On the 20th, Vietnamese Prime Minister Pham Minh Chinh set a double-digit growth target for the country's GDP in 2026 in a report submitted to the National Assembly. Data shows that Vietnam's GDP ranking has jumped 8 places in 5 years. However, Vietnam still faces challenges such as a lack of high-tech talent, bottlenecks in transformation, and overlapping and contradictory regulations, all of which need to be overcome.
According to Central News Agency reports, the Vietnamese government pointed out that Vietnam's GDP ranking has risen to 32nd globally and 4th in ASEAN. According to the Vietnam Chamber of Commerce and Industry, compared to 2020, Vietnam's global GDP ranking has jumped 8 places.
However, Vietnam still faces major challenges and shortcomings, such as existing policies and mechanisms being insufficient to fully utilize human, natural, and cultural resources, resulting in significant pressure to stabilize the overall economy.
Not only are the real estate, gold, and bond markets volatile, but Vietnam is also stuck in the “middle-income trap,” with many industries lacking complete supply chains. In recent years, the Vietnamese government has strongly promoted technological innovation and digital transformation, but these are still far from becoming the main engines of economic growth.
The main problems include a lack of technical talent in fields such as technological innovation, as well as frequently contradictory and overlapping regulations; administrative procedures also require significant simplification.
In his report to the National Assembly, Pham Minh Chinh noted the acceleration of industrialization, modernization, and economic restructuring, as well as a focus on investment in strategic infrastructure projects.
The Vietnamese government stated that developing high-quality talent, consolidating and strengthening national defense and security, and enhancing foreign relations and its international role are all key priorities for future governance. In addition, policy promotion and information dissemination will also be areas of focus.