Việtnam’s National Assembly Approves Ambitious 2026 Development Plan Targeting 10% Growth
Hanoi, The Gulf Observer: Việtnam’s National Assembly on Thursday approved the government’s comprehensive development plan for 2026, endorsing an ambitious economic growth target of at least 10 per cent as the country prepares for its next five-year development cycle.
The resolution passed with overwhelming support, securing 429 votes out of 433 lawmakers present, following a detailed briefing from Deputy Prime Minister Lê Thành Long on adjustments made to the draft plan.
Under the newly adopted framework, the government is pursuing one of its most ambitious annual growth targets in more than a decade. Per-capita GDP is projected to reach between US$5,400 and US$5,500 in 2026, supported by strong expansion in the processing and manufacturing sector, which is expected to account for roughly a quarter of total economic output. Inflation is forecast to hover around 4.5 per cent.
Deputy Prime Minister Long emphasized that fiscal policy will remain supportive, focusing on tightening tax collection and mobilizing both state and private capital for key infrastructure and development projects. Monetary policy will continue to be flexible, with authorities pledging to maintain stable interest rates and exchange rate levels to ensure businesses have access to affordable financing.
The government will also maintain strict oversight of the gold and real estate markets, while continuing initiatives to promote domestic consumption, strengthen tourism, and expand export opportunities through existing free-trade agreements.
Beyond macroeconomic objectives, the plan highlights significant investments in education, culture, and social welfare. Labour productivity is expected to increase by around 8.5 per cent, while the proportion of workers with formal qualifications is projected to reach nearly 30 per cent in 2026. Healthcare indicators — including the number of doctors and hospital beds per capita — are forecast to improve modestly by about 0.3 percentage points year-on-year.
Social security remains a central pillar of the strategy, with targeted policies for ethnic minorities, religious communities, veterans, the elderly, and vulnerable groups.
A major component of the plan is institutional reform, addressing longstanding bottlenecks that have slowed investment and administrative processes. The government intends to submit 49 draft laws and resolutions during the current parliamentary session aimed at reducing regulatory hurdles, improving transparency, cutting compliance costs, and transforming the regulatory environment into what the plan describes as a “national competitive advantage.”
Deputy Prime Minister Long affirmed that feedback from lawmakers and the public will be incorporated as Việt Nam prepares its development roadmap for the 2026–2030 period. He described the 2026 plan as a strategic “launching point” for sustained economic momentum over the next five years.
The Ministry of Finance has been directed to prepare a follow-up resolution to guide implementation beginning early next year, outlining responsibilities for ministries and provincial authorities, as well as establishing a comprehensive framework to monitor progress.
