The State Bank of Vietnam has published the full text of General Secretary To Lam’s policy directions to the Government and local authorities at the national conference reviewing 2024 performance and setting tasks for 2025. The speech sets out priorities for 2025 centred on accelerating growth while maintaining macroeconomic stability and controlling inflation, alongside a call for stronger reform of the financial, banking and monetary system. The address highlighted 2024 outcomes including gross domestic product growth of 7.09% and a trade surplus of more than USD 20 billion, while flagging remaining constraints such as slow public investment disbursement, waste in the management of public assets and institutional and legal bottlenecks. For 2025, the directions emphasised streamlining the state apparatus, deeper decentralisation combined with tighter oversight, a shift in administration from ex ante controls to ex post supervision, and “results-based” management and budget allocation. Economic targets referenced include pursuing 8% growth in 2025 and striving for double-digit growth in 2026–2030, with a stated objective to reduce the incremental capital-output ratio (ICOR) to 3–4 from around 7, with the finance and banking sector singled out as accountable for this metric; priorities also included completing a sandbox framework to support the digital, green and circular economy. As a next step cited in the speech, a national conference was scheduled for the following week to implement the Politburo’s Resolution 57-NQ/TW on breakthroughs in science and technology development, innovation and national digital transformation.

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