Vietnam’s Prime Minister has instructed ministries, local authorities and state-owned enterprises to closely coordinate in fiscal and monetary policymaking in order to achieve GDP growth of 8.3–8.5% in 2025, with a longer-term goal of reaching double-digit growth in subsequent years.
In a directive issued this week, the government emphasized the need to sustain economic expansion while maintaining macroeconomic stability and controlling inflation.
On the fiscal side, the Ministry of Finance was tasked with continuing a reasonably expansionary policy, targeting at least a 25% increase in budget revenues, strengthening anti-tax evasion efforts, expanding the use of electronic invoices, and cutting recurrent expenditures. Tax reductions, exemptions and deferrals will remain in place to support businesses, while the government aims to disburse 100% of public investment capital in 2025. The plan also includes attracting high-tech foreign direct investment, developing stock and bond markets, and finalizing the legal framework for an international financial center.
The State Bank of Vietnam was directed to manage monetary policy flexibly, channeling credit into priority areas such as innovation, the digital economy and green growth, while addressing non-performing loans and tightening oversight of the banking sector. The government also seeks to expand cashless payments, strengthen management of the foreign exchange and gold markets, and prepare a roadmap to remove credit growth caps starting in 2026.
The Prime Minister assigned the Ministry of Finance and the State Bank to coordinate based on real-time data and accelerate digitalization of financial information. Deputy Prime Ministers will oversee their respective areas, with Deputy Prime Minister Ho Duc Phoc directly in charge of implementing the directive.
According to the government, the ultimate goal is to achieve high and sustainable growth alongside social welfare and improvements in people’s living standards.
