Vietnam PM demands over 12.5% GDP growth in Q4 to achieve double-digit growth for 2026

The prime minister gave the direction during a government meeting in Hanoi on Saturday focusing on the country's socio-economic situation in September and the third quarter and discussing key tasks for the remainder of the year.

The meeting came as Vietnam's GDP grew 9.95 percent year on year in the third quarter, bringing the nine-month growth estimate to 9.01 percent.

Le highly praised the efforts of localities, particularly those that recorded strong growth in the third quarter and contributed significantly to the country's nine-month and overall growth.

However, he also outlined a range of measures toward achieving fourth-quarter GDP growth of more than 12.5 percent, which is necessary to ensure the country meets its double-digit economic growth target for 2026.

Public investment, local growth key to Q4 push

For the remaining months of the year, Le asked ministries and local authorities to strive to disburse 100 percent of their public investment plans, complete key projects according to their 2026 schedules and remove obstacles to long-delayed projects.

The Ministry of Finance was also tasked with reviewing and reporting to the prime minister on plans to transfer public investment capital among ministries, agencies and localities to ensure feasibility and effectiveness.

He asked provincial and municipal administrations to urgently review and update their growth scenarios based on nine-month results and assess each sector, field and target in detail.

They must clearly identify any shortfall from their planned scenarios and take appropriate measures for the fourth quarter, he said.

Major growth centers with large economies, including Ho Chi Minh City, Hanoi, Hai Phong, Quang Ninh, Dong Nai and Bac Ninh, must make greater efforts to tap their growth potential through immediately implementable measures.

Localities whose growth remains below target, particularly those projected to fall short of their full-year targets, must carefully assess their remaining growth potential and implement strong, decisive measures to achieve the highest possible results, according to the prime minister.

Local authorities were also asked to actively comment on a draft government decree and propose groups of tasks and solutions for developing special economic zones in accordance with the Law on Urban Development.

Le said the third quarter had "flashed a yellow light" for some localities that had made little progress in certain areas, adding that year-end results would provide the most accurate basis for evaluating, arranging and transferring officials.

Stimulating domestic demand, supporting businesses

The government will focus on strongly developing the domestic market, stimulating demand and making effective use of the year-end consumption and tourism season, while keeping prices under control and stabilizing the market.

The Ministry of Finance was asked to closely monitor domestic and international developments and regularly update growth scenarios so it can promptly advise the government and prime minister on measures to address difficulties and obstacles, particularly those affecting growth.

The ministry was also told to urgently submit a government decree providing a 30 percent reduction in corporate income tax for businesses and household businesses with annual revenue of no more than VND10 billion.

It was further tasked with studying ways to simplify tax administration procedures to ease the burden on businesses.

As another measure to facilitate business activity, the State Bank of Vietnam was instructed to manage monetary policy and take measures to stabilize interest rates and the foreign exchange market, while closely monitoring monthly developments in the international balance of payments.

Boosting trade, key projects while keeping inflation in check

The Ministry of Industry and Trade was asked to prepare a plan to implement the reciprocal trade agreement immediately after it is signed, with a focus on boosting exports, controlling the trade deficit and helping businesses respond to fluctuations in international trade.

The Ministry of Construction was instructed to ensure the timely progress of key transport projects and coordinate with the industry and trade ministry to ensure adequate supplies of construction materials for important national projects.

The government was told to closely control prices and strive to maintain the 2026 inflation target approved by the National Assembly.

Authorities must ensure adequate supplies of essential goods, including fuel, electricity, staple foods, construction materials and medicines, while intensifying inspections and strictly handling hoarding, speculation and smuggling.

Le also ordered that electricity prices not be increased and called for further study of appropriate measures to regulate state-managed prices, including electricity and fuel.

Chairmen of provincial and municipal administrations were tasked with managing prices in their respective localities.