In 2025 and throughout 2021–2025, Vietnam achieved key socio-economic gains, laying the foundation and momentum for faster, more sustainable growth

The Steering Committee assessed that 2025 unfolded against a highly uncertain international backdrop shaped by geopolitical tensions, shifts in tariff policies, and a weakening of global growth momentum. Domestically, natural disasters and floods were complex and unprecedented, causing significant impacts on people’s livelihoods and production and business activities.

Nevertheless, Vietnam’s economy achieved positive results. Inflation was controlled at 3.31%, further reinforcing the macroeconomic stability maintained over recent years. Major economic balances were secured, and economic growth reached 8.02%, a standout rate globally, creating confidence and renewed momentum toward the development objectives of the 2026-2030 period.

The year 2026 carries particular significance as the first year of implementing the 2026-2030 five-year socio-economic development plan, opening a new phase of national development.

Three lessons in macroeconomic management

Prime Minister Pham Minh Chinh said that in 2025 and throughout the 2021-2025 period, Vietnam’s socio-economic situation achieved fundamental and important results, creating the foundation, momentum, position, and capacity for a breakthrough phase of faster and more sustainable growth. Within these achievements, flexible and effective macroeconomic management played a highly important role.

The Prime Minister outlined three major lessons in macroeconomic management.

First, ministries, sectors, and localities, based on their assigned functions, duties, and authority, must closely grasp developments to respond in a timely, flexible, effective, and practical manner.

Second, two critical policies - fiscal policy and monetary policy - must be coordinated in a synchronous, close, and effective way, closely linked to and supporting each other. Accordingly, an expansionary fiscal policy with clear focus and priorities should continue, alongside a proactive, flexible, timely, and effective monetary policy.

Third, traditional growth drivers must be continuously refreshed through various solutions, while new growth drivers are strongly promoted with a spirit of innovation, readiness to think boldly, act decisively, take responsibility, accept risks, apply breakthrough thinking, and adopt strategic vision, with due regard to intellect, time, and timely decision-making.

The Prime Minister also said that entering 2026, global developments are forecast to remain complex and unpredictable, and forecasts for global growth and inflation remain cautious.

Domestically, the overarching objectives remain unchanged: maintaining macroeconomic stability, controlling inflation, promoting high growth, ensuring major economic balances, and controlling budget deficits, public debt, and government debt within safe limits. At the same time, the goal is to achieve rapid and sustainable development linked with social progress, equity, social security, and environmental protection, ensuring no one is left behind.

Prime Minister Pham Minh Chinh required ministries and sectors to begin implementing the resolutions of the 14th National Party Congress from the very first days, weeks, and months, while simultaneously implementing the resolutions of the Government Party Committee Congress and Party congresses at all levels for the 2026-2030 term, strengthening administrative discipline with the spirit of “words matched by actions; real action, real effectiveness; avoiding formality.”

Priorities in fiscal, monetary policy and resource mobilization

On that basis, Prime Minister Pham Minh Chinh identified nine key task groups and solutions for macroeconomic management in the period ahead.

Regarding fiscal and monetary policy, he said that an expansionary fiscal policy with clear focus and priorities should continue, serving development, promoting growth drivers, and restructuring the economy. At the same time, policies on tax, fee, and land-rent reductions and extensions should continue to support people and enterprises, especially small and medium-sized enterprises.

Alongside this, revenue collection should be strengthened and expenditures saved, ensuring accurate, sufficient, and timely collection; expanding the tax base and preventing revenue losses through digital transformation, particularly in e-commerce, food and beverage services, and retail. Additional revenues and savings should be prioritized for national defense and security; development investment, especially strategic infrastructure; science and technology, artificial intelligence, and digital technology; as well as social security, education, and healthcare, including school systems in border areas.

The Prime Minister said that fiscal policy still has room to maneuver and should actively support monetary policy; public debt and deficit space within safe limits should be used effectively to mobilize resources for investment, including bond issuance for national key and important projects and priority areas such as science and technology, innovation, and digital transformation. Efforts should be made to disburse 100% of public investment capital in 2025 and 2026.

In monetary policy management, Prime Minister Pham Minh Chinh required the full use of available instruments to control interest rates in line with developments and development needs; stabilize exchange rates; and increase national reserves. Credit growth should be managed at reasonable and flexible levels, directing capital toward priority sectors while limiting risks.

In addition, the central budget should continue to play a leading role, while local budgets remain proactive and flexible; public debt should be kept within safe thresholds; and the effectiveness of mobilizing and using ODA capital should be improved, alongside continued revision and simplification of related administrative procedures.

He also called for innovation in resource mobilization in an open and transparent manner, reducing costs; building databases; and developing capital, securities, real estate, housing, gold, and digital asset markets in a safe, healthy, and transparent direction, linked with accelerated digital transformation and administrative procedure reduction.

In the period ahead, urgent tasks include putting the gold trading platform into operation; piloting a digital asset trading platform; establishing state-managed real estate and land-use rights exchanges; enhancing the effectiveness of the international financial center in Vietnam; and attracting domestic and foreign investment flows effectively. The Ministry of Finance was assigned to implement the National Investment Portal under a one-stop mechanism from the central to local levels.

At the same time, the Prime Minister required the management and development of the housing market with appropriate policies for commercial housing, social housing, and housing for middle-income earners; increasing supply, cutting procedures, reducing costs, and ensuring safe, healthy, and transparent market development.

Other priorities stressed by Prime Minister Pham Minh Chinh include making breakthroughs in science, technology, and innovation; removing institutional and legal bottlenecks; ensuring energy and food security; effectively implementing strategic resolutions of the Politburo; gradually improving people’s material and spiritual living standards; and reviewing and operating the two-tier local government system toward the highest level of efficiency, effectiveness, and performance.