Producing shoes for export to the EU market at Truong Xuan Shoe Company in Ba Vi district of Hanoi. (Photo: VNA)

Prime Minister Pham Minh Chinh on March 1 signed Directive No. 05/CT-TTg outlining key tasks and breakthrough solutions to drive economic growth and accelerate public investment disbursement, ensuring that Vietnam’s GDP growth reaches at least 8% in 2025.

The directive acknowledges the challenges in achieving this target but stresses its necessity to build momentum for sustained double-digit growth in the coming years.

The key measures include rigorously and effectively implementing resolutions and conclusions of the Party Central Committee, Politburo, National Assembly, and Government, and capitalising on freshly-introduced policies and mechanisms to unlock economic resources.

The Ministry of Finance is tasked with proposing tax cuts, fee reductions, and extended payment deadlines to support businesses and boost domestic production and consumption. Meanwhile, the State Bank of Vietnam is requested to adopt a flexible and proactive monetary policy, ensuring stable interest rates, exchange rates, and credit growth, among other economic indicators.

Governmental agencies and local authorities are urged to facilitate businesses in implementing pilot programmes and special economic policies in high-tech industrial zones, while the Ministry of Agriculture and Environment is directed to establish green project classification criteria serving the attraction of sustainable investment.

The directive also calls for policies to promote investment in key infrastructure projects, including the North-South high-speed railway, urban rail networks, international rail connections, and offshore wind power. Additionally, there should be regulatory reforms to tackle unsuitable, overlapping, and incomplete regulations, encouraging the participation of all economic sectors, enterprises and people in socio-economic development.

With accelerating public investment considered an important task, ministries and local administrations must ensure at least 95% disbursement of allocated funds this year. The Government also aims to complete 3,000 km of expressways, 1,000 km of coastal roads, and key airport and seaport projects, including Long Thanh international airport, Lien Chieu port, and Can Gio international port, among others.

The directive shows that it is necessary to maximise benefits from 17 free trade agreements (FTAs) while negotiating new ones with Middle Eastern countries, Switzerland, Norway, Finland, India, and Brazil, among others. In addition, cross-border e-commerce oversight will be strengthened, while service exports, logistics, and international cooperation on digital trade will be expanded.

Beyond economic growth, the directive also underscores the importance of cultural development, social welfare, environmental protection, preparedness for disasters, and response to climate change.