Director of Nghe An Department of Finance: Setting a growth target of 10.5-11.5% for 2026 is well-founded.

During the plenary session of the 35th meeting of the 18th term of the Nghe An Provincial People's Council, Director of the Department of Finance Trinh Thanh Hai affirmed that setting the growth target for 2026 at 10.5-11.5% is appropriate and well-founded.

On the afternoon of December 11th, the 35th session (the last regular session of 2025) of the Nghe An Provincial People's Council, 18th term, 2021-2026, continued with discussions in the assembly hall.

Comrades Hoang Nghia Hieu - Standing Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council; Nguyen Nam Dinh - Standing Vice Chairman of the Provincial People's Council; and Nguyen Nhu Khoi - Member of the Provincial Party Committee, Vice Chairman of the Provincial People's Council, presided over and conducted the session.

The presiding officer is conducting the session. Photo: Thanh Cuong

During the discussion in the assembly hall on the socio -economic situation in 2025 and tasks for 2026, Director of the Department of Finance Trinh Thanh Hai stated that the projected GRDP growth rate for the province in 2025 is 8.44%, ranking 13th nationwide and 3rd in the North Central region.

"Therefore, we did not achieve the growth target of 9.5%-10.5% set by the Provincial People's Council Resolution, nor did we meet the target of 9% set by the Government . However, given the many difficulties encountered in the past year, achieving a growth rate of 8.44% is still a great effort," Mr. Hai emphasized.

Director of the Department of Finance, Trinh Thanh Hai, speaks during the discussion in the assembly hall. Photo: Thanh Cuong.

Discussing the causes, the Director of the Department of Finance stated that the objective reasons were the impact of natural disasters, epidemics, and floods. Preliminary statistics on damage caused by natural disasters in the province amount to over 8,500 billion VND.

"The damage caused by natural disasters directly impacted the agricultural sector, resulting in agricultural growth rates of 0.89% and 0.74% in the third and fourth quarters, the lowest in decades. Because the agricultural sector accounts for 20% of the province's GRDP, it has dragged down the province's overall growth rate," Mr. Hai stated.

In addition, Mr. Hai also stated that, after more than 5 months of operation, the two-tiered local government system has many shortcomings and difficulties in directing and managing, and the disbursement of investment funds is also very slow.

Responding to a delegate's concern about the basis on which the Provincial People's Committee set a growth target of 10.5-11.5% for 2026, whether it was too high or feasible, the Director of the Department of Finance stated that the target was set because the Government projected a double-digit growth rate for the whole country in 2026, i.e., 10% or higher.

Provincial People's Committee leaders attending the meeting. Photo: Thanh Cuong

Thus, Nghe An province has set a growth target of 12% for the entire 2025-2030 period, as outlined in the Resolution of the 20th Provincial Party Congress. 2026 is the first year of implementing the Congress Resolution, and a growth rate of 10.5-11.5% is entirely appropriate, as it cannot be set lower, and setting it higher would also lack the basis for achievement.

According to Mr. Hai, the basis for setting this target is that projects in the province have attracted investment during the past term and will become operational in 2026, thereby creating momentum for the province's growth. In addition, many important infrastructure projects have been completed, such as the North-South expressway, the coastal road, the Vinh-Cua Lo Boulevard, and the upgrading and expansion of Vinh International Airport.

According to Mr. Hai, the most important factor is that in 2026 the province will implement many large programs and projects, such as the Cua Lo Deepwater Port project, scheduled to commence on December 18, 2025; the Quynh Lap LNG Thermal Power Plant; and the Vinh - Thanh Thuy expressway. In addition, the province is planning to develop a pineapple processing plant and many related projects in the VSIP and WHA industrial parks.

In a discussion and response regarding the progress of public investment disbursement, the Director of the Department of Finance stated that the province's disbursement rate is currently low, at only 63%, higher than the national average.

Construction of phase 2 of the N5 road from Dong Loc commune to Hai Loc commune. Photo: Nguyen Hai

According to Mr. Hai, the reason for the low disbursement rate is due to weather conditions and natural disasters from April until now, which have made it difficult for projects to be implemented. The handover to project owners is also delayed, and there are still obstacles in transferring medium-term public investment plans from the district to the province, and from the district to the commune.

Emphasizing that budget revenue in 2025 is a bright spot in the province's economic picture, the Director of the Department of Finance stated that by the end of 2025, the province's budget revenue is projected to reach 26,506 billion VND, nearly 150% of the forecast and a 39% increase.

Mr. Hai also explained that the high revenue structure from land fees will give the province room to implement key projects, ensuring socio-economic development and creating better revenue sources in the future.

Speaking at the discussion session, Standing Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Council Hoang Nghia Hieu stated that the Provincial People's Committee had thoroughly discussed and approved the growth target for 2026 in the Provincial People's Council. A range of 10.5 to 11.5% is appropriate.

Provincial People's Council delegates attending the session. Photo: Thanh Cuong

"This is the first year the province has implemented the policy of double-digit growth. Several key projects of the province are in the initial stages. For example, the Cua Lo deep-water port will commence construction this December. Vinh Airport is also nearing completion. The Vinh - Thanh Thuy expressway project, the Quynh Lap LNG thermal power plant, and several other key projects are preparing for implementation," emphasized Hoang Nghia Hieu, Standing Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Council, and requested delegates to agree so that the Provincial People's Council can assign the Provincial People's Committee a growth rate of 10.5 - 11.5% for 2026.

While acknowledging that the low disbursement of public investment funds is due to floods and natural disasters, Mr. Hoang Nghia Hieu stated that the Provincial People's Council wants the Provincial People's Committee to clarify the responsibilities of the departments and agencies regarding the subjective causes.

"For example, from July to October 2025, the former district-level project management boards were not assigned to any specific location, nor were any transfers made. Transferring them to the province wasn't even possible, and transferring them to the communes wasn't feasible either. For three months, virtually nothing was done. This is a responsibility that lies with the leadership and management," emphasized Hoang Nghia Hieu, Standing Deputy Secretary of the Provincial Party Committee and Chairman of the Provincial People's Council. He also requested that the Provincial People's Committee review which department advised on this matter, identify the bottlenecks, and determine responsibility for improvement.

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Source: https://baonghean.vn/giam-doc-so-tai-chinh-nghe-an-viec-dat-muc-tieu-tang-truong-10-5-11-5-nam-2026-la-co-co-so-10314844.html