Prime Minister Le Minh Hung directs EVN on energy security and state-owned enterprise reform

At the first session of the 16th National Assembly, Prime Minister Le Minh Hung presented the Government’s report assessing and supplementing the implementation of the 2025 socio-economic development plan and outlining progress for the 2026 plan. The report sets out key tasks aimed at boosting growth while maintaining macroeconomic stability, including mobilizing and using all resources for development.

Energy security and power system measures

The Government’s report prioritizes national energy security in both the short and long term, with a particular focus on oil and gas supply. It also calls for strict electricity and energy conservation, with an explicit requirement to ensure there are no electricity shortages under any circumstances and to improve the efficiency of electricity system operation.

On power generation and grid efficiency, the report proposes developing rooftop solar power based on self-production and self-consumption combined with energy storage. It also requires EVN to implement measures synchronously to reduce energy losses across the system to below 6%.

Supply-demand balance and strategic reserves

Concrete actions include ensuring balance between supply and demand and building a smart energy management system. For reserves, the report calls for establishing a large-scale crude oil stockpile to maintain stable supply for at least 90 days while diversifying supply sources.

Long-term energy transition and mining sector restructuring

For the longer-term strategic direction, the report states that Vietnam will continue its energy transition and enhance strategic storage capacity. It also includes plans to restructure the mining sector and address slow-progress mining projects so they can begin in 2026.

Economic restructuring and new growth models

The report emphasizes restructuring sectors, developing economic components, and building new economic models in line with the Politburo’s strategic resolutions. It sets a target for Q3 2026 to complete a project to build an independent, self-reliant economy integrated with international participation.

State economy reform is also highlighted, including governance aligned with international standards, improving efficiency, and strengthening the leading role of state-owned enterprises. The report further calls for evaluating and comprehensively restructuring the State-owned investment and capital management company toward establishing a national investment fund.

In addition, it calls for completing the restructuring plan for EVN in Q3 2026 to align with a competitive electricity market.

Remaining months of 2026: growth, stability, and financing

In the context of a rapidly changing global and regional environment, the report states that the management focus in the final months of 2026 will be to drive growth while maintaining macro stability. It prioritizes close coordination between expansionary fiscal policy and flexible monetary policy, and it emphasizes decisively avoiding energy crises.

To mobilize resources, the Government aims to raise budget revenue by 10%, reduce routine expenditures, and promote government bond issuance to invest in development. It also plans to create favorable conditions for the private sector and high-quality foreign direct investment (FDI) to participate in key projects.

Institutional reform and infrastructure acceleration

On economic restructuring, Vietnam will focus on foundational industries, semiconductor strategy, AI, and a rapid shift toward new economic models including the green economy, digital economy, and carbon credit market operation. Institutional reform is described as shifting from a governance mindset to a development-creating approach, including a decisive cut of 50% in time and procedures.

The report also calls for accelerating mega-infrastructure projects such as the North-South high-speed railway and the nationwide 5G network.

Social priorities and housing targets

Alongside economic development, the report states that cultural and social sectors will receive comprehensive attention. It includes standardizing the national textbook set, implementing free periodic health checkups for citizens, and aiming to complete more than 110,000 social housing units.

Defense, security, and external engagement

The Government’s report also emphasizes upholding national defense and security, alongside proactive external actions to raise Vietnam’s position internationally. It notes a focus on careful preparation for hosting APEC 2027.