Prime Minister Le Minh Hung: Unify thinking and actions to achieve two-digit growth

Prime Minister Le Minh Hung said the Government must unify thinking, awareness, aspiration, and action to implement the target of two-digit economic growth. On April 9, during the continuation of the first session, he reported to the National Assembly on an updated assessment of the results of implementing the Socio-Economic Development Plan (KT-XH) and the State Budget (NSNN) for 2025 and the early months of 2026, as well as the tasks and principal solutions for the remainder of 2026.

Updated 2025 results and early 2026 performance

Based on updated data for the fourth quarter of 2025, the socio-economic development results for 2025 reported at the 10th session of the XV National Assembly are broadly consistent with the plan, achieving and surpassing all 15 main KT-XH indicators, with some indicators performing better.

For the first months of 2026, the macroeconomy remains broadly stable, inflation is under control, and major macro balances are preserved. GDP growth in Q1 2026 is estimated at 7.83%, with four provinces posting growth above 10%. The average CPI rose by 3.51%.

Budget, investment and trade figures

• State budget revenue in the first three months: 829.4 trillion dong, up 11.4%.
• FDI realizations: 5.4 billion USD, up 9.1%.
• Total imports and exports turnover: about 249.5 billion USD, up 23%.

Key challenges and external risks

The Prime Minister said the macroeconomy faces adverse external conditions. He described the two-digit growth target as a “very large challenge,” noting that production and business activity in some sectors is encountering difficulties. He said traditional growth drivers are delivering below potential, domestic demand is weak, and exports remain heavily dependent on the FDI sector.

He also pointed to slow recovery in the real estate market and related risks. Looking ahead, global and regional conditions are expected to remain volatile, complex, and unpredictable, especially as many countries adjust policies. He cited escalating geopolitical tensions, high oil prices, slow global economic growth forecasts, and continued volatility in financial and monetary markets.

Government direction for the remainder of 2026

In this context, the Government and the Prime Minister will direct ministries, sectors, and local authorities to implement resolutions from the Party’s 14th National Congress, as well as central resolutions, conclusions, and directives from the Party’s Central Committee and the National Assembly, with the strongest determination to meet and exceed the year’s targets.

Cause: unify direction to deliver two-digit growth

The Prime Minister said achieving the growth objective requires unifying thinking, awareness, aspiration, and action to deliver two-digit growth. He called for ministers, heads of sectors, and chairmen of provincial People’s Committees to focus on leadership and decisive action—making the right choices, deploying quickly, executing thoroughly, and measuring by results—while taking direct responsibility for outcomes.

Development: maintain macro stability while mobilizing resources

The Government will promote growth while maintaining macro stability and mobilize and use all resources efficiently for development. The Prime Minister emphasized ensuring national energy security in both the short and long term, especially guaranteeing crude oil and gas supply, describing effective resource mobilization as a particularly important solution to achieve two-digit growth.

Data and targets for fiscal management and project execution

• Increase state budget revenue by 10%.
• Achieve savings of over 10%.
• Strive to cut more than 5% of current expenditures.
• Promptly resolve bottlenecks for lingering projects.

Development drivers: investment, consumption and exports

The Prime Minister said the Government will harness growth drivers from investment, consumption, and exports. He called for accelerating disbursement of public investment in line with project efficiency, with public investment leading overall investment. In April 2026, ministries, agencies, and localities are expected to complete guidelines for capital allocation based on outputs, linked to socio-economic accounting and investment efficiency assessment.

The Government intends to raise development investment to 40% of total NSNN. It will also restructure sectors and fields, develop economic components and new economic models, and create conditions for domestic private sector development, especially small and medium enterprises. The Government will promote large economic groups and state enterprises, and selectively attract FDI while strengthening linkages between foreign and domestic sectors.

Banking system restructuring and credit focus

The Prime Minister also stressed modernization and restructuring of the banking system toward sustainability, addressing bad debts, weak banks, and cross-ownership. The Government will increase charter capital for state-owned banks, direct credit toward production and business while prioritizing sectors, and strictly control credit in high-risk areas.

Impact and priority policy areas

Key tasks and principal solutions highlighted by the Prime Minister include accelerating development in science and technology, innovation, and digital transformation; improving institutional frameworks, administrative procedures, and the investment environment; and creating tangible improvements in education and training quality.

He also cited developing robust and modern infrastructure with enhanced monitoring; continuing to improve state administration organization, decentralization, and resource allocation; developing culture, society, and welfare; managing land, resources, and minerals while strengthening environmental protection; and consolidating national defense and security, maintaining public order, and actively integrating into the international community to raise the country’s status and position.