In a report delivered to the National Assembly, the Prime Minister of Vietnam, Pham Minh Chinh, has outlined a sweeping economic agenda centred on sustaining growth, diversifying markets, and negotiating a resolution to the proposed US “reciprocal” tariffs. He has said the government intends to maintain its growth target of 8 percent for 2025, even as it faces rising trade tensions with the United States.
Top priorities and 2025 targets outlined in the Prime Minister’s speech include:
- GDP growth goal: 8%+; GDP to exceed US$500 billion
- Reach over 3,000 km expressways and 1,000 km of coastal roads
- Fully implement Power Plan VIII and ensure no electricity shortages
- Complete at least 100,000 social housing units
- Eliminate temporary housing nationwide
- Launch national digital land database and crypto asset pilot market
He also noted a number of limitations including:
- Public investment disbursement low (9.53% of plan)
- Business development still weak; real estate fragile
- Administrative burdens persist; decentralisation incomplete
- High-tech crime, air pollution, and urban congestion remain unsolved
Vietnam’s 8 percent target on its own was ambitious from the start. With US tariffs now in the mix this may be even more of a stretch. That’s not to say it can’t be done but that it will be challenging.