Việt Nam approves 2026 development plan with 10 per cent growth target

Việt Nam approves 2026 development plan with 10 per cent growth target

The National Assembly has approved a development plan that aims to deliver double-digit economic growth, expand manufacturing, and push ahead with institutional reforms.

Deputy Prime Minister Lê Thành Long presents a summary report on revisions to the 2026 socio-economic development plan. — VNA/VNS Photo

Việt Nam’s National Assembly on Thursday approved the government’s development plan for 2026, endorsing an ambitious target of at least 10 per cent economic growth as the country seeks to build momentum for its next five‑year development cycle.

The resolution passed with 429 of 433 lawmakers in favour, following a briefing from Deputy Prime Minister Lê Thành Long on revisions to the draft plan.

Under the plan, the government aims for one of the highest annual growth targets in more than a decade, projecting per‑capita GDP to reach between US$5,400 and US$5,500.

The manufacturing and processing sector is expected to account for roughly a quarter of total output, while inflation is forecast to average about 4.5 per cent.

The official says fiscal policy will remain supportive, with efforts to tighten tax collection and deploy state funding alongside private investment to advance strategic infrastructure and development projects.

Monetary policy is set to remain flexible, with authorities pledging to keep borrowing costs and the exchange rate stable to ensure businesses have access to affordable capital.

The government also plans to maintain tight oversight of the gold and real estate markets, continue promoting domestic consumption, boost tourism and expand export opportunities through free‑trade agreements.

Beyond macroeconomic targets, the plan calls for continued investment in education, culture and social welfare.

Labour productivity is expected to grow by about 8.5 per cent in 2026, while the share of workers with formal qualifications is projected to rise to nearly 30 per cent.

Deputy Prime Minister Lê Thành Long presents a summary report on revisions to the 2026 socio-economic development plan. — VNA/VNS Photo

Health care indicators, including the ratio of doctors and hospital beds to population, are forecast to improve slightly year‑on‑year by about 0.3 percentage points.

The government says social security programmes will remain a priority, including policies for ethnic minorities, religious communities, veterans, the elderly and vulnerable groups.

The 2026 plan also places heavy emphasis on institutional reform, an area long seen as a bottleneck for investment.

The government intends to submit 49 draft laws and resolutions during the current parliamentary session to streamline regulations and remove barriers to doing business.

It says it will work to cut red tape, simplify business conditions and improve transparency. The goal is to reduce compliance costs and turn the regulatory system into, as the plan puts it, a 'national competitive advantage.'

Deputy Prime Minister Lê Thành Long said the government would incorporate feedback from lawmakers and the public as it prepares for the 2026–2030 development period. He described the 2026 plan as a 'launching point' for the next five years of growth.

The Ministry of Finance has been tasked with drafting a follow‑up resolution to guide implementation starting early next year, including detailed instructions for ministries and provincial governments, and a framework for tracking progress. 

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