Despite many difficulties, the Government remains steadfast in its goal of achieving growth of 8% or more this year.

Growth scenario 2025

Economic growth in the first quarter of this year reached 6.93%. This is a very positive and encouraging increase in the context of complicated, unpredictable and difficult-to-predict developments in the world. This is the highest increase in the same period since 2020 and exceeded the initial growth scenario. Notably, the increase was even in all three sectors: Agriculture; manufacturing and processing industry; and services.

However, the Government has identified that the remaining three quarters of this year will face many internal and objective challenges, as Vietnam and many other countries are being affected by tariff policies and global trade fluctuations.

However, the Government remains steadfast in its growth target set at the beginning of the year, which is over 8%. On that basis, the Ministry of Finance has developed the next growth scenario: Q2 needs to reach 8.2%; Q3 needs to reach 8.3%; Q4 needs to reach 8.4%.

This scenario is challenging but has the basis to be achievable. One of them is the manufacturing industry. In the first quarter, the manufacturing industry grew by nearly 9.3%, the growth scenario for the second quarter is about 10%.

Public investment still has a lot of room to promote growth with the total public investment capital assigned by the National Assembly to be implemented this year being nearly 826 trillion VND.

The service and tourism sector maintained strong growth momentum in the first quarter, with much potential for positive growth in the following quarters.

Localities strive to promote growth

This is the first year that the Government has assigned specific growth targets to each locality, with the determination to achieve the national growth target of over 8%. This is a way to force local authorities, especially their leaders, to take maximum responsibility.

The question is, given the very new developments in the global economic challenges , how will localities realize this target in the following quarters of this year?

In fact, in the first quarter, according to statistics from the Ministry of Finance, there were 9 localities that achieved growth rates of 10% or more; from 8 to less than 10% in 18 provinces and cities; and under 8% in 36 provinces and cities.

It can also be seen that a series of solutions have been activated and have created many clear changes since the first quarter of this year, while also acknowledging the determination of many sectors, especially the effective management of many localities to continue to create new vitality for the economy.