Addressing the opening session of the 15th National Assembly’s 10th sitting on October 20, PM Pham Minh Chinh affirmed that Vietnam’s economy has proven resilient against external shocks, maintaining one of the highest growth rates globally.

The overarching goal for 2026 is to prioritize growth, maintain
macroeconomic stability, control inflation, ensure major economic balances, and
keep public debt and budget deficits within regulated limits, Prime Minister
Pham Minh Chinh told the National Assembly at its 10th session that opened on October 20.

The PM was presenting a report to the National Assembly on the implementation of
the socio-economic development plan for 2025 and the five-year period from 2021
to 2025, as well as the proposed plan for 2026

Assessing the economy’s overall performance, PM Chinh affirmed that Vietnam’s economy
has proven resilient against external shocks, maintaining one of the highest
growth rates globally. GDP in 2025 is projected to grow by over 8%, with the
average growth rate for the 2021–2025 period reaching 6.3%, surpassing the
previous term’s 6.2%. Notably, in 2021, growth was only 2.55% due to the
COVID-19 pandemic, but the average annual growth from 2022 to 2025 reached
7.2%, exceeding the target range of 6.5–7%.

The size of the economy expanded from $346 billion in 2020 to $510 billion
in 2025, climbing five places to rank 32nd globally. GDP per capita in 2025 is
estimated at around $5,000, 1.4 times higher than in 2020, placing Vietnam in
the upper-middle-income group. The economic structure and quality of growth
have seen positive transformations.

Macroeconomic fundamentals remain stable; inflation is kept below 4%, and
major economic balances are ensured. In addition, strategic breakthroughs have
been implemented decisively and effectively, opening new development space and
fostering progress.

Emphasizing the socio-economic development plan for 2026, the PM outlined 10
key groups of tasks and solutions. Among them, he reaffirmed the priority of
promoting growth while maintaining macroeconomic stability, controlling
inflation, and ensuring major economic balances; managing public debt and
budget deficits within regulated limits.

Targets include a 10% increase in state budget revenue; strict expenditure
savings, especially recurrent spending; raising development investment spending
to 40%; and implementing upfront budget cuts—5% of investment spending
(allocated to the Lao Cai–Hanoi–Hai Phong railway project) and 10% of recurrent
spending (to supplement social welfare funding). The central budget will invest
in no more than 3,000 projects (including ongoing ones) during the 2026–2030
period, aiming for total social investment to reach 40% of GDP.

Additionally, the government will accelerate industrialization,
modernization, and economic restructuring; and decisively implement the
Politburo’s strategic policies across critical sectors.

The focus will also be on building and synchronizing development
institutions, especially laws related to investment and business. The legal
framework is expected to become a “breakthrough of breakthroughs” and a
competitive advantage.

In 2026, the government aims to eliminate or simplify 100% of unnecessary or
conflicting business investment conditions, and reduce administrative
compliance time and costs by 50% compared to 2024.

The PM placed special emphasis on key transportation infrastructure
projects, including railways, international airports, seaports, energy systems,
urban infrastructure, and digital infrastructure. He stressed that under no
circumstances should there be electricity shortages, with a target of 13–14%
growth in total electricity output in 2026.

Moreover, attention will be given to developing high-quality human
resources; creating breakthroughs in science, technology, innovation, digital
transformation, education, and training.

The PM also emphasized the importance of comprehensive and synchronized
development in cultural and social sectors, improving people’s livelihoods,
ensuring social welfare; proactively responding to climate change, preventing
natural disasters, enhancing resource management, and protecting the
environment.

Vneconomy-Đỗ Như