Responsibility for growth targets

Notably, some groups and corporations reported a breakthrough in profit before tax, such as the parent company of Viet Nam National Industry - Energy Group (PVN) achieving 64% of the annual plan and 150% compared to the same period of last year; the parent company of Viet Nam National Chemical Group (Vinachem) reaching 77% of the annual plan and 477% year-on-year; and the parent company of Viet Nam Airlines Corporation hitting 138% of the plan and 453% compared to the same period of 2024.

However, despite the efforts of state-owned corporations and groups, the results have been insufficient to ease the burden of the remaining months of the year.

On the one hand, complex and unpredictable developments continue to dominate the global market, causing sharp increases in the prices of raw materials, fuel, and input materials, particularly steel, petrol, and logistics costs. This raises production and business costs for enterprises dependent on these input materials. Meanwhile, economic recession and high inflation in some key trading partner countries of Viet Nam have weakened consumer demand, and Viet Nam's export orders decreased sharply or tended to stagnate.

Importantly, the 2025 growth targets of most state-owned corporations and groups are expected to be adjusted upward.

Specifically, among the 20 enterprises for which the Ministry of Finance is representing the state ownership, the ministry is proposing seven enterprises to have revenue or output growth of over 10%, including SCIC (up 20%), Viet Nam Electricity Group (14%), PVN (11%), Viet Nam National Coal and Mineral Industries Group (10%), Viet Nam Posts and Telecommunications Group (10%), Viet Nam Rubber Industry Group (10%), Viet Nam Expressway Corporation (10%). The remaining 13 enterprises are expected to achieve revenue or output growth of 8% to 10%.

Compared to the targets assigned to enterprises according to Decision No. 1073/QD-BTC on March 25, 2025 by the Ministry of Finance, the increase depends on the enterprise, but is quite significant. This means that enterprises will have to rebalance existing plans and solutions, as well as seek new motivations to achieve higher growth targets.

The Government has specifically identified Viet Nam's economic growth target this year of 8.3 - 8.5%, instead of 8% or more as before. The growth scenario of the whole country is also being adjusted, with a new "growth quotas" assigned for 34 localities. It is expected that the localities with double-digit GRDP growth include Hai Phong (12.2%); Ninh Binh (10.6%); Bac Ninh (11.5%); Quang Ninh (12.5%); Phu Tho, Hue, Quang Ngai, Can Tho all 10%. Meanwhile, economic "locomotives" such as Ha Noi and Ho Chi Minh City must grow by 8.5%; Thanh Hoa, Nghe An, Ha Tinh, Da Nang all 9%; Tay Ninh 9.3%; Khanh Hoa 8.5%. Many localities will also have to carry out heavier tasks.

As soon as this scenario was formulated, the Government established eight working groups to promote growth, accelerate disbursement of public investment capital, and address obstacles in production, business, trade and infrastructure construction. The Prime Minister has directed localities to proactively coordinate, review, and find solutions to remove all obstacles.

Responsibility for economic growth is placed on the shoulders of growth drivers, because this is a critical task to prepare a solid foundation for the economy in the next phase of double-digit growth.

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