Deputy Minister of Planning and Investment Tran Quoc Phuong speaks at the press conference. (Photo: VNA)

To make this vision a reality, the Ministry of Planning and Investment has proposed adjustments to specific targets outlined in the National Assembly (NA)'s Resolution 153, which will be presented for approval at the legislature’s upcoming 9th extraordinary session, Phuong told a regular Government press conference in Hanoi on February 5.

The ministry is also drafting a separate Government resolution to realise the 8% growth target set by the Party Central Committee. This resolution will set specific growth targets for localities and assign key performance indicators for ministries and agencies. Local authorities are encouraged to aim for at least 8% growth to ensure every contributes to the national momentum.

Phuong underlined the need to refine legal and institutional frameworks and tackle bottlenecks in investment projects. By doing so, he said, Vietnam can quickly unlock resources and channel them into the economy.

The Prime Minister directed efforts to reduce regular expenditures to less than 60% of the state budget, thereby freeing up more funds for investment.

To accelerate the use of public investment, construction on key railway projects, including the Lao Cai – Hanoi – Hai Phong and Hanoi – Lang Son routes, will soon begin. State-owned enterprises (SOEs), particularly leading ones, are also encouraged to spearhead large-scale projects with substantial spillover impacts to drive investment growth.

To attract more private and foreign investment, especially in hi-tech, Vietnam is rolling out a green lane policy. Technology parks, industrial and hi-tech zones will serve as key growth engines, enhancing competitiveness and fostering sustainable economic growth.

Others solutions to increase exports, domestic consumption, tourism, industrial production were also highlighted.

According to him, Vietnam's strategic advantage in the global technology landscape, particularly in artificial intelligence (AI) and other advanced technologies, presents a vital opportunity for sci-tech breakthroughs. This momentum can drive new growth and innovation.

On the financial front, Deputy Governor of the State Bank of Vietnam (SBV) Dao Minh Tu announced a 16% credit growth target for this year.

The SBV's agenda includes inflation control, currency stabilisation, growth support, and maintenance of the economy's major balances.

Monetary policy will be flexibly yet tightly managed, in harmony with fiscal and other macroeconomic policies. A balanced interest rate approach will be used to draw capital, with suitable refinancing tools ensuring liquidity for commercial banks, he added.