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Finance Minister Ngo Van Tuan said Vietnam is dealing with a backlog of about 200,000 hectares of land and around 3.3 quadrillion dong in assets. He noted that, compared with total public investment planned for 2026 of 1.1 quadrillion dong, the backlog is roughly three times higher and needs to be unlocked to create resources and momentum for growth.
The minister said achieving double-digit growth is extremely challenging but is the “inevitable path” to meet Vietnam’s two 100-year targets. He cited that, since 1946, only 13 countries and territories have sustained continuous double-digit growth for more than 10 years to move from a poor developing country to a developed economy.
To support this goal, the government has set a target framework with 59 indicators, 11 sector task groups, and 92 specific tasks for 2026.
In Q1 2026, Vietnam recorded growth of 7.8%, exports growing by more than 19%, public investment disbursement up 1.2% year-on-year, and the number of new enterprises rising by 31.7%.
From Q2 onward, the minister said the impact of the Middle East conflict is expected to weigh on growth. Experts estimate that a 10% increase in crude oil prices would reduce growth by about 0.4% and raise inflation by 0.5%.
He said the conflict affects not only oil prices but also refined products and production inputs, including fertilizers and ICT-related components. Reports cited that the price of a fiber optic cable has risen sixfold.
To achieve more than 10% growth this year, the remaining quarters would need to deliver growth of about 10–11%.
The Finance Ministry will advise the government on updating growth scenarios and coordinating fiscal and monetary policy to provide capital while maintaining macroeconomic stability.
On fiscal policy, the focus will be on refining tax policy to ensure timely and adequate revenue while enabling maximum development for enterprises, especially SMEs. The minister said SMEs account for 96% of enterprises and contribute over 50% of GDP.
On disbursement of public investment, the Prime Minister will chair a nationwide conference this week to ensure disbursement reaches the 2026 target.
The minister said Parliament has allowed widening the handling of backlog projects related to land and other projects. He described solving bottlenecks as a potential resource and growth engine.
Based on incomplete statistics, the backlog includes about 200,000 hectares of land and about 3.3 quadrillion dong in assets. With total public investment for 2026 at 1.1 quadrillion dong, the backlog is about three times higher. The government hopes Parliament will support and monitor efforts to unlock this bottleneck.
To address bottlenecks and promote enterprise development, the government plans to submit amendments to four tax laws: Personal Income Tax, Corporate Income Tax, Value-Added Tax, and Special Consumption Tax.
The remarks were made by Finance Minister Ngo Van Tuan.
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