Prime Minister Pham Minh Chinh Issues Official Dispatch on Economic Growth and Fiscal Coordination

Strategic Insights -

To achieve its ambitious target of 8.3-8.5% GDP growth in 2025 and lay the groundwork for double-digit expansion in subsequent years, Prime Minister Pham Minh Chinh has issued an Official dispatch. This directive emphasizes the importance of sustaining macroeconomic stability while driving economic growth. The dispatch outlines key strategies, including prudent yet targeted fiscal expansion, and calls on government ministries and agencies to implement policies aimed at enhancing tax effectiveness and increasing public investment disbursement.

Key Takeaways:

  • The Government aims to increase 2025 State budget revenue by at least 25% over estimates.
  • Regular expenditures are to be tightly controlled, with unnecessary spending decisively curtailed.
  • Tax relief, fee reductions, and land rent deferrals will continue to support businesses and households, alongside streamlined procedures to bolster production and employment.
  • The Government seeks to reach at least 60% disbursement of 2025 public investment capital by the end of the third quarter and 100% by the year-end.
  • State-owned economic groups and corporations are expected to take a leading role in national development, striving for a 2025 growth rate in output or revenue of at least 10%.
  • The State Bank of Vietnam is directed to manage monetary policy in a proactive, flexible, and timely manner, closely aligned with fiscal and macroeconomic strategies.
  • Deputy Prime Ministers will oversee the implementation of the directive within their respective sectors, with Deputy PM Ho Duc Phoc directly responsible for directing its execution.

Statistics:

  • 25% increase in 2025 State budget revenue over estimates.
  • At least 60% disbursement of 2025 public investment capital by the end of the third quarter.
  • 100% disbursement of 2025 public investment capital by the year-end.
  • 2025 GDP growth target: 8.3-8.5%.
  • Priority infrastructure projects to feature State-owned economic groups and corporations.
  • State-owned economic groups and corporations aim for a 2025 growth rate in output or revenue of at least 10%.

Sources:

  • Official dispatch issued by Prime Minister Pham Minh Chinh on fiscal and monetary policy coordination.
  • Resolution No. 57-NQ/TW of the Politburo.