Business News

Vietnam keeps its economic growth target unchanged at 10% or above despite rising global uncertainties and domestic challenges, according to Prime Minister Pham Minh Chinh. Chinh made the remarks while chairing the Government’s regular monthly meeting for March, held alongside an online conference with local authorities to review socio-economic performance in the first quarter of 2026 and outline priorities for the coming months.

Vietnam’s economy accelerated in the first quarter of 2026, with GDP expanding 7.83%. However, a return to a trade deficit of US$3.64 billion and a sharp rise in inflation in March signal renewed pressure on macroeconomic stability. Nguyen Thi Huong, head of the National Statistics Office, said in the first quarter socio-economic report that Vietnam’s GDP was estimated to expand 7.83% year-on-year in Q1 2026, higher than the roughly-7% growth recorded in the same period last year.

Vietnam’s state budget revenue in the first quarter of 2026 amounted to an estimated VND829 trillion, equivalent to 32.8% of the year’s target and up 11.4% year-on-year, according to the Ministry of Finance. Domestic revenue continued to anchor state finances, totaling around VND740.7 trillion, up 12.5%. Net revenue from import and export activities, after value added tax refunds, was estimated at VND77.4 trillion, up 7.6%, while revenue from crude oil exports was around VND11.2 trillion, down 15.8%.

HCMC attracted nearly US$2.9 billion in foreign investment in the first quarter of 2026, up about 220% year-on-year, despite global economic uncertainties, according to the city’s Department of Finance. This result indicates foreign investors’ continued confidence in the investment and business environment. Among the notable FDI projects in the period, Singaporean investors were present across key sectors such as technology, media, manufacturing, and financial services.

Work will start on major projects in transportation, urban development and logistics sectors in HCMC this month, coinciding with Vietnam’s Reunification Day, April 30. They include the N3 ramp at the An Phu interchange with an investment of VND3.4 trillion and the 1.69-hectare Tan Chanh Hiep Park. In addition to these, seven other projects are slated to break ground within the month, including the Ho Tram – Long Thanh airport urban expressway, the Nha Rong – Khanh Hoi port area and the Ho Chi Minh Museum expansion.

Outstanding loans in the city reached an estimated VND5.28 quadrillion, up 0.77% from the previous month and 16.25% year-on-year, data from the State Bank of Vietnam’s Regional Branch 2 showed. Vietnam dong loans accounted for 96.1% of total credit and rose 1.46% from the end of 2025. Medium- and long-term lending made up 55% of total outstanding loans and increased 3.22%.

According to Conclusion 18, recently signed by Party General Secretary To Lam, reforms of the state sector will continue, with a focus on aligning state-owned enterprise (SOE) governance with international standards, enhancing efficiency, and strengthening the leading role of SOEs in key sectors. Equitization and state capital divestment will be further accelerated, ensuring efficiency and preventing losses and wastefulness.

According to the Hoanh Mo Border Gate Customs, 1,088 customs declarations were processed between January 1 and March 29, up 76.34% from the same period last year. In the year to the end of the first quarter, 82 businesses had carried out customs procedures at the border gate, including 46 newly registered businesses.