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% and nine-month expansion reaching 9.01% – placing Vietnam among the top performers regionally and globally.
State budget revenue for 2026 is estimated at 3.06 quadrillion VND (118.17 billion USD), up 14% from 2025. By the end of 2026, public debt is projected at approximately 33–34% of GDP, Government debt at 32–33% of GDP, national external debt at 28–29% of GDP, and the budget deficit at around 4.1% of GDP – all well within safe thresholds.
Meanwhile, the average consumer price index (CPI) rose 4.52% 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% – 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%. Total foreign trade turnover jumped 30.4%, with the full-year figure projected at 1.11 trillion USD, surpassing the 1-trillion-USD milestone for the first time.
Total investment capital across society in the nine months reached 3.11 quadrillion VND, up 15.1%; public investment disbursement approximated 643 trillion VND, accounting for 63% of the annual target; and registered foreign direct investment (FDI) hit 50.36 billion USD, up 76.4% – 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 the cultural and social spheres, education and training, human resource development, and public healthcare, alongside natural resource management, environmental protection, disaster response, climate change adaptation, national defence, 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% or higher next year
Lawmakers listen to Prime Minister Le Minh Hung presenting a report on the implementation of the 2026 socio-economic development plan and a proposed plan for 2027. (Photo: VNA)
Emphasising that 2027 will be a pivotal year for accelerating development and achieving breakthroughs in implementing the Resolution of the 14th National Party Congress, the PM outlined the overarching target: to achieve economic growth of at least 10% while maintaining macroeconomic stability, controlling inflation, ensuring major economic 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 for 2027, key indicators include GDP growth of at least 10%, average CPI inflation of around 4.5%, GDP per capita of 6,100 USD, an 8.6% increase in average labour productivity, and a reduction of 1–1.5 percentage points in the multidimensional poverty rate.
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 and 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 (2026–2030) and the Resolution of the 14th National Party Congress.
