Vietnam’s economic growth in the first quarter of this year has surpassed that of the same period in 2024, reaching almost 7%, as announced by Prime Minister Pham Minh Chinh.
During the Brazil-Vietnam Economic Forum in Hanoi on Thursday, the government leader stated that with determination and hard work, the country can achieve an economic expansion of over 8% in 2025.
This forum was attended by Brazilian President Luiz Inácio Lula da Silva, who was on a three-day state visit to Vietnam.
The National Statistics Office is expected to release the official growth data next week, with the government aiming for a double-digit GDP growth in the next 5-10 years.
Chinh emphasized that this goal is challenging but achievable and crucial in Vietnam’s plan to become a high-income developed country by 2045.
He also called for cooperation from the Brazilian government to turn this goal into reality.
In order to achieve this vision, Vietnam is focusing on three strategic breakthroughs: institutional reform, infrastructure development, and human resources.
Chinh stated that these breakthroughs will improve the business environment by addressing issues in institutions, human resources, and infrastructure.
The country is also prioritizing transportation, renewable energy, and advanced technology, as well as streamlining its administrative apparatus and promoting innovation and digital transformation.
In 2020, Vietnam recorded a GDP growth rate of 7.09%, and the World Bank has recently revised its forecast for 2025 to be 6.8%.
Other economic experts also have optimistic predictions for Vietnam’s growth in the coming years, with estimates ranging from 6.7% to 7%.
Moody’s Ratings has even stated that Vietnam has the potential to achieve a GDP growth rate of 6.5-7% by 2025, the highest in the region.
(Source: TheInvestor)
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