This morning, at the opening session of the 10th sitting of the 15th National Assembly, Prime Minister Pham Minh Chinh presented a report on the implementation of the socio-economic development plan for 2025 and the 2021-2025 five-year period, along with the proposed plan for 2026.

“We have maintained internal stability and external harmony”

The Prime Minister emphasized that despite numerous difficulties and challenges, “we have maintained internal stability and external harmony,” earning recognition from both citizens and the international community.

He noted the continued momentum for innovation, sustainable and inclusive growth, and reinforced public trust in the Party and State, marking a confident step into the new era.

Recalling the notable achievements, the Prime Minister stated that, although the overall situation posed more challenges than opportunities, Vietnam still met or exceeded 22 out of 26 key economic and social indicators and came close to fulfilling two others. All social and welfare targets were surpassed, with full success across all 15 socio-economic indicators in 2024 and 2025.

Vietnam’s economy has proven resilient to external shocks and maintained one of the highest growth rates globally. GDP growth in 2025 is expected to exceed 8%, with the average for 2021-2025 at 6.3%, slightly higher than the previous term’s 6.2%.

The economy’s size expanded from USD 346 billion in 2020 to USD 510 billion in 2025, ranking 32nd globally, a jump of five places. GDP per capita in 2025 is projected to reach approximately USD 5,000 - 1.4 times higher than in 2020 - placing Vietnam in the upper-middle-income group.

Macroeconomic stability has been maintained, with inflation controlled below 4% and major economic balances ensured. State budget revenue is estimated at USD 395 billion, 1.36 times higher than the previous term and significantly surpassing the USD 341 billion target. Tax, fee, and levy reductions and deferrals totaled approximately USD 45 billion.

Public debt decreased from 44.3% of GDP in 2020 to around 35-36% in 2025 (well below the 60% limit). There are now around 1 million active businesses in Vietnam, up over 20% from 2020.

The Prime Minister also reported strong progress on the country’s three strategic breakthroughs, which have expanded development space and fostered innovation. Legal reforms have improved in mindset and approach, addressing many bottlenecks.

The Government submitted several groundbreaking resolutions on policies and institutional frameworks to the Politburo and proposed over 180 laws, ordinances, and resolutions to the National Assembly. It also issued 820 decrees - the most in any single term to date.

Administrative reforms have cut or simplified nearly 4,300 business regulations, administrative procedures, and citizen documentation requirements.

Infrastructure has seen transformative progress, with many large-scale, modern, and strategically connected projects. By the end of 2025, Vietnam is expected to complete 3,245 km of expressways (exceeding the 3,000 km goal) and 1,711 km of coastal roads (above the 1,700 km target). The first phase of Long Thanh International Airport, built to ICAO 4F standards, is nearing completion, alongside urban ring roads and metro lines.

Long-standing stalled projects have been addressed, unlocking resources for development. Nearly 1,200 delayed projects worth USD 28 billion were restarted. The Government is currently reviewing and classifying around 3,000 more projects, with total capital in the trillions of dong and hundreds of thousands of hectares of land.

Social welfare initiatives have also delivered significant results under the principle of “leaving no one behind.”

The country met its goal of eliminating substandard housing 5 years and 4 months ahead of schedule, with over 334,000 homes rebuilt. A total of 633,000 social housing units were initiated, with 100,000 targeted for completion in 2025.

The Government also streamlined central and local administrative structures, cutting bureaucracy while promoting decentralization. Civil servant headcount in state administrative units dropped by 145,000, with regular spending reduced by USD 1.6 billion annually.

Local governments have shifted from administrative control to service orientation and developmental support. As of now, 142,746 public employees have voluntarily left the civil service, of whom 105,056 (73.6%) have received financial settlements.

Between 2021 and 2025, nearly 32,500 administrative inspections and more than 752,000 sector-specific audits were conducted. These uncovered violations worth over USD 29 billion (up 62.3% from the previous term), 19,600 hectares of land misuse, and led to disciplinary recommendations for over 16,400 organizations and 34,400 individuals. A total of 1,762 cases and 1,266 individuals were referred for criminal investigation, increases of 258.8% and 80.6%, respectively.

Anti-corruption and anti-waste efforts intensified. Authorities have proposed recovering nearly USD 17.4 billion and 2,200 hectares of land. Nearly USD 540 million in assets related to corruption and economic crimes were confiscated, including cash, land, and property worth over USD 18 billion.

National defense and security capacities were also enhanced. Sovereignty, territorial integrity, and social order were upheld.

Maintaining momentum, accelerating breakthroughs

Looking ahead to the 2026 development plan, the Prime Minister emphasized the need for bold, decisive, and revolutionary reforms in economic and social governance to ensure the country enters a new development era with confidence.

He stressed the importance of sustaining growth momentum, responding swiftly to emerging challenges, tightening discipline, expanding decentralization, and removing bottlenecks through close monitoring and guidance.

He reiterated the strategic framework: economic and social development is the core; Party building is the key; cultural development is the foundation; national defense, security, and diplomacy are essential and continuous tasks. National development must be based on autonomy, confidence, self-reliance, resilience, and patriotic pride.

The Government aims to boost growth while ensuring macroeconomic stability, controlling inflation, and maintaining key balances. Public debt and budget deficits will remain within legal thresholds.

There will be a strong push to modernize the administrative system, create a lean, effective, and digital government, and develop a robust legal and institutional framework that removes barriers and unleashes all resources.

A vision of the future: Sea, earth, and space

The Prime Minister outlined 10 key policy directions. The top priority is to stimulate growth while ensuring economic stability. The Government aims to increase state budget revenue by 10%, raise development investment spending to 40%, and reserve 5% of capital investment and 10% of current expenditures for social welfare.

No more than 3,000 centrally funded projects (including ongoing ones) will be approved for the 2026-2030 period. The total investment across society is expected to reach 40% of GDP.

The Prime Minister also emphasized accelerating industrialization, economic restructuring, and implementing strategic decisions from the Politburo.

Legal and institutional reforms, especially those related to business and investment, are to become “breakthroughs of breakthroughs,” offering Vietnam a competitive advantage.

On anti-corruption, the Government will tighten oversight of post-inspection actions, particularly those under the Central Steering Committee’s supervision, and boost asset recovery rates.

The Prime Minister warned against exploiting anti-corruption efforts for personal gain or to obstruct legitimate public service activities.

Organizational reforms will also continue, focusing on enabling local governments to function efficiently.

Strategic infrastructure investment will prioritize transportation, railways, international airports, seaports, energy, urban systems, and digital infrastructure. The Government is committed to ensuring uninterrupted electricity supply, with power output expected to rise by 13-14% in 2026.

Education reforms include a unified national curriculum and textbook set to launch in the 2026-2027 school year. English will be promoted as a second language, and AI education will be introduced in schools.

Vietnam will also implement bold policies to fully exploit maritime, underground, and outer space resources, under the vision of “reaching out to the sea, delving deep into the earth, and soaring into space.”

Human resource development will be a cornerstone, alongside breakthroughs in science, technology, innovation, digital transformation, and education.

The Prime Minister described the 2021-2025 term as a journey of resilience, determination, and creativity. It was a time of belief, aspiration, and perseverance for the good of the nation and its people.

Vietnam turned challenges into opportunities, ideas into resources, and adversity into motivation. With every citizen’s strength and time well used, the nation has achieved impressive and proud milestones, leaving a lasting mark on its path of progress.

As the country enters a new phase, the Prime Minister called for unity, self-reliance, and innovation. With digital government, digital society, and digital citizenship, Vietnam is poised to fulfill the noble and demanding tasks entrusted by the Party and people.

“With faith and aspiration, the Government pledges to lead by example, dedicating all efforts to guiding the country confidently into the new era - an era of peace, prosperity, civilization, happiness, and socialist advancement,” he concluded.

Key socio-economic targets for 2026

The Government has proposed 15 primary targets for 2026, including:

GDP growth of at least 10%
GDP per capita of USD 5,400 to 5,500
Consumer price index (CPI) growth of around 4.5%
Average labor productivity growth of 8%
Vocational and certified training rate of 29.5-30%
Urban unemployment rate below 4%
Multidimensional poverty rate reduction of 1-1.5%

Thu Hang - Thanh Hue