The resolve demonstrated by the head of the Government, along with proactive initiatives in governance, has generated significant value, leading to notable socio-economic development achievements over the past year. This foundation paves the way for continued acceleration and breakthroughs in 2025.
Decisiveness and timely in solving tasks
In alignment with the Government's management theme for 2024, which emphasizes discipline, responsibility, proactiveness, acceleration of innovation, and sustainable efficiency, the Government and the Prime Minister dedicated their efforts last year to the decisive, adaptable, and efficient execution of tasks and solutions across all sectors.
Amid fluctuations in both external and domestic circumstances, the Government has emphasized fostering economic growth while concurrently maintaining macroeconomic stability, controlling inflation, and ensuring the equilibrium of key economic indicators.
Furthermore, priority has been given to advancing three strategic breakthroughs, particularly in institutional reform; promoting decentralization and delegation of authority; and streamlining administrative procedures by reducing or eliminating unnecessary and burdensome regulations that create inefficiencies and inconvenience for residents and businesses.
2024 has been a year of significant challenges for the Government and the Prime Minister, with a demanding workload and numerous complex issues to address.
Government leaders have maintained a rigorous schedule, consistently engaging in meetings and undertaking inspection trips throughout the country, even during holidays and days off.
The Prime Minister has taken decisive action to address critical challenges by establishing working groups and a steering committee. These working groups are tasked with swiftly resolving obstacles in key sectors, including long-stalled projects, the real estate market, social housing development, and electricity projects.
Meanwhile, the steering committee assists the Prime Minister in researching, directing, and coordinating the review and resolution of difficulties within the legal framework. It also proactively identifies and proposes solutions to address legal issues and obstacles encountered in practice.
Under the direction of the Prime Minister, the Government has launched emulation movements ‘500 days and nights to complete 3,000km of expressway’, ‘The country joins hands to eliminate temporary and dilapidated houses in 2025’, ‘Complete the 500kV line 3, Quang Binh - Hung Yen’.
The decisive strategies, encouragement, and oversight have yielded significant outcomes, notably the successful completion of the 500kV Transmission Line 3 connecting Quang Binh and Hung Yen within just over six months of accelerated construction. Additionally, numerous key energy initiatives have been actively pursued, including the development of the Lot B gas field and the O Mon thermal power center.
Several expressway segments have also been finalized, bringing the total length to 2,021 km, thereby progressively fulfilling public expectations for a cohesive and modern expressway network that supports the nation's development in this new era.
Furthermore, the elevated section of the Nhon - Hanoi Railway Station line and metro line No. 1 (Ben Thanh - Suoi Tien) have been put into operation, and the investment policy for the North-South high-speed railway project has been submitted to the National Assembly for approval.
In particularly, 2024 witnessed significant strides in foreign affairs and international integration. These efforts fostered an environment conducive to peace, stability, cooperation, and development, thereby enhancing the nation's standing and prestige on the global stage.
Vietnam has so far established diplomatic relations with 194 countries, including comprehensive strategic partnerships with nine countries. This ‘bright spot’ is evident in the numerous foreign trips undertaken by Party, State, and Government leaders, characterized by their frequent and intensive nature.
Moreover, a significant number of heads of State and leaders of prominent global corporations have visited Vietnam to engage in productive discussions and sign important business agreements.
Vietnam has solidified its position as a leading FDI destination, ranking among the top 15 developing countries in terms of foreign direct investment attraction. In the first 11 months of 2024, the country registered a remarkable US$31 billion in FDI, with realized capital reaching $20.4 billion, a 7 percent increase compared to the previous year, marking the highest level in recent years.
Near the end of 2024, a significant milestone was reached with the December 5 working session between Prime Minister Pham Minh Chinh and Jensen Huang, founder and Chairman of NVIDIA Corporation, a global leader in AI and semiconductor technology. This meeting culminated in the signing of a landmark agreement between the Vietnamese Government and NVIDIA Corporation.
This agreement establishes the NVIDIA Artificial Intelligence (AI) Research and Development Center and the AI Data Center in Vietnam, adding a remarkable chapter to the successes of 2024. This agreement was executed slightly more than a year following the Prime Minister's visit to NVIDIA in Silicon Valley, USA, in September 2023. It also marks the return to Vietnam exactly one year after billionaire Jensen Huang's initial visit to the country in December 2023.
The agreement signifies a pivotal moment, underscoring Mr. Jensen Huang's unwavering commitment to establishing Vietnam as ‘NVIDIA's second home’. It marks a historic turning point, a crucial step towards establishing Vietnam as a leading center for AI research and development within Asia.
With great enthusiasm and confidence, Prime Minister Pham Minh Chinh successfully persuaded the Chairman of NVIDIA Corporation that Vietnam is poised to become the future headquarters for NVIDIA.
The photo capturing Prime Minister Pham Minh Chinh and Mr. Jensen Huang enjoying beer and fried nem chua (a fermented pork dish) in Ta Hien Street in Hanoi's Old Quarter on the evening of December 5, 2024 has been widely recognized as the "photo of the year" symbolizing a high point in diplomacy. This moment also brings with it significant optimism regarding NVIDIA's potential future release of an AI chip ‘Made in Vietnam’.
When discussing the intricacies of leadership and management in 2024, Prime Minister Pham Minh Chinh emphasized ‘Valuing time, harnessing intellect, fostering innovation, achieving transformative breakthroughs, and maintaining decisiveness, promptness, and unwavering focus stand as the paramount elements driving success’.
The Government's steadfast resolve has facilitated a sustained and robust recovery of the socio-economic landscape, marked by month-on-month improvements and quarter-on-quarter growth acceleration. In 2024, all 15 primary targets were projected to be met or surpassed, with particular success in the growth objective. Gross domestic product for 2024 is anticipated to rise by 7 percent, exceeding the National Assembly’s target range of 6 percent to 6.5 percent. Furthermore, a report by Brand Finance highlights Vietnam's remarkable progress, with the national brand value soaring by an impressive 102 percent between 2019 and 2023.
2025: A Year of acceleration and breakthroughs
This year holds particular importance, as highlighted by Prime Minister Pham Minh Chinh. He stated that in 2025, it is essential to both "accelerate and break through" in efforts to successfully meet the socio-economic development objectives set for the 2021-2025 period.
Additionally, there is a need to restructure the organizational framework and effectively organize Party Congresses at all levels in preparation for the 14th National Congress of the Party, marking a new era focused on the prosperous development of the Vietnamese nation.
The Prime Minister emphasized that the current situation necessitates innovative and transformative thinking across all government levels, sectors, and regions. This requires a strong commitment, significant effort, and decisive actions, along with timely, adaptable, and effective execution. The guiding principle is to "dare to think, dare to act, and dare to innovate for the greater good." He stated, "Our words must align with our actions; our commitments must translate into tangible results. What we undertake must yield effectiveness." He further noted that with the Party's direction, the Government's consensus, the National Assembly's agreement, and the people's support, the focus should be solely on action rather than retreat.
The Government has designated 2025 as a pivotal year for acceleration and breakthroughs, focusing on overcoming obstacles and challenges. It emphasizes stability as a foundation for promoting development, while development itself serves as a cornerstone for stability. The primary objective is to enhance institutional frameworks, aiming for a "breakthrough of breakthroughs." There is a commitment to create a streamlined, compact, robust, efficient, and effective organizational structure.
Plus, the goal is to establish strong mechanisms and policies that empower officials to think innovatively, take action, and assume responsibility for the collective good.
The Government has outlined 15 key objectives, with ambitious goals including the completion of at least 3,000 kilometers of expressways, the near-finalization of Long Thanh Airport, and the advancement of other major infrastructure projects. Aiming to improve living standards, the Government is resolutely committed to eradicating temporary and substandard housing while constructing 100,000 social housing units across the nation.
The Prime Minister underscored the importance of sustaining growth momentum, maintaining pace, and accelerating progress to achieve a breakthrough. The target is an approximate growth rate of 8 percent, laying the groundwork to aspire for double-digit growth during the 2026-2030 period. This vision aims to establish a robust foundation for ushering the nation into a new era—one marked by prosperity, wealth, and an ever-improving quality of life for its people.
However, to achieve the set target for 2025, the Prime Minister proposed all people, departments, agencies and sectors to change their mindset and the way to do as per President Ho Chi Minh’s teaching words.
“Resources stem from thought, innovation fuels motivation, and strength derives from the people," Prime Minister Pham Minh Chinh affirmed. "It is the people who shape history. They are the heart, the essence, the purpose, and the most vital resource and driving force behind progress and development.
In 2025, the Government will prioritize the completion of critical national infrastructure projects, including the commissioning of Tan Son Nhat T3 and Noi Bai T2 terminals, and the advancement of major construction phases at Long Thanh International Airport. Transportation infrastructure development will focus on achieving 3,000 kilometers of completed expressways and over 1,000 kilometers of coastal roads.
Key strategic initiatives include the commencement of the North-South high-speed railway project, the development of urban railway systems in Hanoi and Ho Chi Minh City, and the completion of investment procedures for the Can Gio international transit port.
Furthermore, the Government will prioritize the revitalization of the nuclear power plant project, the establishment of international financial centers in Ho Chi Minh City and Da Nang City, and the development of free trade zones in strategically important economic regions.
