Prime Minister Pham Minh Chinh, Head of the Government Steering Committee for Macroeconomic Management and Administration, chaired the committee’s first meeting in Hanoi on December 29.

Prime Minister Pham Minh Chinh, Head of the Government Steering Committee for Macroeconomic Management and Administration, speaks at the committee’s first meeting in Hanoi on December 29.

At the meeting, the steering committee assessed that the 2021-2025 term faced more difficulties and challenges than opportunities and favourable conditions.

In particular, 2025 was described as an exceptionally challenging year, marked by sharp fluctuations in the global economy, escalating geopolitical conflicts and supply chain disruptions in many regions.

These external “headwinds” exerted direct, multidimensional and intense impacts on Vietnam’s highly open economy. In addition, the country was hit by successive natural disasters and severe flooding.

Nevertheless, socio-economic conditions this year, as well as throughout the period, continued to show positive progress. In 2025, Vietnam maintained macroeconomic stability, kept inflation under control and recorded estimated GDP growth of around 8%.

Major economic balances were ensured and remained in surplus, while public, government and external debts were well managed within permitted limits. The number of enterprises reached a record high, with nearly 300,000 businesses newly established or returning to the market.

State budget revenues far exceeded projections, rising by nearly 33%, with a sustainable revenue structure largely based on taxation, despite tax, fee and charge reductions totalling almost 242 trillion VND (9.2 billion USD).

These measures were implemented in the context of historic natural disasters and floods that caused significant damage. Social welfare policies were effectively implemented, while national defence and security capacity continued to be strengthened.

Agreeing with the reports, the PM stressed that in 2026, with the goal of achieving double-digit growth, priority must continue to be given to maintaining macroeconomic stability, controlling inflation, promoting growth and ensuring major economic balances.

Public, government and foreign debts must be kept under control in line with National Assembly resolutions, while growth must be rapid yet sustainable.

On this basis, the Government leader called for proactive, flexible, appropriate and effective monetary policy management, and directed the swift establishment and operation of a national gold trading exchange.

He instructed the Ministry of Construction to promote the development of a healthy, transparent and open real estate market, accelerate social housing development, and urgently establish a state-managed real estate and land-use rights trading centre.

The State Bank of Vietnam was tasked with effectively implementing a credit package to support home purchases for people under the age of 35.

The Ministry of Agriculture and Environment was urged to step up farming production and business activities to ensure food supply, and to submit land-related decrees for promulgation before December 31.

Meanwhile, the Ministry of Industry and Trade was directed to boost exports, consolidate traditional markets and expand into new ones, while accelerating negotiations and the signing of free trade agreements with partners such as the Southern Common Market (Mercosur), the Gulf Cooperation Council (GCC) and Pakistan.

The Ministry of Finance was tasked with urgently putting into operation a national single-window investment portal linked with localities, creating the most favourable conditions to attract foreign direct investment (FDI).

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In that difficult context, thanks to the efforts of the entire political system and the entire people under the leadership of the Party, the Politburo, the Secretariat, headed by General Secretary To Lam, the socio-economic situation continued to see steady progress, with better results recorded month after month and in the first 10 months of 2025 as compared to the period last year.

 

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