Revitalising traditional growth drivers and implementing new ones will create comprehensive approaches to growing the economy, according to Deputy Minister of Planning and Investment Nguyen Duc Tam.
Tourists visit the Temple of Literature in Hà Nội. Attracting increasing numbers of international and domestic tourists is considered an important measure to drive economic growth this year. — VNA/VNS Photo Thanh Tùng
Deputy Minister of Planning and Investment Nguyễn Đức Tâm has highlighted a number of growth drivers and his ministry’s plan to contribute to the GDP growth rate of at least 8 per cent this year.
In broad terms, there are three major goals that the ministry aims to achieve this year. The first one is to continue renewing and improving institutional frameworks related to planning and investment, according to Tâm.
“We see institutional development as one of the key drivers to help achieve high growth results,” he said.
The ministry will continue to stabilise the macroeconomy, control inflation and ensure the balance of major economic factors. It will also manage monetary policies in a proactive, flexible and in an effective manner.
In terms of specific measures to increase GDP, boosting domestic consumption and spending is considered a major one this year, according to the deputy. "We have identified stimulating domestic consumption as a very important task, which is being implemented not only in Việt Nam, but by many countries worldwide," said Tâm.
To do that, this year the focus will be on attracting domestic and international tourists as a major source for growth. The domestic tourism sector aims to attract 120-130 million visitors, while the international tourism sector is looking to attract around 20 million, according to Tâm.
In addition, revitalising traditional growth drivers such as investment, exports and consumption, is also crucial.
In terms of investment, according to this year’s plan, the total public investment that ministries, sectors and localities must disburse is about VNĐ295 trillion, plus the VNĐ300 trillion carried over from last year, which is a relatively significant amount for the economy.
"If this capital is fully disbursed, it will motivate different sectors of the economy and serve as ‘seed capital’ to attract and drive growth," Tâm said.
Regarding exports, the Ministry of Planning and Investment will push forward with 17 free trade agreements (FTAs) that Vietnam has signed, which will serve as a driving force to boost trade, especially in Halal markets.
Tâm added that Resolution 57, issued on December 22, 2024 by the Politburo, related to science, technology and innovation, had been identified as one of the new growth drivers for the New Year.
The Government also issued Decree 182 on December 31, 2024 on the establishment, management and use of the Investment Support Fund. It stipulates that the Ministry of Planning and Investment will provide help to attract businesses operating in the fields of science, technology and innovation, particularly in the chip and semiconductor industries, encouraging them to invest in Vietnam.
Another growth driver would be the improvement of infrastructure, Tâm said. By the end of the year, 3,000 kilometres of expressways and 1,000 kilometres of coastal roads would be completed, with many other projects to upgrade roads from two lanes to four.
"The construction of financial centres in HCM City and Đà Nẵng is also another growth driver,” he said. “It’s a new way to attract more investments and if successful, we will certainly have more resources for economic growth.” — VNS
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