Billionaire Nguyen Thi Phuong Thao makes recommendations to achieve GDP target

The Vietnamese government has set a GDP growth target of 8 per cent for 2025 alongside macro stability, laying the foundation for double-digit growth from 2026 onwards and ushering the country into an era of prosperity.

According to billionaire Nguyen Thi Phuong Thao, this is a symbol of Vietnam's aspirations to elevate its position in the global economy and become a new growth hub for the region.

At the government’s standing meeting with commercial banks on February 11, Thao, the standing vice chairwoman of HDBank, enthusiastically supported the 8 per cent target, along with the credit growth target of 16 per cent for this year.

"We are facing a decisive moment when GDP growth of 8 per cent is not just a distant dream but a feasible goal. This can pave the way for the next stage of sustainable development," said Thao.

According to Thao, Vietnam’s strong fundamentals are a major factor in the countries economic growth potential, with HDBank making significant contributions to the banking system. The bank has undergone a major transformation over the past decade, with an annual growth rate of 25-30 per cent on average. This has been coupled with strong asset quality, safe and sustainable financial indicators, and capital provision for the economy.

"HDBank directly contributed about VND5.2 trillion ($203.4 million) to the state budget last year, while our business clients contributed more than VND15 trillion ($586.7 million), excluding land use fees. We have created 24,000 jobs in the banking industry and over 40,000 jobs in other industries," Thao said.

Thao met with President Donald Trump during a trip to the United States earlier this year, where she highlighted the importance of the Vietnam-US strategic partnership and the 30 years since the normalisation of relations between Hanoi and Washington.

"We're working on a $48 billion contract, potentially increasing to $64 billion, while creating nearly 500,000 jobs for Americans. Meanwhile, we are looking forward to 75 years of diplomatic relations between Vietnam and China by promoting economic activities with significant sales between our two countries," she said.

Thao suggested the transfer of DongA Bank to HDBank was, "an honour and a great responsibility for HDBank to assist the government and the State Bank of Vietnam in ensuring the safe and sustainable development of the nation’s financial and banking system."

DongA Bank will be restructured to become a next-generation digital bank to support business and individual clients across the country, especially small and medium-sized enterprises and unskilled workers, to access capital at low interest rates and through simple procedures via digital channels.

Thao has proposed that the regulatory bodies accelerate the support plan for DongA Bank so HDBank, "can restore operations and strengthen credit and banking services according to the approved compulsory transfer plan."

At the same time, Thao recommended that the SBV continue to keep the interest rate stable to ease businesses’ access to capital. This is coupled with interest rate support for social housing investment programmes, and credit for unskilled workers. There are policies to encourage the development of digital credit and flexible and stable exchange rate management, thereby attracting investment, promoting exports, and taking advantage of the EVFTA and Comprehensive and Progressive Agreement for Trans-Pacific Partnership.

In conclusion of the meeting, the PM urged the sector to actively participate in three national strategic breakthroughs in institutions, infrastructure, and human resources. The sector needs to mobilise resources to develop strategic infrastructure and contribute to human resource training for the new development era.

Thao's proposals will not only solve problems but also increase the growth momentum for the banking industry to promote its pioneering role. The expansion will facilitate other industries in the dynamic economy to better implement the Prime Minister's directions.

Closing her speech, Thao affirmed, "We are not afraid of challenges. We will make a strong breakthrough. HDBank is committed to being a reliable partner, providing effective capital flows, promoting sustainable growth according to the orientation of the government and the regulation of the SBV, and accompanying businesses and individuals of Vietnam. I believe that we will realise the aspiration of a strong and thriving Vietnam."

Women at the helm of multimillion-dollar businesses in Vietnam Forbes has announced Vietnam’s four billionaires a few days ago, and indeed it is an honour for the country, acknowledging the critical role of the private sector and raising Vietnam to the level of many nations around the world. Among these big shots, Nguyen Thi Phuong Thao, the CEO of Vietjet Air, has secured the 55th spot on Forbes’ list of The World’s 100 Most Powerful Women, taking over even Hillary Clinton.

Vietnam's GDP growth will lead the region in 2025 Vietnam's economy will be the standout among the ASEAN-6, growing at a faster pace relative to its peers during the next few years, according to global economic advisory firm Oxford Economics.

GDP growth beats forecasts to reach 7.09 per cent in 2024 Vietnam's gross domestic product (GDP) grew 7.09 per cent in 2024, surpassing the growth target of 6.5 per cent for the full year, according to the General Statistics Office (GSO) on January 6.