To strengthen the management of fiscal and monetary policies, ensure sufficient capital supply for the economy, and support Vietnam’s ambitious growth target of 8.3–8.5% in 2025—with aspirations for double-digit expansion in the coming years—the Prime Minister has directed ministries, provincial authorities, and state-owned enterprises to intensify implementation of key economic measures. The directive emphasizes maintaining macroeconomic stability, controlling inflation, and securing major economic balances, while urging synchronized and decisive action in line with resolutions from the Party, National Assembly, and Government.
On fiscal policy, the Ministry of Finance is tasked with advancing a prudent yet expansionary approach. This includes refining tax frameworks to reflect economic conditions and taxpayer capacity, strengthening state budget revenue collection, combating transfer pricing, and expanding the tax base—particularly from e-commerce and hospitality sectors. Digital transformation in tax administration will be accelerated, with full rollout of electronic invoices from cash registers targeted by 2025. Revenue in 2025 is expected to rise by at least 25% compared to estimates. Ministries are also instructed to cut routine expenditures significantly and eliminate unnecessary spending.
Support for businesses and individuals will continue through tax incentives, fee reductions, and extended land lease payments. The government will streamline administrative procedures to expedite foreign direct investment (FDI) projects, especially those involving high-tech industries and global value chains. Special attention will be given to resolving bottlenecks in long-delayed infrastructure projects, with a report to the Politburo on Committee 751’s activities due by September 10, 2025.
Public investment disbursement remains a priority. Ministries and localities must ensure at least 60% of annual capital is disbursed by the end of the third quarter and achieve full disbursement by year-end. Slow-moving projects may have their funding reallocated to faster-implementing ones. State-owned corporations like PVN, TKV, and Vinachem are expected to boost output or revenue by over 10% in 2025, contributing significantly to national growth.
On the monetary front, the State Bank of Vietnam is directed to manage policy proactively and flexibly, aligning it closely with fiscal measures. Credit growth will be guided toward productive sectors, including traditional drivers like investment, exports, and consumption, as well as emerging areas such as digital, green, and circular economies. Lending institutions are urged to reduce operational costs and simplify procedures to allow for lower lending rates.
Risks in the financial system will be tightly controlled, with enhanced supervision of credit institutions to prevent violations such as cross-ownership and lending to shell companies. Digital transformation in banking, including real-time monitoring of cash flows, is to be completed by Q4 2025. A roadmap will be developed to phase out credit growth quotas starting in 2026, in line with Directive No. 128/CD-TTg.
The State Bank will also manage exchange rates flexibly while stabilizing the Vietnamese dong, and closely monitor gold price fluctuations to prevent market instability. It will enforce Decree No. 232/2025/ND-CP on gold trading regulations and take strict action against speculative or illegal trading activities. Transparent communication on financial market policies will be prioritized to maintain public and investor confidence.
Coordination between the Ministry of Finance, State Bank, and relevant agencies will be strengthened, relying on accurate data and digital systems to ensure policy coherence and effectiveness. The Deputy Prime Minister has been assigned direct oversight of implementation, with the Government Office responsible for monitoring progress.
— news from Vietnam.vn