Assign targets to drive growth
According to the Ministry of Finance’s report presented at the Government’s monthly meeting on June 3, several localities posted positive GRDP growth in the first five months of 2026. Hai Phong is forecast to achieve GRDP growth of 13.47% in the second quarter, the highest in Vietnam, 12.42% for the first half of the year, and 13.09% for the full year, meeting the city’s target of 13%. Other localities, such as Phu Tho, Ninh Binh, Thai Nguyen, and Ha Tinh, need to maintain their growth momentum.
The Ministry of Finance also reported that, based on growth performance in the reviewed period, several localities, including major economic hubs like Ho Chi Minh City, Hanoi, Bac Ninh, and Quang Ninh may fall short of their annual growth targets which will affect the country’s overall target of double-digit growth. The gap between actual growth and targets will require greater effort during the remainder of the year.
Minister of Finance Ngo Van Tuan said: “Hanoi’s growth is extremely important because every percentage-point increase contributes 0.13 percentage points to national growth. If Hanoi grows only 8.2%, national growth will fall short by 0.4 percentage points. Hanoi’s economic structure is heavily dependent on trade and services, which account for about 70% of its growth. After six months, growth in this sector was only 8.1%, 3.5 percentage points below the target, and Hanoi’s exports increased just 4.2%. To achieve its growth target, Hanoi will need to grow about 11.86% in the third quarter and 13.19% in the fourth quarter. This will be challenging.”
The Ministry of Finance is expediting plans to assign socio-economic development targets for ministries, sectors, localities, and state-owned corporations and groups. Accordingly, 34 targets will be assigned for localities in the 2026–2030 period and in 2026 specifically.
Several targets can be assigned immediately, including annual GRDP, growth in agriculture, forestry and fisheries, industry and construction, services, industrial production index (IIP), retail sales, and consumer service revenue.
Key economic hubs must make extraordinary efforts
To drive national growth, major economic centers must hold greater responsibility. Ho Chi Minh City needs to increase growth by an additional 1.7 percentage points, Hanoi 2.75 percentage points, and Bac Ninh province 1.1 percentage points. This will require strong governance efforts and breakthrough action plans from local authorities.
Prime Minister Le Minh Hung held working sessions with the leaders of Hanoi and Ho Chi Minh City last week. At the meeting with the Hanoi authorities on June 11 he said: “Efforts must be concentrated on implementing the Capital Law and designing strong, breakthrough policies authorized under the law to create a more open institutional environment. Hanoi must strengthen the regional connectivity with localities in the Red River Delta in transport infrastructure, environmental management, water resources, and production and service supply chains. The city must mobilize its greatest determination and efforts to achieve an 11% growth, or even higher.”
At a meeting with the leaders of Ho Chi Minh City, the Prime Minister said: “The city must assign responsibilities to departments, agencies, local authorities, and businesses. Specific tasks should be developed for industry, construction, trade, services, agriculture, science, technology, and key investment projects. It’s important to thoroughly review growth scenarios and, where necessary, promptly adjusting them, with clear responsibilities assigned for each task and immediate solutions to emerging obstacles.”
To achieve GDP growth of 10% or higher this year, Vietnam needs strong determination and coordinated efforts in the entire political system. In that effort, Hanoi and Ho Chi Minh City are the critical components of the overall success.
