Speaking before the National Assembly on April 9, the Prime Minister presented a supplementary assessment of socio-economic development and the state budget in 2025, along with updates for the early months of 2026.

Strong growth amid global uncertainty

PM Le Minh Hung said macroeconomic stability has largely been maintained, with major economic balances secured and public debt kept under control.

Vietnam’s GDP growth reached 8.02 percent, placing it among the higher-performing economies in the region and globally. The economy expanded to US$514 billion, ranking 32nd worldwide, while inflation remained well managed.

However, global conditions continue to evolve in complex and unpredictable ways. Disruptions in supply chains, rising oil and gas prices, and increasing transportation costs have negatively affected trade and investment, posing direct challenges to Vietnam’s development goals.

GDP growth in the first quarter of 2026 is estimated at 7.83 percent, with four localities achieving growth rates above 10 percent. Efforts are also underway to resolve long-standing, delayed projects, while sectors such as culture, healthcare and education continue to receive attention.

The Prime Minister acknowledged that achieving double-digit growth remains a significant challenge, as traditional growth drivers are performing below potential and new drivers are still in early stages of development.

Efficiency, discipline and accountability

He emphasized the need for unified thinking and decisive action, encapsulated in the approach: choosing the right priorities, implementing quickly, following through to completion, and measuring outcomes. Ministries, sectors and localities will be held directly accountable for results.

The government is committed to maintaining macroeconomic stability and preventing any economic crisis under all circumstances. Ensuring national energy security, both in the short and long term, is also a priority, including stable supplies of crude oil and gas.

PM Le Minh Hung called for strict energy-saving measures, stressing that electricity shortages must be avoided in all scenarios.

Fiscal targets include increasing state budget revenue by 10 percent, cutting regular expenditures by more than 10 percent, and striving for an additional 5 percent reduction.

Redirecting investment and reforming institutions

To strengthen growth through investment, the government aims to raise development spending to 40 percent of total state budget expenditure, while reducing the number of publicly funded projects by at least 30 percent in the 2026-2030 period compared to the previous phase.

The focus will shift toward key projects with strong spillover effects, with specific project lists to be submitted to the National Assembly for approval.

The Prime Minister also called for accelerated reforms in the banking sector, including resolving weak credit institutions and improving access to capital for businesses, particularly small and medium-sized enterprises, by the second quarter of 2026.

Advancing science and technology, innovation and digital transformation was highlighted as a major priority, alongside institutional reform, administrative streamlining and improvements to the investment and business environment.

The government aims to cut administrative processing time and compliance costs by 50 percent, eliminate at least 30 percent of conditional business sectors, and remove all unnecessary business conditions.

A year focused on grassroots capacity

PM Le Minh Hung declared 2026 as a year dedicated to improving the quality of grassroots officials, particularly in terms of professional competence, execution capacity, responsibility and public service attitude.

He stressed the need to make full use of existing office infrastructure, avoid waste, and ensure that surplus public assets - especially land and buildings - are effectively managed and not left to deteriorate.

At the same time, adequate equipment must be provided, especially at the commune level.

The Prime Minister underscored a firm stance on personnel management: replacing underperforming, irresponsible officials while recognizing and promoting those willing to act, innovate and take responsibility for the common good.

Expanding social welfare and future readiness

In social policy, the government plans to implement annual health check-ups or screening programs for citizens, with prioritized groups and a phased roadmap. The goal is for all public and private hospitals to adopt electronic medical records, eliminating paper-based systems.

In education, priorities include expanding hands-on learning in STEM and STEAM, promoting English as a second language in schools, and integrating robotics and artificial intelligence into the general education curriculum.

Despite the heavy workload ahead, PM Le Minh Hung stressed that the coming period is crucial for laying the foundation for future growth. The government, he said, will remain united, innovative and resilient in the face of challenges.

Tran Thuong