Vietnam Targets: 10% GDP Growth and $5,500 Per Capita Income by 2026

Key Economic Targets for 2026

The Government’s resolution outlines the following principal objectives for 2026:

• GDP Growth: Strive to achieve a GDP growth rate of 10% or higher.
• Per Capita GDP: Aim for a per capita GDP of $5,400 – $5,500 USD.
• Inflation Control (CPI): Keep the average Consumer Price Index (CPI) increase at approximately 4.5%.
• Labor Productivity: Increase average social labor productivity by about 8%.
• Poverty Reduction: Reduce the multidimensional poverty rate by about 1% – 1.5%.

Review of the 2021-2025 Term

The Prime Minister highlighted that despite significant complexities and unexpected challenges during the 2021-2025 term, notably the severe impact of the COVID-19 pandemic, Vietnam achieved positive results.

• Economic Scale: The economy's size increased from $346 billion in 2020 to an estimated $510 billion in 2025, moving up 5 ranks to the 32nd largest economy in the world.
• Per Capita Income: Per capita GDP is estimated to reach approximately $5,000 USD in 2025, 1.4 times higher than in 2020, officially placing Vietnam into the upper-middle-income group.
• Macroeconomic Stability: Macroeconomics remained fundamentally stable, with inflation controlled below the 4% target, and major economic balances were ensured.

Strategic Solutions and Focus Areas

To achieve the ambitious 2026 goals, the government will focus on a range of strategic solutions:

• Prioritizing Growth: Accelerating growth while maintaining macroeconomic stability, controlling inflation, and ensuring major balances, including keeping public debt and budget deficits within set limits.
• Infrastructure Development: Concentrating investment on key strategic infrastructure projects. This includes developing the Lao Cai – Hanoi – Hai Phong railway line, connecting railways with China, and urban railways in Hanoi and Ho Chi Minh City, with an objective to commence construction of the North-South high-speed railway.
• Human Resource Development: Rapidly developing high-quality human resources, aiming to train 100,000 engineers in semiconductor chips, Artificial Intelligence (AI), and 11 other strategic technology sectors.
• Social Welfare and Housing: Prioritizing culture and social welfare, ensuring social security, and striving to complete over 110,000 social housing units.
• Environment and Climate Change: Proactively responding to climate change, managing resources, and protecting the environment. This includes implementing appropriate roadmaps to handle air pollution and traffic congestion in major cities.

The Prime Minister emphasized that the past term was a journey of resilience, steady resolve, and creative intellect. He called for continued national unity and the spirit of innovation to successfully complete the "very challenging but extremely glorious tasks" in the new phase.