PM urges stronger efforts to achieve 2026 economic growth targets

PM urges stronger efforts to achieve 2026 economic growth targets

State budget revenue in 2026 is targeted to rise by at least 10 per cent compared with the 2025 estimate. Tax and fee reductions and land rental support will be extended to assist people and businesses, especially small and medium-sized enterprises (SMEs).

A supermarket in Cần Thơ City is filled with Tết (Lunar New Year) decoration. Ahead of the holiday, multiple deadlines have been set for ministries and government agencies to build growth momentum for the new year. — VNA/VNS Photo

Prime Minister Phạm Minh Chính has issued an official dispatch calling for tougher and more decisive implementation of key tasks to meet Việt Nam’s economic growth targets for 2026, as the country enters a pivotal new development phase.

This year marks the first year of the 2026–30 five-year socio-economic development plan and the start of a new growth cycle, alongside the implementation of the Resolution of the 14th National Party Congress.

The Prime Minister directed ministries, agencies, localities and State-owned enterprises to effectively carry out the socio-economic development plan and State budget estimates set out in Government Resolution No.01/NQ-CP. They were also instructed to closely monitor international and domestic developments, strengthen analysis and forecasting and respond with flexible, timely and effective policies.

The Ministry of Finance (MoF) is tasked with leading the development of the Government’s action programme to implement the 14th National Party Congress, which must be submitted before February 5.

On fiscal and monetary policy, the MoF will continue to pursue a targeted and effective expansionary fiscal policy in close coordination with monetary and other macroeconomic policies. Measures include strengthening fiscal discipline, ensuring full and timely revenue collection, broadening the tax base and preventing tax losses, particularly in e-commerce, food services and retail.

State budget revenue in 2026 is targeted to rise by at least 10 per cent compared with the 2025 estimate. Tax and fee reductions and land rental support will be extended to assist people and businesses, especially small and medium-sized enterprises (SMEs). Public debt and deficit space will be used effectively within safe limits to mobilise resources for investment, including government bond issuance for key national projects and priority areas such as science and technology, innovation and digital transformation.

Efforts will also be stepped up to develop the stock market and corporate bond market in a stable, safe and transparent manner, turning them into effective channels for medium- and long-term capital mobilisation to support the country’s double-digit growth target.

The State Bank of Việt Nam (SBV) is required to closely monitor developments and manage monetary policy proactively, flexibly and effectively in coordination with fiscal policy to promote growth, stabilise the macroeconomy, control inflation and maintain major balances. Interest rates and exchange rates will be managed in line with macroeconomic conditions and policy objectives, while the foreign exchange market will be closely supervised to maintain the stability of the Vietnamese đồng.

Credit institutions are to ensure safe and effective credit growth, directing capital towards production, business, priority sectors and key growth drivers. Credit programmes for social housing, infrastructure, digital technology and high-quality rice production and consumption linkages will continue, while credit to potentially risky sectors will be strictly controlled.

The SBV is also tasked with completing study and assessment dossiers on a proposed national gold trading exchange, to be reported to the Government within January.

State-owned groups and enterprises are urged to reinforce their leading role, improve governance and business efficiency and strive for output or revenue growth of at least 10 per cent in 2026.

The MoF and relevant agencies must urgently consolidate budget estimates and finalise capital plans for 2026 for national target programmes, submitting them for allocation by February 2026. Disbursement of public investment capital is to be accelerated from the beginning of the year, with a target of 100 per cent disbursement of the assigned plan. Bottlenecks related to site clearance and construction materials must be resolved promptly and capital reallocated from slow- to fast-disbursing projects.

Efforts will be intensified to attract large-scale, high-tech foreign direct investment. A Politburo resolution on foreign-invested economic development is to be finalised, while on-site investment promotion will be enhanced to attract multinational corporations and strategic investors in semiconductors, artificial intelligence and digital technology.

A resolution addressing stalled and prolonged projects is to be completed and issued before January 30 to unlock resources and boost growth momentum. Legal frameworks to resolve common issues in build-transfer projects will also be studied and proposed within the month.

A national one-stop investment portal, featuring shared databases linking central and local authorities, is to be completed in February.

The Ministry of Construction and relevant agencies are tasked with reviewing and upgrading existing and ongoing expressway projects to meet full expressway standards, completing related technical infrastructure and reporting to the Prime Minister by February 15.

Key transport projects will be advanced, including preparations for the next phases of the Lào Cai–Hà Nội–Hải Phòng railway and Long Thành International Airport, the segment design for the North–South high-speed railway, as well as regional connectivity roads and major seaports.

The National Housing Fund will be used to accelerate social housing development, particularly rental housing, with a target of completing more than 110,000 social housing units in 2026 and achieving the one-million-unit goal by 2028.

The Ministry of Agriculture and Environment is tasked with promoting agricultural restructuring linked to science, technology, innovation and digital transformation. The focus is on developing integrated, multi-value commodity production in agriculture, forestry and fisheries based on local advantages and oriented towards efficient, sustainable and highly competitive models, while ensuring national food security.

Specific plans are to be drawn up to organise effective production, harvesting and supply and to adjust cropping schedules in line with actual conditions and market demand.

The Ministry of Industry and Trade is instructed to implement demand-stimulation measures, particularly during Tết, while stepping up efforts to combat smuggling, trade fraud and counterfeit goods and improving service quality to support tourism. An action programme on consumer protection must be completed and submitted to the Government before February 15.

The ministry must also coordinate with relevant agencies to strengthen trade promotion, diversify export markets and build strong brands for high-quality Vietnamese products by leveraging signed free trade agreements and tapping emerging markets.

Meanwhile, the Ministry of Justice has been instructed to draft a resolution on simplifying administrative procedures and business conditions and submit it to the Government within January.

To generate breakthroughs in new growth drivers, the Ministry of Science and Technology is urged to urgently roll out state-funded science, technology, innovation and digital transformation projects.

The Ministry of Education and Training is tasked with proposing breakthrough mechanisms to develop high-quality higher education institutions and strategic technology research programmes, laying a long-term foundation for human resources. It is also instructed to accelerate the construction of boarding schools to ensure education access in border communes.

The MoF, together with authorities in HCM City and Đà Nẵng, is directed to ensure synchronised and effective operation of the International Financial Centre. Tasks include finalising special policies for governance and operations within January, piloting a digital asset trading platform and effectively attracting global investment.

The Ministry of Public Security is assigned to draft and submit to the Government, also within January, a decree on breakthrough mechanisms to promote innovation and data use at the National Data Centre.

All ministries, agencies and localities are required to focus on decisive and effective implementation of breakthrough resolutions issued by the Politburo. 

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