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| Prime Minister Le Minh Hung delivers a report on the implementation of the 2026 socio-economic development plan and a proposed plan for 2027 at the 16th National Assembly’s second session, which opened on October 17 morning__Photo: VNA |
Prime Minister Le Minh Hung presented a report on the implementation of the 2026 socio-economic development plan and a proposed plan for 2027 at the opening sitting of the 16th National Assembly (NA)’s second session on October 17 morning.
Fourteen out of 15 key targets for 2026 expected to be met or exceeded
The PM said that 2026 marks the first year of implementing the Resolution of the 14th National Party Congress, serving as a critical year to lay the foundation, build momentum, and generate strength for a new phase of national development.
Amid a complex international and regional environment, proactive engagement across the entire political system has yielded major and relatively comprehensive socio-economic achievements, with 14 out of the 15 primary socio-economic targets expected to be met or exceeded.
Notable achievements include high economic growth linked with macroeconomic stability, controlled inflation, and major balances guaranteed. GDP growth accelerated quarter over quarter, with the third quarter’s GDP surging by 9.95 per cent and nine-month expansion reaching 9.01 per cent – placing Vietnam among the top performers regionally and globally.
This year’s state budget revenue is estimated at VND 3.06 quadrillion (USD 118.17 billion), up 14 per cent. By the end of 2026, public debt is projected at approximately 33–34 per cent of GDP, Government debt at 32–33 per cent of GDP, national external debt at 28–29 per cent of GDP, and the budget deficit at around 4.1 per cent of GDP – all well within safe thresholds.
Meanwhile, the average consumer price index (CPI) rose 4.52 per cent during the first nine months.
All three main economic sectors sustained solid expansion, with traditional growth drivers reinforced alongside initial momentum from new drivers, according to the Government leader.
Over the nine-month period, industry and construction grew by 11.21 per cent – the highest rate since 2015; the service sector showed positive growth, welcoming an all-time high of 17.7 million foreign arrivals, up 14.5 per cent. Total foreign trade turnover jumped 30.4 per cent, with the full-year figure projected at USD 1.11 trillion, surpassing the USD-1-trillion milestone for the first time.
Total investment capital across society in the nine months reached VND 3.11 quadrillion, up 15.1 per cent; public investment disbursement approximated VND 643 trillion, accounting for 63 per cent of the annual target; and registered foreign direct investment (FDI) hit USD 50.36 billion, up 76.4 per cent – the highest level since 2021, statistics show.
PM Hung also highlighted key accomplishments in the legal framework refinement, the streamlining and reorganisation of the administrative apparatus, the development of strategic infrastructure, and Vietnam’s improvement in the 2026 Global Innovation Index (GII) to rank 43rd out of 139 economies.
Progress has also been recorded in in cultural and social spheres; educational and training reform; human resources development; and public healthcare, protection, and improvement; alongside natural resource management, environmental protection, disaster response, climate change adaptation, national defense, security, foreign affairs, and international integration, he noted.
Alongside these achievements, PM Hung candidly acknowledged that macroeconomic governance and inflation control remain under significant pressure; deposit and lending interest rates remain elevated; and small and medium enterprises (SMEs) face ongoing hurdles in accessing land and credit.
He stated that key tasks for the remaining months of 2026 will focus on maximising target achievements, particularly striving for double-digit economic growth while maintaining macroeconomic stability and controlling inflation.
Striving for GDP growth of 10 per cent or higher next year
Emphasising 2027 as a pivotal year for acceleration, breakthroughs, and momentum-building to successfully carry out the Resolution of the 14th National Party Congress, the PM outlined the overarching target, which is to strive for economic growth of 10 per cent or higher while maintaining macroeconomic stability, controlling inflation, guaranteering major balances, and laying the groundwork for a new development model driven primarily by science, technology, innovation, and digital transformation.
Among the 45 socio-economic development targets set for 2027, the report specifies key indicators, including GDP growth of at least 10 per cent, average CPI growth around 4.5 per cent, GDP per capita reaching USD 6,100, average social labour productivity increase of 8.6 per cent, and the multidimensional household poverty rate reduced by 1–1.5 per cent.
Underlining focal task groups to be implemented to achieve these goals, PM Hung said the foremost priority is driving growth linked with macroeconomic stability. Focus will be placed on perfecting institutional and legal frameworks, drastically cutting administrative procedures, efficiently operating the two-tiered local administration model, and improving the quality of civil servants and public officials.
Economic restructuring and development model shifts will be accelerated, alongside expanding the private sector and selectively attracting FDI accompanied by technology transfer.
Additionally, the Government plans to develop an integrated and modern strategic infrastructure network, complete the national expressway system, advance critical national railway projects, and expedite construction on Long Thanh and Gia Binh international airports.
Breakthroughs will be pursued in science – technology development, innovation, and digital transformation, alongside the operationalisation of the National Data Centre, expansion of 5G coverage, and pilot testing of 6G.
The PM also pledged efforts to create substantive improvements in education quality and high-tech workforce training; cultural, social, and healthcare development; social welfare promotion; along with resource management, environmental protection, the operation of the national land database, and the execution of the 1-million-hectare high-quality, low-emission rice project in the Mekong Delta.
Concurrently, national defence and security will be reinforced, foreign relations and international integration expanded, and preparations thoroughly conducted for hosting APEC 2027.
Implementation capacity and leadership accountability will be enhanced to eliminate delays, evasion, and fear of responsibility, ensuring every policy yields clear, real-world outcomes, he went on.
PM Hung stressed that tasks from now through the end of 2026 and throughout 2027 are demanding and of paramount importance, requiring all-level authorities, sectors, and localities to promote solidarity, unity, innovation, and resolve in overcoming challenges with targeted, decisive action.
He said the Government looks forward to receiving continuous, close, and comprehensive guidance from the Party Central Committee, the Politburo, the Secretariat, and Party and State leaders, particularly General Secretary and President To Lam, along with active coordination, supervision, and support from the National Assembly, the Vietnam Fatherland Front, socio-political organisations, citizens nationwide and overseas Vietnamese, to successfully fulfil the 2026 targets and achieve breakthrough momentum in 2027, contributing to the successful implementation of the five-year socio-economic development plan (2026-30) and the Resolution of the 14th National Party Congress.- (VNA/VLLF)
