VIỆT NAM MUST REACH 11.9% GROWTH IN H2 TO ACHIEVE 2026 TARGET

The target was set out in Resolution 168/NQ-CP issued on June 27, which updates the country's growth scenario and outlines key policy measures for the remaining months of 2026.

A port in HCM City. The southern metropolis has been assigned a full-year gross regional domestic product (GRDP) growth target of 10.2 per cent. — VNA/VNS Photo Hữu Duyên

HÀ NỘI — The Vietnamese Government has set a target of 11.9 per cent GDP growth in the second half of 2026, betting on investment, production, reform and digital transformation to achieve double-digit economic growth for the full year.

The target was set out in Resolution 168/NQ-CP issued on June 27, which updates the country's growth scenario and outlines key policy measures for the remaining months of 2026.

According to the Government, the global and regional outlook during the first half of the year was challenging, with the conflict in the Middle East weighing on Việt Nam's economy.

Yet despite external headwinds, the economy maintained macroeconomic stability, kept inflation under control and recorded some of its strongest growth indicators in years, the Government said.

Reports from ministries and localities have projected Việt Nam's economic growth at 8.7 per cent in 2026, which is below the Government’s target of at least 10 per cent.

To achieve this double-digit growth goal, Resolution 168 stated that GDP must expand at 11.9 per cent in the second half of the year.

The resolution assigns ambitious H2 growth targets to several sectors, including electricity production at 16.9 per cent, construction at 17.6 per cent and accommodation and food services at 17.3 per cent.

HCM City and Hà Nội, two major economic hubs accounting for 23.3 per cent and 12.4 per cent of the country’s GDP, have been assigned full-year gross regional domestic product (GRDP) growth targets of 10.2 per cent and 11 per cent, respectively, 3.13 percentage points higher than the growth rates achieved in the first half.

Other provinces and cities assigned double-digit growth targets include Hải Phòng and Quảng Ninh at 13 per cent, Bắc Ninh at 12.5 per cent, Hưng Yên at 11.5 per cent and Đà Nẵng at 11.22 per cent.

Key measures

Hà Nội's Cát Linh - Hà Đông urban metro line. The Government has stepped up its efforts to achieve double-digit growth. — VNA/VNS Photo Phan Phương

To support this expansion, the Government asked ministries and local authorities to adopt more innovative approaches and intensify efforts to meet the updated growth scenario, with particular emphasis on Hà Nội, HCM City and other major growth engines that fell short of their first-half targets.

The Ministry of Finance was tasked with maintaining an appropriate expansionary fiscal policy, while proposing adjustments to fuel and aviation fuel taxes in line with global price movements.

It was also instructed to continue developing the stock and insurance markets, attract foreign direct investment, prepare amendments to the Law on Securities for submission to the National Assembly in October, and design new financial products to channel international capital into the Việt Nam International Financial Centre.

The State Bank of Vietnam was directed to pursue a proactive and flexible monetary policy, stabilise interest rates, contain inflation and steer credit towards manufacturing, priority sectors, key growth drivers and major infrastructure projects.

Under the resolution, efforts to fully disburse public investment allocations for this year are required, with detailed weekly, monthly and quarterly implementation schedules to identify delays early and strengthen accountability.

Focus must be placed on removing bottlenecks delaying major infrastructure projects, including metro lines in Hà Nội and HCM City, railway links with China, sections of the planned North-South high-speed railway and the construction and expansion of airports at Gia Bình, Phú Quốc, Chu Lai and Cà Mau.

The Government also called for measures to foster a sustainable and healthy property market. Major localities, including Hà Nội, HCM City, Hải Phòng, Đà Nẵng, Đồng Nai, Quảng Ninh, Bắc Ninh, Hưng Yên and Ninh Bình, were instructed to review plans for rental housing associated with industrial parks and economic zones to better match future demand.

Stronger measures to stimulate domestic consumption, tourism and exports as additional drivers of growth were also directed under the Government resolution.

Price adjustments for State-controlled products will be carefully considered to keep inflation under control while maintaining stable supplies of essential goods and services.

The Ministry of Industry and Trade was tasked with ensuring adequate domestic fuel supplies and to pursue electricity-saving measures, with a target of reducing nationwide power consumption by at least 3 per cent this year.

Faster digital transformation is considered critical under the resolution, including the integration of national databases, the completion of key digital infrastructure and the development of strategic technology industries.

The resolution has estimated the GRDP growth rates for 34 provinces and cities in the first half of this year, with the northern port city of Hải Phòng posting the highest expansion at 12.42 per cent.

Other provinces with double-digit growth rates in the period include Ninh Bình at 12.04 per cent, Hà Tĩnh with 12.02 per cent, Phú Thọ at 10.87 per cent, Bắc Ninh with 10.22 per cent, and Hưng Yên, which saw 10.15 per cent growth. — VNS

Source: VNS