Government sets GDP growth target for 2026 and the five-year average 2026-2030 at 10% or higher

The government has set a development vision through 2030 and 2045 aimed at overcoming the middle-income trap, targeting fast and sustainable growth while maintaining macroeconomic stability. For 2026, it targets GDP growth of 10% or higher, with the five-year average for 2026-2030 also at 10% or higher. By 2030, GDP per capita is expected to reach 8,500 USD, about 1.7 times the 2025 level, alongside efforts to maintain a peaceful and stable environment and raise living standards so citizens share in development gains.

Development framework and key targets for 2026-2030

The government said it will focus on completing a coherent, modern development framework. Based on an assessment of opportunities and challenges, it presented five guiding directions, 59 key targets, 11 groups of priority solutions for 2026-2030, and 92 tasks to be implemented in 2026.

Major tasks include completing a synchronized modern development framework; shifting governance from “pre-approval” to “post-approval”; improving enforcement of laws; finalizing standards, norms, and economic-technical norms; removing barriers; developing a digital economy; simplifying administrative procedures; aiming for Vietnam to rank among the top 3 ASEAN economies and among the world’s top 30 by 2028; and strengthening anti-corruption and discipline.

Growth model shift and structural change

The plan emphasizes transforming the growth model and pushing structural changes across sectors. It calls for developing domestic enterprises and new economic models, modernizing the national industrial base, making the domestic market a growth pillar, and expanding markets while integrating more deeply into global supply chains.

Macroeconomic stability and financing

To promote growth while maintaining macroeconomic stability, the government plans to manage inflation, ensure major balances, diversify supply chains and financing channels, and coordinate fiscal, monetary, and macro policies. It also highlights developing the capital market as a long-term funding channel, modernizing the banking system, addressing weak banks and cross-ownership, improving credit quality, and ensuring system stability.

Science, technology, innovation and digital transformation

The government will accelerate development in science, technology, innovation, and digital transformation by completing the institutional framework and removing bottlenecks affecting science and technology. It will prioritize technology transfer and adoption of core technologies, emphasize basic research in sectors where Vietnam has needs and advantages, and aims for the share of the digital economy in GDP to reach about 30% by 2030.

Culture, education, talent and digital governance

The plan includes building and developing a modern Vietnamese culture, modernizing education, and enhancing talent—especially in engineering and technology. It also calls for promoting digital transformation in education, strengthening research institutions to compete with advanced nations, and expanding digital governance and AI applications in education and training.

Infrastructure and sustainable development

On infrastructure, the government targets a cohesive, modern system, including investments in expressways, international port hubs, major airports, and high-speed rail along the north-south axis, as well as connecting international rail networks and urban rail. By 2030, it aims to put into use over 5,000 km of expressways. It also stresses ensuring energy infrastructure supports high growth and energy security, advancing digital infrastructure and data centers, and addressing project bottlenecks.

For sustainable socioeconomic development, the government focuses on progress and equity, building a multi-tier social security system, universal health insurance, and a flexible and modern labor market. It also aims to encourage legitimate wealth creation and expand the middle class, invest in social housing and affordable housing, strengthen healthcare quality and access, and adapt to an aging population and labor market changes.

Security, foreign policy and risk management

The plan includes strengthening defense and security and maintaining an independent, proactive foreign policy. It also calls for monitoring international developments and scenarios and responding proactively to risks.

Governance, implementation and public confidence

The government said it will unify thought, awareness, and action by reforming governance and operationalizing the “2-digit growth target” as a central political task through annual programs and plans. It will monitor and evaluate progress and enhance information and public communications to sustain societal confidence in development.

“In implementation, the government will continue to direct agencies to closely monitor the situation, forecast impacts, and adopt timely, proactive, flexible, and effective measures to achieve the targets,” said Deputy Prime Minister Nguyen Van Thanh.

Assessment of 2021-2025 performance and outlook for 2026-2030

The Economic and Financial Committee said the 2021-2025 plan achieved 22 of 26 targets, with average growth around 6.2%. It reported that macro stability was maintained and new growth drivers were formed, laying the foundation for 2026-2030. It also noted that four of 26 targets from 2021-2025 were not fully met, indicating ongoing challenges requiring further analysis and remedies.

The committee said the 2026-2030 plan should be built in a new context with higher quality growth, greater autonomy, and stronger resilience. It emphasized the need for new growth thinking, political resolve, and close cross-agency coordination to unlock growth breakthroughs and secure a solid base for the next phase.

Committee priorities: legal reform, capital market development and execution

The committee largely agreed with the government’s general viewpoints, targets, and the 11 groups of tasks and solutions, while noting budgetary pressures and the need to mobilize investment resources given high growth demands.

It highlighted continuous legal reform to improve the business climate, balancing high growth with macro stability, clarifying fiscal space and monetary limits to avoid abrupt policy shifts, and gradually developing the capital market to reduce reliance on bank credit. It also stressed concrete prioritization of sectors and regions, productivity programs, national competitiveness, and risk management to guide investment.

The committee further said strengthening governance and execution is a critical determinant of policy effectiveness, including clarifying roles, ensuring accountability, and promoting anti-corruption and transparency to ensure reforms deliver real outcomes.

(Nhat Quang, Information from Government)