Prime Minister Pham Minh Chinh presented the report at the opening session of the 10th National Assembly, 15th term, highlighting eight significant achievements in the implementation of the Socio-Economic Development Plan for 2025 and the five-year period (2021–2025).
Among these, the Prime Minister emphasized that Vietnam’s economy has demonstrated resilience against external shocks, maintaining one of the highest growth rates globally.
According to the Prime Minister, Vietnam’s GDP in 2025 is projected to grow by over 8%, with an average growth rate of 6.3% from 2021 to 2025, surpassing the previous term’s 6.2%.
Notably, the economy’s scale has expanded from $346 billion in 2020 to $510 billion in 2025, climbing five positions to rank 32nd globally. The per capita GDP for 2025 is estimated at approximately $5,000, 1.4 times higher than in 2020, placing Vietnam in the upper-middle-income group. Economic structure and growth quality have also shown positive shifts.
The Prime Minister added that state budget revenue is expected to reach 9.6 trillion VND, 1.36 times higher than the previous term and exceeding the target of 8.3 trillion VND.
Significantly, FTSE recently upgraded Vietnam’s stock market from frontier to secondary emerging status.
As of now, Vietnam has approximately 1 million active businesses, a 20% increase compared to 2020. The country’s trade volume has nearly doubled in five years and is projected to reach around $900 billion in 2025, placing it among the top 20 global trading nations.
Prestigious international organizations have also praised Vietnam’s leadership and growth prospects. IMF ranks Vietnam among the top 10 fastest-growing economies globally, while Standard Chartered forecasts Vietnam as one of the five fastest-growing economies in Asia.
Vietnam Still Faces Challenges
Opening session of the 10th National Assembly, 15th term, on October 20. Photo: VGP
However, the Prime Minister noted that alongside these fundamental achievements, Vietnam still faces challenges, including significant pressure to maintain macroeconomic stability. Mechanisms and policies remain insufficient to effectively leverage human, natural, and cultural resources while protecting the environment. Additionally, real estate, gold, and bond markets continue to exhibit complex dynamics. Production and business activities in certain sectors remain difficult. Science, technology, innovation, and digital transformation have yet to become primary growth drivers. There is also a shortage of high-quality human resources, particularly in key industries…
The Prime Minister mentioned that contradictions and overlaps persist in some legal provisions, and administrative procedures require further streamlining. Restructuring and streamlining local government organizations at two levels is challenging, as it involves large-scale implementation within a short timeframe and high expectations, leading to inconsistencies in some areas…
Reviewing this content, Mr. Phan Van Mai, Chairman of the National Assembly’s Economic and Financial Committee, noted that while Vietnam’s GDP growth is high, its quality remains limited, as the economy still heavily relies on processing and imported raw materials and technology.
Furthermore, domestic enterprises, particularly private ones, have yet to establish a strong position in the value chain. The supporting industry is developing slowly, with a localization rate of only about 36.6%. The FDI sector dominates, accounting for over 75% of exports and nearly 70% of imports. This poses challenges to enhancing self-reliance and long-term competitiveness.
To achieve high growth in 2026 amid economic challenges, the Chairman of the Economic and Financial Committee urged the Government to flexibly and proactively manage fiscal and monetary policies, unlock capital flows, and effectively regulate the gold market.
Additionally, developing the domestic market, stimulating consumption, and expanding sustainable exports are crucial pillars to mitigate external risks.
In 2026, Vietnam Aims for a Per Capita GDP of $5,400–$5,500
According to the Prime Minister, Vietnam’s per capita GDP in 2026 is expected to reach $5,400–$5,500. Photo: VGP
At the session, the Prime Minister stated that in 2026, the Government will prioritize growth, macroeconomic stability, inflation control, and ensuring economic balances. Vietnam aims for a GDP growth rate of 10% or higher, with a per capita GDP of $5,400–$5,500. Average inflation is expected to rise by approximately 4.5%, and average labor productivity is projected to increase by 8%…
To achieve these goals, the Vietnamese Government will vigorously promote new growth drivers, including digital economy, semiconductor industry, and artificial intelligence (AI). It will also establish and refine regulatory sandboxes for innovative business models.
The Prime Minister emphasized that the legal framework will be enhanced to develop integrated financial, securities, gold, science and technology, labor, and real estate markets. All these markets must be established by 2026. Additionally, the data market will be promoted, and pilot projects for encrypted asset markets will be effectively implemented.
Alongside developing asset markets, the Prime Minister noted that in 2026, the Government will focus on completing institutional frameworks, including mechanisms for special economic zones in Van Don, Van Phong, and Phu Quoc. Cumbersome administrative procedures and unnecessary business conditions will be entirely eliminated. Compliance time and costs are expected to be halved compared to 2024.
Vietnam’s Economy Reaches a Milestone: $510 Billion GDP
Vietnam’s economy has proven its resilience against external shocks, consistently maintaining one of the highest growth rates globally.
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