Speaking at the year-end review meeting held in Hanoi on December 28, Dung revealed that the national economy is likely to secure a growth rate of around 7% this year. He recalled that Prime Minister Pham Minh Chinh recently urged ministries, sectors, and localities to strive to reach double-digit GDP growth of 10% or more, even though the National Assembly has set a target of just over 7%, whilst the Government had previously planned to obtain 8% growth.
Dung emphasized that achieving high growth is essential over the next two decades, aiming for double-digit levels to realize the goal of becoming a high-income country by 2045. The period until 2030 is particularly critical as it represents both a phase of global restructuring and Vietnam’s strategic sprint toward its goals.
Key industries and regions must identify breakthrough objectives, said the Minister, adding that major economic zones like the Red River Delta and the Southeast region, which currently contribute over 60% of the national GDP, as well as the growth hubs of Hanoi and Ho Chi Minh City, need to achieve double-digit growth to solidify their role as national growth drivers.
According to the Minister, the country has significant resources, particularly in terms of the private sector, which have so far not been effectively utilised. Therefore, stronger reforms in mechanisms, policies, and legal frameworks are needed in order to create an enabling environment which attracts all resources, especially from private individuals and entities.
Furthermore, efforts should primarily focus on developing a robust domestic business force, particularly large private conglomerates which boast strong capabilities to compete regionally and internationally, serving as drivers for future growth across industries and localities, he stressed.
Another critical task, he maintained, is resolving bottlenecks and obstacles which impact both public and private projects, unlocking idle resources which contribute significantly to growth, production, state revenue, and job creation.
Vietnam must also develop advanced institutional frameworks as it seeks to empower state-owned enterprises (SOEs) to fulfill their leading roles in essential sectors of the economy, stated the Minister.
He highlighted that, in 2024, Vietnam remained an attractive destination for global FDI, despite declining global investment coupled with growing competition among nations. The country succeeded in attracting approximately US$31.4 billion in FDI over the past 11 months of the year, with US$21.7 billion disbursed, up 7.1% year on year.
A particularly notable milestone was the agreement between the Government and Nvidia to establish an AI R&D Center and Data Center in Vietnam, a move which positioned the country as a leading AI R&D hub in Asia.
However, the Minister acknowledged that FDI in the current context still faces challenges, including weak linkages between FDI and domestic enterprises, insufficient technology transfer, and limited improvement in Vietnam’s position in global value chains.
To address these issues, the Minister proposed enhancing economic dialogue and attracting large-scale, impactful FDI projects which serve to drive economic sectors and integrate Vietnam more deeply into global value chains. Strengthening policies to foster cooperation between domestic and FDI enterprises is also crucial.
Moreover, the country needs to create a favouable investment and business environment to attract investment, promote production, and support domestic enterprises as they strive to grow internationally and invest abroad.
