On January 8th, during the 2025 year-end review and 2026 task deployment conference of the Government and local authorities, Minister of Finance Nguyen Van Thang announced that in 2025, Vietnam achieved its overarching goals and numerous significant socio-economic milestones, surpassing 15 out of 15 key targets.
Notably, Vietnam’s GDP growth rate increased each quarter, reaching an estimated 8.02% for the entire year, placing it among the world’s top performers. Over the 2021–2025 period, the average growth rate was approximately 6.3%, higher than the previous phase. The manufacturing and processing sector grew by 9.97%, the highest level from 2019 to 2025, remaining the primary growth driver.
Leaders from the Party, State, Government, and National Assembly attended the conference. Photo: VGP
According to the Ministry of Finance’s report, Vietnam’s 2025 GDP reached approximately USD 514 billion, climbing five positions to rank 32nd globally. The per capita GDP was around USD 5,026, 1.4 times higher than in 2020, elevating Vietnam to the upper-middle-income category, surpassing the set target.
Remarkably, 20 out of 34 localities achieved GRDP growth rates of 8% or higher; six localities, including Quang Ninh, Hai Phong, Ninh Binh, Phu Tho, Bac Ninh, and Quang Ngai, recorded double-digit growth.
Prestigious international organizations such as the IMF, Standard Chartered, and the World Bank highly praised Vietnam’s economic management and growth prospects.
Hanoi and Ho Chi Minh City Aim for Over 10% Economic Growth in 2026
Delegates at the conference. Photo: VGP
At the January 8th conference, Hanoi People’s Committee Chairman Vu Dai Thang reported that the city’s 2025 GRDP growth reached 8.16%, significantly higher than previous periods. Hanoi’s economy exceeded USD 64 billion, while budget revenue hit a record high of over VND 700 trillion, 138% above the estimate.
Chairman Thang stated, “Hanoi aims for over 11% growth this year, focusing on immediate, swift, accurate, and effective actions.” The city will prioritize major projects and infrastructure to drive future growth. Addressing traffic congestion, environmental pollution, food safety, and other critical issues will be central to fostering development.
Similarly, Ho Chi Minh City has set a 2026 growth target of over 10%, aiming for a per capita GRDP of USD 9,800, equivalent to more than VND 255 million. Chairman Nguyen Van Duoc emphasized that the 2025 achievements lay the foundation for this year’s ambitious goals.
In 2025, Ho Chi Minh City’s GRDP grew by 8.03%, with a per capita income of USD 8,755. The investment climate improved, with 60,000 new businesses and USD 8.1 billion in FDI.
To achieve double-digit growth in 2026, city leaders plan to unlock resources, modernize urban governance, and create an attractive environment for strategic investors. They will also restructure the economy to focus on technology, innovation, and the digital economy, while enhancing planning and spatial development. Notably, a new 26-story financial center in Thu Thiem is set to complete in 2027.
Vietnam targets a 2026 growth rate of 10% or higher. Besides Hanoi and Ho Chi Minh City, localities like Phu Tho and Quang Ngai also aim for double-digit growth this year.
Phu Tho Province Chairman Tran Duy Dong outlined plans to achieve an 11% growth rate in 2026 by mobilizing resources and implementing development strategies.
In 2025, Phu Tho led the northern midland and mountainous region in GRDP growth, ranking fourth nationally at 10.52%. Its economy reached USD 16 billion, driven primarily by the industrial sector.
Quang Ngai Province targets a 10% GRDP increase. In 2025, it led the South Central and Central Highlands regions in growth. Chairman Nguyen Hoang Giang highlighted ongoing efforts to streamline administrative procedures, support businesses, and improve the investment climate for 2026.
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