Hanoi (VNA) – Positive results recorded in the first five months of 2026 are creating a solid foundation for Vietnam to make a strong breakthrough in the new phase of development.
Looking back at Vietnam’s socio-economic picture over the first five months of 2026, it is clear that a comprehensive set of measures has been implemented, ranging from institutional reform and streamlining the administrative apparatus to flexible coordination between fiscal and monetary policies.
In line with the Politburo’s Conclusion No. 18-KL/TW, achieving double-digit growth in 2026 amid global headwinds is a major challenge. It is also a test of the Government’s capacity to steer the economy.
Shifting the institutional framework, strengthening macroeconomic foundations
Vietnam’s socio-economic performance during the first five months of 2026 showed recorded encouraging results across a range of targets, reaffirming the country’s appeal to both domestic and international investors.
Assessing the situation, Pham Tuyen, director of brokerage at KIS Vietnam Securities JSC, said many localities are now on the radar of multinational corporations.
Figures showed that exports during the five-month period exceeded 445 billion USD, representing growth of as much as 25%. At the same time, registered foreign direct investment (FDI) capital surpassed 24 billion USD, up more than 33.4%.
The domestic market also showed positive momentum. Total retail sales of goods and consumer service revenue rose by more than 11%, reaching their highest level since 2024.
“These results show that we are closely aligned with Conclusion No. 18-KL/TW, which set the double-digit growth target despite global headwinds. Personally, I believe that with the Government’s flexible management, as well as the efforts of management agencies, new growth drivers can be unlocked to 2030,” Tuyen said.
Tackling bottlenecks in public investment
Although the overall economic picture contains many bright spots, experts said Vietnam still faces significant domestic challenges if it is to realise its double-digit growth target.
Vu Viet Linh, Deputy Head of Institutional Client Analysis at Maybank Investment Bank, said first-quarter GDP growth of 7.8% is encouraging.
Moving into the second quarter, based on figures released for April and May, GDP growth was forecast to remain at a similar level, at around 7.8%. Therefore, achieving annual growth of 10% or higher remained a very major challenge, he said.
According to Linh’s analysis, public investment disbursement during the first five months was around 24% of the annual plan, modest compared with expectations. Investment capital sourced from the State budget rose by only 11.2%, significantly lower than the 21.1% increase recorded during the same period in 2025.
The core causes of the delays lie in site clearance and the construction capacity of contractors. However, a closer look at the figures showed that some localities have emerged as bright spots thanks to decisive administration. Hanoi, Can Tho and Ninh Binh were the leading localities, with growth in investment capital disbursed from the State budget reaching 59%, 47% and 21%, respectively.
To stimulate production while keeping average inflation under control at the target level of around 4.5%, experts said coordination between fiscal and monetary policies was being carried out under a special mechanism: “fiscal policy carries the cash flow – monetary policy holds the anchor.”
Linh noted that Vietnam’s government debt-to-GDP ratio fell sharply from 48% in 2016 to only around 30% in 2025. This provided an extremely solid foundation for the Government to intervene to stabilise prices. In addition, temporarily suspending the roadmap for increases in electricity prices, tuition fees and medical fees – measures that had proved effective during the pandemic – could avoid compounding pressure on the overall price level of goods.
According to the expert, these measures would help stabilise expectations among households and businesses, creating greater confidence for investment and consumption./.
