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.
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