Prime Minister Le Minh Hung presented a report on the implementation of the 2026 socio-economic development plan and the proposed plan for 2027 at the opening of a National Assembly session on Saturday.

He emphasized that 2026 - the first year of implementing the 14th National Party Congress's Resolution - holds significant importance in establishing a foundation, building momentum, and generating impetus for a new phase of development.

The government aims for GDP per capita of $6,100, consumer price index (CPI) growth of around 4.5%, and average labor productivity growth of 8.6%. It also seeks to increase state budget revenue by 9.1% and significantly cut recurrent expenditure.

To mobilize capital, the government plans to diversify funding sources through bond issuance, ODA loans, credit, private-sector resources and increased investment by state-owned enterprises. It will also encourage FDI companies to reinvest their profits in the country.

The prime minister noted the government would continue to manage interest rates and exchange rates appropriately. He pledged decisive and effective measures to lower lending rates and direct credit towards production and business activities, exports, science and technology, and small and medium-sized enterprises.

The government will also accelerate restructuring and reform its development model to strengthen the economy's internal capacity, independence, autonomy and resilience.

It plans to develop a stronger domestic industrial ecosystem, prioritizing foundational and supporting industries, while establishing modern service and logistics hubs and special economic zones.

2026 economic performance

Reporting on the economic performance in 2026, the cabinet leader said 14 of the 15 socio-economic targets were expected to be met or exceeded. GDP grew 9.95% year-on-year in the third quarter and 9.01% in the first nine months, putting Vietnam among the fastest-growing economies in the region and globally.

Fiscal, monetary and other macroeconomic policies had been managed proactively and flexibly, he said. Full-year state budget revenue was estimated at VND3,060 trillion ($118.17 billion), up 14%, while tax and fee exemptions, reductions and deferrals totalled around VND360 trillion ($13.9 billion).

"However, these positive results do not mean that structural bottlenecks have been fundamentally resolved. There remains significant pressure regarding macroeconomic management, inflation control, and exchange rate stabilization.

"Deposit and lending interest rates stay high, even as the demand for investment capital rises. Small and medium-sized enterprises continue to face difficulties in accessing land and credit, while the structure of imports and exports remains not truly sustainable," he stressed.

The prime minister noted the State Bank of Vietnam had instructed credit institutions to agree on cutting lending rates by 1.5-2 percentage points for production and business activities and priority sectors.

Vietnam's stock market had received an upgrade in classification for the first time (from frontier to secondary emerging market by FTSE Russell on September 21, 2026), while Moody's had revised the country's credit outlook to "positive" from "stable".

"International organizations have highly rated Vietnam's resilience and growth prospects," the prime minister said.

According to the government report, industry and construction grew 11.21% in the first nine months, the fastest pace since 2015. Exports and imports rose 30.4% over the period, with full-year trade turnover projected at $1.11 trillion. This could mark the first time Vietnam's total trade turnover exceeds $1 trillion.

Total society's investment reached VND3,110 trillion ($120.1 billion) in the first nine months, up 15.1%. Public investment disbursement amounted to nearly VND643 trillion ($24.83 billion), equivalent to 63% of the year's plan and almost 13% higher than in the same period last year. Registered FDI reached $50.36 billion, up 76.4% and the highest level since 2021.

On infrastructure, Vietnam completed an additional 395 km of expressways, bringing the entire eastern section of the North-South Expressway into operation. The government also resolved a number of stalled projects that had faced prolonged delays.

For the remainder of the year, the prime minister said the government would "strive to achieve the highest possible results against its targets, particularly double-digit growth, while maintaining macroeconomic stability and controlling inflation".

It would introduce measures to lower lending rates and ensure adequate supplies of electricity and petroleum products, Hung said. "Localities must strive to achieve the highest possible growth rates, particularly the major growth centers," he added.

Parliament flags risks to growth outlook

Presenting the appraisal report, Phan Van Mai, Chairman of the National Assembly's Economic and Financial Committee, praised the decisive and flexible direction of the government and the prime minister, as well as the efforts of ministries, agencies and local authorities.

However, according to the committee, the target of achieving 10% or higher growth in 2027 reflects a strong commitment but presents significant challenges, given that the foundations for growth remain unstable, while inflationary pressures and the demand for capital and energy are on the rise.

The global economic landscape is projected to remain complex and unpredictable. Geopolitical competition, trade fragmentation, energy price volatility, public debt burdens, and high interest rates could heighten financial risks and narrow the policy space for many nations.

Notably, shocks originating as early as 2026 may continue to exert an impact into 2027. Sustained high energy prices or mounting inflationary pressures - potentially exacerbated by adjustments to tax and fee support measures - could make the task of economic management even more difficult.

The committee highlighted six issues requiring the government's attention in its future management and policymaking.

It said high economic growth was not yet underpinned by sufficiently solid foundations. The four localities with the largest economies - Ho Chi Minh City, Hanoi, Hai Phong and Dong Nai - accounted for nearly 47% of total gross regional domestic product (GRDP) and were all expected to miss their 2026 growth targets, according to the committee.

Private domestic investment had yet to make a major breakthrough, it said. Although it accounted for 53% of total society's investment, it grew by only 14%, the slowest rate among the three investment sectors (the other two are the state-owned sector and the FDI sector).

Exports rose 24.5%, while imports increased 36.7%, resulting in a trade deficit of $19.42 billion, the committee said. Exports remained heavily dependent on the FDI sector, while supporting industries, domestic content ratios and technological self-reliance remained limited.

The committee also noted that businesses and household enterprises continued to face difficulties accessing capital, while the recovery in purchasing power remained slow. They also had to adapt to digital transformation requirements and tax policy changes. These difficulties directly affected investment, employment, incomes and domestic demand, it stressed.

The National Assembly is expected to vote on a resolution on the 2027 socio-economic development plan on November 7.