Vietnam Achieves Record Trade Turnover
According to Prime Minister Phạm Minh Chính, by the end of November, Vietnam’s total import-export turnover was estimated at approximately USD 715 billion, up 15.3%, with a trade surplus exceeding USD 23 billion. For the full year, trade turnover is projected to reach USD 807.7 billion, the highest ever recorded. Foreign Direct Investment (FDI) remains a bright spot, placing Vietnam among the top 15 developing countries attracting the most FDI globally.
New Updates
On the morning of December 1, the Politburo and the Secretariat of the Central Committee of the Communist Party convened a national conference to review the implementation of Resolution 18 from the 12th Party Central Committee, evaluate the socio-economic situation in 2024, and discuss solutions for accelerating socio-economic development in 2025. The conference also aimed to address institutional bottlenecks.
At the event, Prime Minister Phạm Minh Chính delivered a presentation titled “Report on Socio-Economic Performance in 2024 and Solutions for Accelerating Socio-Economic Development in 2025.”
Economic Achievements in 2024
The Prime Minister highlighted that the socio-economic performance during the first 11 months of the year achieved significant results, surpassing the previous year across most areas. All 15 primary targets are expected to meet or exceed their plans, particularly the growth target. Annual GDP growth is projected to surpass 7%, placing Vietnam among the few countries with high growth rates in the region and globally. Macroeconomic stability continues, with inflation controlled below 4%.
Trade and FDI Milestones
By the end of November:
- Total import-export turnover was approximately USD 715 billion (+15.3%).
- Trade surplus exceeded USD 23 billion.
- Full-year trade turnover is projected at USD 807.7 billion, the highest on record.
- FDI reached USD 31 billion, with implemented FDI amounting to USD 20.4 billion (+7%), marking the highest level in years.
Goals for 2025
Prime Minister Phạm Minh Chính emphasized the critical importance of 2025, calling for innovative, breakthrough thinking and decisive, flexible action to achieve shared benefits. He stressed the importance of delivering on commitments and ensuring effectiveness.
Central objectives for 2025 include:
- Accelerating economic growth with GDP growth targeted at 8%.
- Advancing major infrastructure projects, including completing at least 3,000 km of highways and substantially completing Long Thành International Airport.
- Eliminating substandard housing nationwide.
These initiatives aim to create a strong foundation for Vietnam to enter a new era of prosperity, achieving sustainable growth and improved quality of life for its people.
Addressing Institutional Bottlenecks
On the same day, National Assembly Chairman Trần Thanh Mẫn led a session on overcoming institutional barriers. He emphasized the urgency of enacting laws and resolutions recently approved by the National Assembly, with a focus on effective implementation.
Key directives include:
- Streamlining the political system and restructuring state agencies to meet new challenges.
- Enhancing the accountability of officials and civil servants, particularly through leadership by example.
- Clarifying functions and responsibilities between government bodies, especially between the National Assembly and the Government, to ensure efficient national governance.
The Chairman affirmed the National Assembly’s commitment to exemplary leadership and high levels of consensus to drive reforms. Efforts will focus on optimizing the operation of the Ethnic Council, various committees, and agencies under the Standing Committee of the National Assembly to ensure effective governance.
Source: Trường Phong – Tiền Phong