Party General Secretary Tô Lâm (centre) chairs a conference on the Government’s 2024 year-end review and the launch of the 2025 work plan, on Wednesday morning in Hà Nội.—VNA/VNS Photo Dương Giang

HÀ NỘI — Party General Secretary Tô Lâm has called for bold, decisive and more comprehensive reforms in economic management to ensure Việt Nam's entry into an era of prosperity, wealth and sustainable development.

His remarks were made during a conference on the Government’s 2024 year-end review and the launch of the 2025 work plan, which was held in Hà Nội on Wednesday.

Lâm emphasised that the top priority was to streamline the political system’s apparatus with a focus on being 'streamlined, lean, strong, effective, efficient and result-oriented'.

“This not only involves downsizing but also requires profound reforms in State management, increasing transparency and promoting decentralisation in administration, economics, finance and resource management,” he said.

He stressed the need for powerful reforms of the financial, banking and monetary systems, as well as the improvement of the legal system to ensure transparency, uniformity, fairness and swift resolution of overlaps and inconsistencies within the current framework.

“The goal is to establish a stable legal foundation that is easy to comply with,” he added.

The principle was that a law should only regulate one issue or aspect, and businesses should have the freedom to operate within the bounds of the law, while State agencies could only act within the legal remit.

In terms of economic growth, Lâm outlined the need to prioritise economic expansion, maintain macroeconomic stability and control inflation.

That were vital goals for constructing a robust and stable economy, underpinned by the motto 'Develop to stabilise, Stabilise to develop'.

To achieve the 8 per cent GDP-growth target for 2025 and aiming for double-digit growth rates during the 2026-30 period, he called for the implementation of synchronised and effective measures.

Key to that would be institutional breakthroughs, strengthening market principles in resource mobilisation and allocation and abolishing the “ask-and-give” system along with the mentality of subsidies.

He emphasised the need to harness the potential of the people and all economic sectors by building a dynamic and efficient administrative system.

That would create a safe, transparent, low-cost, internationally standardised business environment that fostered entrepreneurship and wealth creation.

The Government must protect legal property rights and the freedom to do business, he added.

He also called for an acceleration of the national digital transformation, the development of a digital economy and stronger connections between the Government, businesses and the people.

Tackling resource wastage, such as delayed projects, unused public land and land disputes, should be a priority.

The implementation of "growth quotas" for both quantity and quality in localities, coupled with decentralisation, would encourage innovation and allow regions to develop their own mechanisms and policies to achieve double-digit growth, thus contributing to the national economic growth, he said.

Improving strategic infrastructure

He urged for a focused effort on enhancing strategic national infrastructure, especially transportation projects such as the high-speed rail line, sea ports and airports.

Further development of renewable energy and hydrogen as well as nuclear power, should be prioritised.

He also emphasised the importance of digital infrastructure development, creating centres for innovation and building national data centres to support the digital economy and emerging industries like artificial intelligence, big data, cloud computing and support for enterprises in adopting new technologies.

Additionally, advancing 5G commercialisation, exploring 6G technologies and improving national telecommunications infrastructure were essential.

"Exploration of space, marine and underground spaces should also be promoted to unlock new economic opportunities and enhance scientific research capacity," he said.

He stressed the importance of restructuring the economy while focusing on a new growth model to boost national competitiveness.

Sustainable growth should be grounded in science, technology and digital transformation, with an emphasis on people-centred development and fostering a high-quality workforce.

Scientific management must encourage innovation and incentivise businesses to invest in research and development, particularly in high-tech and biotechnology sectors.

Fulfilling all 15 targets

Participants at the conference.—VNA/VNS Photo Dương Giang

The Government’s report during the conference showed that Việt Nam’s socio-economic situation continued to recover positively, with improvements observed month-on-month.

The country exceeded all 15 key targets for 2024, with notable results across various sectors, earning praise both domestically and internationally.

Việt Nam’s GDP growth for the year exceeded seven per cent, the economy reached a size of approximately US$470 billion, inflation was controlled below four per cent, and macroeconomic stability was maintained.

Việt Nam’s total trade turnover set a record of around $800 billion, with a trade surplus of about $24 billion, and budget revenue reached VNĐ2 quadrillion ($78.8 billion).

Việt Nam remains a safe and attractive destination for international businesses, ranking among the top 15 developing nations in attracting foreign direct investment (FDI), which reached approximately $40 billion.

The country also became one of the world’s 20 largest economies in terms of trade, with 17 free trade agreements (FTAs) and an important link in regional and global supply chains.

Việt Nam is transitioning strongly toward a digital, green, high-tech economy that is environmentally friendly.

It has firmly established a key position in the global semiconductor industry, attracting numerous large tech corporations.

The national brand value reached $507 billion in 2024, ranking 32nd out of 193 countries and territories, up one place from 2023.

2025 Plan

In his report on the development plan for 2025, Deputy Prime Minister Nguyễn Hòa Bình highlighted that the year would be of immense significance, with many major events set to take place.

The nation must “accelerate and break through” to achieve the socio-economic targets for both 2025 and the 2021-25 term, laying the foundation for the 2026-30 socio-economic development plan.

The Government has set the theme for 2025 as 'Discipline and Responsibility; Proactive and Timely; Streamlined and Efficient; Acceleration and Breakthroughs' with the aim of achieving higher than 8 per cent economic growth, controlling inflation at around 4.5 per cent and reducing the multi-dimensional poverty rate by 0.8-1 per cent.

The Government will prioritise strategic infrastructure development, with plans to complete 3,000 km of expressways and over 1,000 km of coastal roads by the end of 2025.

Other key projects include high-speed rail systems, the expansion of major airports and the completion of the Long Thành International Airport.

The Government also plans to enhance digital infrastructure and research and development facilities.

Government commitment

Prime Minister Phạm Minh Chính delivers his speech at the conference. —VNA/VNS Photo Dương Giang

Following the discussion and the Party General Secretary’s directives, Prime Minister Phạm Minh Chính reiterated the Government’s commitment to successfully implementing the 2025 plan.

He acknowledged the Party General Secretary’s strategic guidance and promised that the Government would incorporate it into the resolution.

As 2025 marks the final year of the 2021-25 five-year plan, Chính stressed the importance of reviewing targets and tasks to ensure the highest possible achievement of goals, focusing on improving administrative efficiency and successfully organising major national events.

Ministries, localities and agencies would continue to focus on the reform agenda, streamlining administrative processes and advancing key strategies, especially in digital transformation, infrastructure and human resource development.

The Government would foster a clean and strong political system while combating corruption, waste and inefficiency.— VNS