HDBank’s permanent vice chairwoman Nguyễn Thị Phương Thảo (second, right) gives a speech at a conference held in Hà Nội on February 11. — Photo courtesy of HDBank

HÀ NỘI — The Vietnamese Government has set an ambitious GDP growth target of over 8 per cent for 2025, a feasible goal that symbolises Việt Nam’s determination and aspiration to emerge as a regional economic powerhouse, according to HDBank’s permanent vice chairwoman Nguyễn Thị Phương Thảo.

Speaking at a Government conference with commercial banks held in Hà Nội on February 11, Thảo highlighted Việt Nam’s resilience in overcoming the COVID- 19 pandemic. 

The country has maintained stable growth, sustained strong exports, restored production, continued to attract foreign direct investment (FDI), and witnessed a credit growth rate of more than 15 per cent in the banking sector last year, the highest in five years.

Looking ahead to 2025, the Government is targeting GDP growth of more than 8 per cent, ensuring macroeconomic stability, and fostering new growth drivers with double-digit expansion from 2026 onward.

This goal reflects the country’s ambition to become a major economic force in the region.

"We are at a decisive moment where achieving GDP growth of over 8 per cent is not just a distant dream but an achievable target. With decisive actions and the united efforts of the entire system, we will break through challenges and achieve strong progress," she said.

To further boost economic growth, she proposed several recommendations to the Government, particularly a focus on capital market development to alleviate pressure on bank loans.

She called for sustainable solutions to balance bank credit with capital markets, which would support the government's goal of upgrading the country’s stock market.

She urged the State Bank of Việt Nam (SBV) to maintain stable interest rates, enabling businesses to access capital more easily.

She also suggested interest rate support for social housing investment programmes and credit assistance for low-income workers. Other recommendations included encouraging digital credit development and ensuring a flexible exchange rate policy to attract investment, boost exports, and maximise free trade agreements such as the FTA, EVFTA, and CPTPP.

Last year, the Government and the SBV took decisive action to restructure weak banks by transferring them to financially strong institutions. In January, the SBV approved the transfer of Đông Á Bank to HDBank.

"For us, this is both an honour and a responsibility to collaborate with the Government and SBV to ensure the stability and sustainability of the national financial system," Thảo said.

Following this transfer, she called on the Government and SBV to provide timely and adequate support for Đông Á Bank and HDBank to implement the approved restructuring plan.

“This would help restore operations, enhance credit accessibility, and expand banking services for businesses and individuals, thereby contributing to overall economic growth" she said.

In addition to increasing capital flows and loan portfolios for traditional sectors, including rural agriculture, remote areas, SMEs, supply chains, industrial real estate, social housing, microfinance, and consumer finance for workers, Thảo highlighted HDBank’s focus on emerging investment trends.

The bank is actively establishing and supporting investment funds in AI, innovation, and blockchain to develop "Make-in-Việt Nam" technology products. It is also ready to provide financial backing for businesses, particularly in semiconductor and high-tech sectors, which are increasingly significant global economic drivers.

Regarding international economic cooperation, she said recently when meeting with President Donald Trump, she reaffirmed the strategic Việt Nam-US partnership, marking 30 years of normalised relations.

“We are executing a US$48 billion contract, with negotiations to increase it to $64 billion, creating nearly 500,000 jobs in the US. For Việt Nam-China relations, we are looking forward to the 75th anniversary of diplomatic ties in 2025, with substantial economic activities strengthening trade between the two nations” she said.

Delegates attend a Government conference with commercial banks held in Hà Nội on February 11. — Photo courtesy of HDBank

At the conference, Prime Minister Phạm Minh Chính acknowledged the banking sector’s vital contributions to national development.

He urged banks to serve as leverage to unlock the country’s unique potential, capitalise on competitive advantages, and drive economic momentum.

After nearly 40 years of economic reforms, the country has never had such a strong position, potential, and international reputation. The banking sector, as the "lifeblood" of the economy, plays a crucial role in this progress, he said.

As 2025 is expected to be a year of acceleration and breakthrough, the Government aims for at least 8 per cent GDP growth to set the foundation for double-digit expansion in the following years.

This will pave the way for the country to achieve its two centennial goals -commemorating the 100th anniversary of the Communist Party in 2030 and the 100th anniversary of national independence in 2045.

In response to the banking sector's recommendations, Prime Minister Phạm Minh Chính assigned the Government Office to collaborate with the SBV and relevant ministries to promptly incorporate feedback into an official resolution. The aim is to swiftly implement key policy measures to support economic growth. VNS