100-trillion-VND preferential credit package for agriculture, forestry, and fisheries
Prime Minister Pham Minh Chinh has issued Directive No. 05/CT-TTg, instructing the State Bank of Vietnam to expand the loan program for the forestry and fisheries sectors to approximately 100 trillion VND and extend its scope to cover agriculture, forestry, and fisheries.
This directive is part of a series of key measures aimed at boosting economic growth, expediting public investment disbursement, and ensuring that Vietnam achieves a GDP growth rate of at least 8% in 2025.
The Prime Minister has also directed the Ministry of Finance to develop and propose tax exemption, reduction, and deferral policies, as well as adjustments to fees and land rental costs, to support businesses, tourism, and domestic consumption in 2025. A report on these policies must be submitted to the relevant authorities by March 15, 2025.
Additionally, the Ministry of Finance is tasked with drafting a resolution on breakthrough mechanisms and policies to accelerate private sector development, recognizing it as a crucial driver of economic growth, productivity, and competitiveness. The ministry is also required to enhance tax collection, particularly from e-commerce and food services, complete digitalization by Q2 2025, and maximize state budget revenues. To prioritize infrastructure investments, the government has mandated a 10% reduction in increased recurrent expenditures for 2025 compared to 2024, reallocating these funds to finance the Lao Cai – Hanoi – Hai Phong railway project.
The Prime Minister has further instructed the State Bank of Vietnam to implement additional preferential credit programs to stimulate economic growth, including housing loans for individuals under 35 years old.
Government agencies and local authorities are urged to accelerate public investment disbursement, with a target of at least 95% in 2025. This initiative aims to leverage public investment to attract private sector funding and complete at least 3,000 km of expressways and 1,000 km of coastal roads by the end of 2025. Key infrastructure projects include Long Thanh International Airport, Lien Chieu Port, and several seaports in Lach Huyen, as well as the launch of T3 Terminal at Tan Son Nhat and T2 Terminal at Noi Bai.
To ensure efficient public investment, strict measures will be enforced against officials and organizations responsible for delays, budget misallocation, or corruption. Underperforming individuals who evade responsibility or fear accountability will be replaced.
Authorities have also been directed to oversee major infrastructure projects such as the North-South Expressway (2021-2025 phase), Hanoi Ring Road 4, Ho Chi Minh City Ring Road 3, My Thuan – Can Tho Expressway, Bien Hoa – Vung Tau Expressway, and Ben Luc – Long Thanh Expressway. Plans for a metro or railway link between Long Thanh Airport and Tan Son Nhat Airport, as well as an elevated railway from Van Cao to Lang Hoa Lac, are also under consideration.
The Ministry of Finance must finalize the central budget revenue allocation plan for 2024 and submit it in February 2025, along with a proposal for issuing government bonds to fund key national projects in Q1 2025.
VFM
