Prime Minister Phạm Minh Chính speaks at the Government’s September 2025 online conference with localities on Sunday. VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính has urged all localities to accelerate and make breakthroughs in the fourth quarter of 2025 to achieve an economic growth rate of at least 8 per cent, while maintaining macroeconomic stability, curbing inflation and ensuring the major balances of the economy.

He made the request while chairing the Government’s September 2025 online conference with localities on Sunday.

Reports presented at the conference noted that the socio-economic situation has shown steady improvement, with each month outperforming the previous one and each quarter recording stronger results than the last.

The first nine months of 2025 saw positive outcomes across most sectors compared to the same period last year, with many notable achievements.

Việt Nam’s GDP growth in the third quarter was estimated at 8.22 per cent, the highest rate for the same period since 2011. The nine-month average growth stood at 7.84 per cent, with six localities posting growth rates of 10 per cent or higher. The consumer price index (CPI) rose by 3.38 per cent year-on-year.

State budget revenue was estimated at VNĐ1.92 quadrillion (US$72.77 billion), or 97.9 per cent of the annual target. Fiscal deficit, public debt, government debt and external debt were all kept under control. The country’s total import–export turnover reached about $680.66 billion, up 17.3 per cent, resulting in a trade surplus of around $16.82 billion. Public investment disbursement was estimated at VNĐ454.5 trillion, equivalent to 51.4 per cent of the yearly plan.

Việt Nam now has 2,476km of expressways in operation, while numerous transport and energy infrastructure projects have been completed or inaugurated. In total, 250 projects and works with a combined investment capital of over VNĐ1.3 quadrillion were launched or completed.

Foreign direct investment (FDI) inflows remained robust, with $28.5 billion in registered capital and $18.8 billion in disbursed capital, up 8.5 per cent from the same period last year.

International organisations such as the Asian Development Bank (ADB), International Monetary Fund (IMF), and World Bank (WB) continued to give positive assessments of the Government’s performance, recognising Việt Nam as a bright spot for growth amid global economic uncertainty.

Social welfare policies were implemented promptly and effectively. Over the past nine months, the Government allocated nearly VNĐ3.1 trillion to help localities overcome the impacts of natural disasters. It also provided VNĐ2.52 trillion to 15 localities affected by Typhoon Buloi and other disasters.

Cultural and social activities also flourished, highlighted by celebrations of the 80th anniversary of the August Revolution and National Day (September 2), as well as the '80 Years of Independence – Freedom – Happiness' Exhibition.

Meanwhile, efforts to build and improve institutions, reform administrative procedures, enhance the business environment and advance national digital transformation were vigorously promoted.

The reorganisation of administrative units and implementation of two-tier local government models were carried out decisively, with timely guidance to address emerging issues. Authorities also focused on resolving nearly 3,000 long-standing delayed projects.

However, delegates also pointed out several challenges that need to be addressed.

They noted that macroeconomic risks remain significant, with ongoing pressures on exchange rates, interest rates and the disbursement of public investment in the remaining months of the year. Export growth continues to face headwinds, while FDI attraction is encountering growing difficulties. The country’s new growth drivers are still in their early stages of development and have yet to produce their full effect.

Labour productivity also remains below expectations. The implementation of the two-tier local government model has exposed several shortcomings in certain areas that require timely adjustments. Meanwhile, natural disasters and extreme weather events continue to pose complex and unpredictable threats. In addition, counterfeit goods, high-tech crimes, and online fraud remain persistent issues that demand stronger preventive measures.

Stronger actions

Concluding the meeting, PM Chính commended ministries, sectors and localities for their tireless efforts to overcome difficulties and challenges, achieving important and fairly comprehensive results across all fields in the first nine months of 2025.

These achievements, he said, have significantly contributed to the overall success of the year’s goals, particularly the target of over 8 per cent growth for 2025 and the five-year period 2021–2025, thereby creating a foundation and momentum for double-digit growth and sustainable development in the years ahead.

The Prime Minister also pointed out several shortcomings and limitations. He noted that traditional growth drivers have yet to meet expectations, while new growth drivers require more time to prove effective.

Public investment disbursement must be accelerated. He stressed that macroeconomic management remains under considerable pressure, particularly regarding interest rates, exchange rates and inflation amid fluctuations in global markets and the impact of other countries’ tariff and trade policies.

The real estate market has shown gradual improvement but still faces many difficulties and obstacles, with housing prices remaining high. Smuggling, trade fraud and counterfeit goods continue to pose complex challenges, especially as the year-end approaches.

The two-tier local government model has encountered shortcomings in some areas, particularly in personnel arrangements, network connectivity, data management, and digital transformation. Meanwhile, many people’s living conditions remain difficult, and natural disasters and floods are forecast to continue developing in a complex and unpredictable manner. The country also faces non-traditional security challenges, especially in cybersecurity and public order in certain localities.

For the months ahead, PM Chính instructed ministries, sectors, and localities to focus on three key areas of acceleration.

First, they must speed up the disbursement of public investment capital, remove barriers to production and business activities and generate jobs and livelihoods for the people.

Second, they are required to effectively implement Resolution No 59 of the Politburo, which calls for major breakthroughs in science, technology, innovation and digital transformation across all sectors and localities, thereby fostering rapid and sustainable national development.

Third, they must resolve existing difficulties and obstacles in the operation of the two-tier local government model, ensuring that governance is smooth, efficient and responsive, and that the best possible conditions are created for both citizens and businesses.

The Prime Minister outlined six major directions and tasks for the final months of 2025.

First, all ministries and localities must thoroughly prepare the necessary materials and reports for the 13th Party Central Committee meeting and the 10th session of the 15th National Assembly.

Second, he emphasised the need to revitalise traditional growth drivers while strongly fostering new ones. Ministries should focus on stimulating domestic consumption and expanding the domestic market through effective promotional programmes, trade fairs, tax and fee reductions and improvements in product and service quality. He also called for the successful organisation of the 2025 Autumn Fair and the vigorous promotion of tourism, especially through events that combine cultural, festive and trade activities.

Third, he urged ministries to mobilise all sources of investment, striving to disburse 100 per cent of planned public investment capital for 2025. Efforts should also focus on accelerating key national projects, attracting private and foreign investment and organising simultaneous groundbreaking and inauguration ceremonies for projects nationwide on December 19.

To promote exports, the Prime Minister directed relevant agencies to implement large-scale trade promotion programmes in key markets and expedite negotiations for new free trade agreements (FTAs) with Brazil, Pakistan, the GCC, Mercosur and African countries.

Fourth, he instructed the effective and timely implementation of Politburo resolutions, and the prompt submission of mechanisms and policies to the National Assembly for approval.

Fifth, ministries and localities must ensure the efficient operation of two-tier local governments, promptly addressing any issues that arise, strengthening inspection, guidance, and professional training and completing the payment of benefits and policies for those retiring before October 10.

Sixth, he emphasised the need to resolve long-standing, delayed projects, urging the Ministry of Finance to immediately implement mechanisms and solutions to remove obstacles for nearly 3,000 pending projects after receiving approval from the Politburo.

At the same time, PM Chính underlined the importance of promoting cultural and social development and ensuring social welfare. Ministries and localities must speed up the construction of social housing projects within 2025, while remaining ready to respond to Storm Matmo and remedy the consequences of typhoons Ragasa and Bualoi and subsequent flooding.

Looking ahead to the fourth quarter, the Prime Minister requested prompt preparations for the groundbreaking of the first component of the Lào Cai – Hà Nội – Hải Phòng railway project and the site clearance for the North–South high-speed railway. He also called for decisive and effective measures to ensure that Việt Nam successfully lifts the EU’s IUU “yellow card” warning within 2025. — VNS