Prime Minister Pham Minh Chinh

Hanoi - Prime Minister Pham Minh Chinh on February 21 chaired the Government’s meeting with localities regarding the implementation of the conclusions of the Party Central Committee, and the resolutions of the National Assembly and the Government on economic growth and acceleration of public investment disbursement.

The event was held in person at the Government headquarters and connected online to 63 provinces and centrally-run cities.

In his opening remarks, Chinh stressed that the year 2025 holds great significance, as it marks many important anniversaries of the nation.

Notably, the growth target is of great importance, since it determines the scale of the economy, GDP per capita, and other key goals. Therefore, it is essential to promote the growth at a high and sustainable level in order to realise the aspiration of building a prosperous, civilised, and wealthy nation in the new era, where the people enjoy increasing prosperity, well-being, and happiness.

Sharing international experience, the government leader noted that since 1990, only 34 economies have successfully escaped the middle-income trap to become high-income countries, while 108 countries have yet to make the transition. In general, the economies reaching the high-income status have maintained an annual growth rate of around 10% for approximately 30 years.

As for Vietnam, since 1986, it has achieved an average growth rate of 6.4% per year. Therefore, in the next two decades, the nation needs to accelerate and make stronger breakthroughs to meet the strategic goal of becoming a developed, high-income country by 2045.

An overview of the meeting held at the Government headquarters (Photo: VNA)

Emphasising that this is a particularly important task for the entire political system, all sectors, localities, the business community, and the people across the country, Chinh stressed that the country must pursue rapid but sustainable development, maintain high and continuous growth, uphold macroeconomic stability, control inflation, ensure major balances, and guarantee social welfare, as well as a sustainable, green, clean, and beautiful environment.

He requested participants to propose measures to renew traditional growth drivers such as investment, exports, and consumption; while promoting new ones like green economy, digital economy, circular economy, sharing economy, creative economy, knowledge economy, artificial intelligence (AI), and semiconductor industry. Among these, public investment continues to be a crucial driver for growth, serving as seed capital to attract private investment, lead social investment capital, and drive overall economic growth, he added./.