Prime Minister: Vietnam's economy is resilient and has overcome huge shocks from outside.

(laichau.gov.vn) Speaking at the National Assembly on October 30, Prime Minister Pham Minh Chinh stated that over the past five years, we have achieved very proud results, and our economy is still resilient enough to withstand and overcome huge shocks from the outside.

Speaking at the National Assembly on October 30, Prime Minister Pham Minh Chinh stated that over the past five years, we have achieved very proud results, our economy is still resilient enough to withstand and overcome huge shocks from the outside - Photo: VGP/Nhat Bac

On the afternoon of October 30, the National Assembly continued to discuss budget reports in the hall. This also concluded two days of discussion in the National Assembly hall on socio-economic issues, the State budget and reports from agencies, including the Government.

After Deputy Prime Minister Le Thanh Long explained the contents of the State budget, public investment, management mechanisms and mobilization of social resources, Prime Minister Pham Minh Chinh spoke and clarified a number of contents that National Assembly deputies were interested in.

Prime Minister Pham Minh Chinh stated that after two days of enthusiastic, responsible, and intellectual work, National Assembly deputies made very sincere and straightforward statements, expressing their encouragement to the political system, the people, and businesses, including the Government.

What has been done is very proud.

With sincere thanks for the opinions of the National Assembly delegates, the Prime Minister said that reviewing the past 5 years, each year we always identify difficulties and challenges intertwined with opportunities and advantages, but difficulties and challenges are greater; all the conclusions of the Central Committee and the Resolution of the National Assembly confirm this issue. However, we still try very hard.

Besides, our country is still a developing country, with a transitional economy, modest economic scale, high openness, and limited resilience to external shocks. However, in the past 5 years, our economy has been resilient enough to withstand and overcome very large external shocks.

Thanks to that, we can stabilize the macro economy, control inflation, promote growth, ensure major balances (revenue enough to cover expenditure; export enough to cover import; make enough to eat; sufficient energy for production, business and consumption; labor market meets the transformation; budget deficit is lower than the National Assembly's assignment and lower than previous terms; public debt, foreign debt, and government debt are all reduced compared to before). People's lives have been improved, the People's Happiness Index has increased by 39 places compared to the beginning of the term. National defense and security potential has been strengthened.

"We have never invested as much in strengthening our defense and security potential as in this term. We have produced a number of weapons ourselves, thanks to which the September 2 parade featured products bearing the Vietnamese brand. The most proud thing is that there are weapons that only 4-5 countries can make, but we have made them. Our people are very proud," the Prime Minister added. We are building a revolutionary, standardized armed force, from step by step modernizing to going straight to modernizing.

The Prime Minister said that during this term, many backlogged projects that had lasted for many years were resolutely handled, achieving positive results, contributing to freeing up resources for development - Photo: VGP/Nhat Bac

Along with that, social security has never allocated as much budget as this term, for example, with 68 million people supported during the COVID-19 pandemic, we have spent 1.1 million billion VND, equal to 17% of the country's GDP on social security.

"In such conditions, we have achieved this thanks to the great efforts of the political system, the people, and businesses under the correct leadership of the Communist Party of Vietnam, regularly and directly by the Central Executive Committee, the Politburo, the Secretariat, headed by the General Secretary, along with the help of international friends," the Prime Minister said.

The Head of Government believes that the achievements are very valuable and fundamental in the difficult context; thanks to that, we are self-reliant, self-reliant, strategically autonomous, creating momentum, strength, and confidence for the people and the country to confidently enter a new era, building a rich, civilized, prosperous, happy country, steadily advancing towards socialism.

In addition, the Prime Minister pointed out that there are still many difficulties, obstacles and shortcomings that the Government has recognized and the National Assembly deputies have mentioned very correctly, very accurately, with very responsible and very constructive opinions; from there, it is necessary to propose appropriate and feasible solutions, ensuring resources for implementation to achieve the goals. The Prime Minister affirmed that the Government will absorb these opinions to complete the reports, the spirit is that everyone unites, is unified, joins hands, and is unanimous towards the common goal, all for the nation, all for the benefit of the people and the country.

Another important content mentioned by the Prime Minister is that during this term, many backlogged projects that have lasted for many years have been resolutely handled, achieving positive results, contributing to freeing up resources for development, including 12 projects, loss-making enterprises (many projects have been effective and profitable), important energy projects, 4 weak banks and SCB bank. Agencies are directing the review, classification, and proposal to competent authorities to continue handling nearly 3,000 projects of all kinds with a total capital of millions of billions of VND and a land use scale of hundreds of thousands of hectares.

Along with that, regarding infrastructure, closely following the goals of the 13th National Party Congress, by the end of 2025, it is expected to complete and exceed the target of 3,000 km of expressways and 1,700 km of coastal roads.

The Prime Minister said that what many delegates were interested in was that Vietnam's ICOR (capital efficiency index) had decreased from about 10-11-12 in the past to about 6-7. We have focused on solving 3 important reasons for high ICOR, thereby improving investment efficiency, including: Ineffective investment when implementing projects; scattered investment; prolonged projects, not on schedule). During this term, we have restructured, restarted, and put into operation a series of projects such as Song Hau 1, Long Phu 1, Thai Binh 2, BOT Van Phong 1, Nghi Son Oil Refinery, O Mon Gas Power, Lot B gas field...

The Prime Minister also mentioned two more specific issues that many delegates were interested in and Deputy Prime Minister Le Thanh Long reported on, which were public investment and State budget revenue and expenditure estimates - Photo: VGP/Nhat Bac

The important goal is to cover expenditures and ensure national financial security.

Next, the Prime Minister continued to mention two more specific issues that many delegates were interested in and Deputy Prime Minister Le Thanh Long reported on, which were public investment and State budget revenue and expenditure estimates.

According to the Prime Minister, slow disbursement of public investment is a concern of the entire political system; while one of the driving forces for growth is investment (including public investment and private investment).

According to the Prime Minister, this term, there is 3.4 million billion VND of public investment capital, an increase of 55% compared to the previous term; but the investment projects were cut from 12,000 to 4,700, after the Prime Minister firmly requested the agencies three times. Only by reducing the number of projects can resources be concentrated, thereby building a new highway system in the Mekong Delta, the North, the Central region..., expanding the previous highways; investing in ports, the Lao Cai - Hanoi - Hai Phong standard railway and the North - South high-speed railway...

This also contributes to GDP growth exceeding the target of 6.5-7%/year assigned by the National Assembly (in 2021, due to the impact of the COVID-19 pandemic, growth only reached 2.55%; in the 4-year period of 2022 - 2025, the average growth was 7.2%/year, exceeding the target of 6.5 - 7%).

"The National Assembly and the Government have removed many difficulties to promote public investment; but there are institutional problems that will take 3-4 years to resolve," said the Prime Minister.

He gave an example that in implementing public investment projects, the most difficult thing is site clearance and resettlement; but previously, regulations required resettlement and stabilization of people's lives before proceeding with the next steps. "The problems related to site clearance and resettlement were resolved by October 2024 after being presented to the National Assembly three times," the Prime Minister explained.

Another example is that in the past, investment capital could not be adjusted from one project to another, capital from one locality could not be given to another, "local capital could not be used to build central roads". According to the Prime Minister, we did not clearly understand this issue, "roads belong to the nation and the Vietnamese people, not roads passing through a locality that belong to that locality". This issue has also been resolved recently.

However, he also admitted that compared to the people's wishes and expectations, the removal of difficulties, obstacles and shortcomings has not yet met the requirements. In the coming time, we will continue to remove obstacles related to land laws, or the implementation of the 2-level local government is gradually becoming routine, but it is also necessary to continue removing obstacles.

At the same time, the policy of decentralization and delegation of power must go hand in hand with resource allocation, improving implementation capacity, and strengthening inspection and supervision. Localities such as Dak Lak, Thai Binh (old), Ninh Binh (old), Binh Phuoc (old)… have also been confident when assigned to be investors in infrastructure projects.

The Prime Minister also mentioned that the organization and implementation of public investment projects are still facing difficulties due to objective factors such as the pandemic, floods, storms, and high tides. "We urge, but also have to share with investors about these objective difficulties. Of course, to be good is to overcome these objective difficulties," the Prime Minister stated.

The Prime Minister said that the target of 8% growth by 2025 and double digits from 2026 is a difficult task. However, the Prime Minister affirmed that there is a scientific and practical basis to achieve this goal, promoting the strength of our nation - Photo: VGP/Nhat Bac

The second specific issue that many delegates are concerned about is the revenue and expenditure estimates . The Prime Minister said that the important goal is to ensure revenue and expenditure, and that revenue must be sufficient for expenditure, while ensuring national financial security. It is necessary to increase investment for development, for major goals, ensure social security when needed, spend for people with meritorious services, spend for sudden issues such as the COVID-19 pandemic, respond to and overcome the consequences of natural disasters. The Prime Minister recalled that in previous terms, there were times when resolutions had to be issued to stop a series of projects.

Further analysis, the Prime Minister said that in this term, the expenditure estimate will primarily focus on three things, including human expenditure, regular expenditure; expenditure to ensure national defense potential to maintain independence, sovereignty, unity, territorial integrity, political stability, social order and safety; expenditure to ensure social security, ensure fairness and progress, especially in epidemics, natural disasters, and disruptions of supply chains...

According to the Prime Minister, on that basis, we must calculate revenue to cover expenditure. In the past term, we have ensured very important expenditure tasks. If revenue is not enough, there will be a deficit and imbalance, and the deficit will increase.

On the other hand, the Prime Minister said that the Government has effectively used the increased revenue and saved on expenditure to achieve the set goals, from social security to increased investment spending for development and ensuring national security and defense. In particular, implementing a series of policies such as exempting and supporting tuition fees and lunch money for students, building more than 200 border schools, eliminating temporary and dilapidated houses, reforming salaries, etc.

The Prime Minister stated that the Government has implemented the objectives, tasks and requirements of the National Assembly; and all of these revenue increases and expenditure reductions have been approved by the National Assembly and are on the right track. He also affirmed that the Government's budget estimates must be based on data and risk management principles.

"As the National Assembly deputies are proposing, salaries must be increased again next year, from July 1, 2026. Based on the National Assembly's opinions, we will consider, balance and consult with competent authorities, including the National Assembly, to increase salaries earlier," said the Prime Minister. At the same time, from experience, we must build a more reasonable revenue and expenditure budget as the National Assembly deputies stated.

Further analyzing the direction and tasks for 2026, the Prime Minister said that the target of 8% growth in 2025 and double digits from 2026 is a difficult task as many National Assembly deputies have analyzed. However, the Prime Minister affirmed that there is a scientific and practical basis to achieve this goal, promoting the strength of our nation.

"The more pressure our people face, the more they strive and develop; difficulty is the mother of invention; turning nothing into something, difficulty into ease, and the impossible into possible. In reality, this has been proven," the Prime Minister affirmed.

He spent a lot of time talking about the development orientation of "going deep into the ground, reaching out to the sea and flying high into the sky", thereby focusing on exploiting the sea, underground and outer space with a huge potential. For example, we need to effectively exploit 8 layers of raw materials and fuel in the area of ​​1 million km2 of the sea, about 3 times the land area.

The Prime Minister stated that the fulcrum for these orientations is the people, nature, and cultural and historical traditions of the Vietnamese people. As the Prime Minister once mentioned, "6 fulcrums of Vietnam" include: The spirit of great national unity; the leadership of the Communist Party of Vietnam; historical and cultural traditions; the people make history, strength originates from the people; the fulcrum of the army and police; the spirit of self-reliance and self-strengthening of our nation,

The Prime Minister said that recent resolutions of the Central Committee and the Politburo have emphasized these orientations based on the foundation of science and technology development, innovation and digital transformation. At the same time, mobilizing the strength of the entire people according to the motto: The State creates, enterprises take the lead, public and private sectors work together to develop the country and make the people prosperous and happy.

The Prime Minister also spent time analyzing macroeconomic management policies, including monetary policy with great room for improvement; renewing traditional growth drivers such as investment, consumption, and export; promoting new drivers such as digital economy, green economy, and creative economy.

"The goal is very difficult, but we must do it and do it with a scientific and practical basis. I firmly believe that in the current atmosphere, we can do it. The Party has directed, the Government has agreed, the National Assembly has agreed, the people are expecting, the Fatherland is waiting, international friends are supporting... so we can only discuss doing it, not backtracking," the Prime Minister repeated what he said many times.

Updated on October 30, 2025

Source: https://laichau.gov.vn/tin-tuc-su-kien/chuyen-de/tin-trong-nuoc/thu-tuong-nen-kinh-te-viet-nam-du-suc-chong-chiu-va-da-vuot-qua-duoc-cac-cu-soc-rat-lon-tu-ben-ngoai.html