economy, foreign-invested economy and other types of economy playing an important role. This is a very important new point in this draft Document.
Setting the private economy as the most important driving force of the economy is a strategic approach in the context of deep integration and increasingly fierce global competition.
To achieve the goal of striving for double-digit growth, Politburo member and Prime Minister Pham Minh Chinh emphasized the task of focusing on perfecting institutions and laws to ensure transparency, synchronization, fairness, focusing on the law on investment and business to unleash productive power, mobilize all resources and create new momentum for development, turning institutions from "bottlenecks of bottlenecks" into national competitive advantages. Improve the efficiency of all types of markets; promote administrative procedure reform, improve the business environment.
Continue to prioritize promoting growth but must maintain macroeconomic stability, control inflation and ensure major balances. Closely coordinate, flexibly and effectively the reasonable expansionary fiscal policy, with focus, key points, proactive monetary policy, flexibility, timeliness, efficiency and other macro policies; promote and renew traditional growth drivers, develop new growth drivers.
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