Hanoi (VNA) – Vietnam will need radical economic restructuring and a fresh growth model powered by science – technology, innovation and digital transformation to deliver double-digit expansion starting in 2026, Prime Minister Pham Minh Chinh declared.
Addressing a nationwide conference on January 8 reviewing the Government and localities’ 2025 performance and launching 2026 tasks, PM Chinh said the Government will fully and seriously follow the “highly important, thoughtful, in-depth and hands-on” directions from Party General Secretary To Lam, including fixing eight shortcomings and focusing on seven key tasks head-on.
According to him, the achievements noted by the Party leader have generated momentum, power and confidence for the Government, ministries, agencies and local authorities to fulfil their upcoming duties,
High economic growth must be anchored in macroeconomic stability and major economic balances, he said, adding that fast growth must be sustainable and tied to social progress and equity, environment protection and higher living standards. He also underscored the need to bolster strategic autonomy, consolidate national defence – security, improve the economy’s self-reliance and resilience, and proactively respond to external shocks.
He wished for continued support from current and former Party and State leaders, particularly the close and regular guidance of General Secretary Lam, along with effective coordination from the Party bodies, the National Assembly, the Vietnam Fatherland Front and socio-political organisations, and active support and engagement from the public, the business community, and international partners in all aspects of the Government’s activities.
Across the Government’s 2021–2025 term, Vietnam met or exceeded 22 of its 26 key socio-economic targets. In both 2024 and 2025, all 15 key targets were achieved or surpassed. GDP expanded 8.02% in 2025, ranking Vietnam among the world's fastest-growing economies. Macro-economic stability held firm, inflation stayed contained, key balances were secured, and resilience to external shocks improved.
Traditional growth engines proved effective. Total social investment topped 4.15 quadrillion VND (159 billion USD) in 2025, or 32.3% of GDP. Over the five years, total investment exceeded 17.3 quadrillion VND, a 44% jump from the previous term. Registered foreign direct investment during 2021–2025 reached 184.2 billion USD, up nearly 8.4% versus the previous period. Foreign trade volume grew from 545.4 billion USD in 2020 to a record above 930 billion USD in 2025, vaulting Vietnam into the world’s top 20 trading nations.
The three strategic breakthroughs were rolled out boldly and effectively, unlocking new development space and momentum. Lawmaking and law enforcement were renewed in both mindset and approach, clearing numerous entrenched obstacles. During the term, the Government submitted more than 178 laws, ordinances and resolutions to the National Assembly for passage, the most in any single term, and issued 936 decrees under its authority.
Infrastructure saw transformative leaps, with massive modern projects boosting connectivity and fueling long-term expansion. By late 2025, Vietnam had built 3,345km of expressways and more than 1,711km of coastal roads. Long Thanh International Airport was substantially completed; ring roads, urban rail, seaports, airports and 500kV transmission lines became operational. The three national groundbreaking and inauguration events alone marked the start of construction or completion of 564 big-ticket projects worth over 5.14 quadrillion VND.
The labour structure shifted positively, while science – technology, innovation and digital transformation gained traction with meaningful early wins. Long-stalled and multi-term projects were tackled drastically, freeing resources for growth.
Socio-cultural progress advanced in awareness, action and results. Living standards improved, pushing Vietnam’s Human Development Index up 18 ranks to 93rd out of 193 nations. Policies for revolution contributors, social protection and poverty alleviation made solid gains under the principle of “leaving no one behind”. Makeshift and dilapidated housing nationwide were eradicated more than five years ahead of schedule. Social welfare spending during 2021–2025 totalled 1.1 quadrillion VND.
The Government also acted firmly to streamline its organisational structure and launch the two-tier local administration model, while accelerating the decentralisation and delegation of authority. National defence – security capabilities were fortified on multiple fronts, and political stability endured. Diplomacy and international integration remained a bright spot, with Vietnam forging comprehensive, strategic or comprehensive strategic partnerships with 42 countries, including all five permanent members of the United Nations Security Council and 18 of the G20’s 21 members./.
