Prime Minister Le Minh Hung: High growth cannot come at the expense of macro stability

Prime Minister Le Minh Hung said the Government will study and propose to the National Assembly a simplification of the reporting system. Under the plan, the economic-social report would become the central report, integrating content related to public investment, finance, the budget and related areas, with a main report supported by detailed appendices to help deputies access information more easily and reduce research time while maintaining comprehensive coverage.

Economic-social report and preparation for National Assembly review

The Prime Minister said the Government has prepared the economic-social report thoroughly and in detail and has received many opinions and suggestions from deputies.

Two-digit growth target: tasks, solutions and implementation

On the two-digit growth target for the current term, the Government has identified groups of tasks and solutions. The Prime Minister cited Conclusion 18-KL/TW from the 2nd Plenum of the 14th Party Central Committee on the Plan for socio-economic development, national finances, debt management, and five-year public investment for 2026-2030, linked to the goal of achieving “two-digit growth,” which also sets out key tasks and solutions.

He emphasized that the most important requirement is unity of thinking and action across the entire system. “We have a basis to strive to achieve this goal,” he said, adding that the Government has built growth targets for 2026 and the five-year period in its reports to the National Assembly, distributed clearly by sector (industry, agriculture and services) and by locality, with detailed annexes to support implementation.

Three strategic breakthroughs, with institutional reform highlighted

Prime Minister Le Minh Hung stressed that the three strategic breakthroughs to achieve growth include an institutional breakthrough. He described the institutional framework as a “road” that creates a clear path for the Vietnamese economy to operate and develop. If institutions are coherent and reforms are implemented strongly, the economy can achieve high and sustainable growth.

For 2026, he said institutional tasks include a comprehensive review of the legal system and the formulation of a strategy to improve the legal framework in the new phase. The Government will also address obstacles in operating the two-tier local government model, aiming to complete the work in Q2 so the machinery operates smoothly and efficiently.

Role of localities and planning completion by Q2 2026

The Prime Minister said that if localities set two-digit growth targets, the role of grassroots-level government in communes, wards and special zones is especially important. He called for improving the quality of grassroots staff. He also said local development requires completed planning, and the Government has required that planning, approvals and adjustments be unified and essentially completed in Q2 2026.

Unlocking stalled projects and applying effective special mechanisms

Regarding projects that are stuck, the Prime Minister said some issues fall within the National Assembly’s remit, and the Government will report for consideration and decision. For matters within local responsibilities, he said local authorities must take the lead and implement. “Before talking about new resources, we must unlock the very large resources currently stalled in obstructed projects,” he emphasized.

On special mechanisms and policies, he said localities may apply them if they meet the conditions and criteria. The Government will review and report to the National Assembly those mechanisms that have proven effective in practice for consideration of nationwide uniform application.

Administrative reform and reducing compliance burdens

The Government is also pushing administrative reform and reducing business conditions. The Prime Minister said the Ministry of Justice has been tasked with a comprehensive review to reduce administrative procedures and compliance costs for people and businesses. He added that a Deputy Prime Minister has been assigned to direct the work, with a plan to be presented to the Government by April 15.

Infrastructure and energy breakthroughs

On infrastructure breakthroughs, the Prime Minister said the focus should be on key strategic projects in transport, aviation and energy. He said the VIII Power Plan will continue to be reviewed, adjusted and supplemented to fit the new situation. The Government will also study a national energy reserve plan, including essential goods, and develop base-load power plants while ensuring environmental standards and developing renewable energy.

Human resources breakthrough for science, technology and innovation

For the human resources breakthrough, Prime Minister Le Minh Hung said the Ministry of Education and Training is working with the Ministry of Science and Technology to design and implement training programs to improve human resource quality to meet demand for scientific development, technology and innovation.

Investment needs and resource mobilization pressure

The Prime Minister said growth requires investment resources. He stated that in 2026-2030, total social investment is projected to reach about 40% of GDP, higher than around 33% in 2021-2025, creating significant pressure in mobilizing and allocating resources.

He said strong measures are needed to mobilize resources from enterprises, the FDI sector and the wider society. “If we do not create a clear, transparent legal framework to encourage people and businesses to invest, how can we attract such large resources?” he asked.

Macroeconomic stability as a condition for sustainable growth

At the same time, the Prime Minister emphasized that development must be based on macroeconomic stability and ensuring major macro balances. He used an analogy that building a house requires a solid foundation before building higher floors, and that growth must therefore be sustainable.

He reiterated that there is no acceptance of overheating growth or growth that sacrifices macro stability. “We may push for investment to achieve short-term growth, but the trade-off would be long- and medium-term instability; the price to pay for the economy would be very large,” he said. The Prime Minister added that the Government has directed agencies including the State Bank of Vietnam and the Ministry of Finance to closely monitor price and market developments, especially essential items like gasoline, to manage flexibly and effectively.