Strong breakthroughs to drive growth

The National Assembly approved a resolution on the 2026 socio-economic development plan, which targets national GDP growth of 10% or higher, at its 10th session on November 13.

This is seen as a “call to action,” drawing public and business attention to the Government’s strong determination in implementing the 2026 – 2030 socio-economic development plan to make Viet Nam a developed nation by 2045.

The first solution proposed by the Government to achieve double-digit growth in 2026 is to increase development investment spending to 35.5% of total State budget expenditure.

In 2025, development investment spending is estimated at 790.7 trillion VND, accounting for 31% of total State budget expenditure. In 2026, the projected figure rises to more than 1.1 quadrillion VND, accounting for 35.5% of total spending (up 40% compared to 2025).

Increasing investment spending is a fiscal strategy and a “lever” that clearly reflects the orientation of expanding public investment to generate momentum and lead growth.

As the city with the third-largest economic scale in the country, Hai Phong has maintained high economic growth, averaging 11.39% per year over the past 10 consecutive years.

Hai Phong’s contribution to national budget revenue has increased, with annual collections exceeding 100 trillion VND for four consecutive years. Over five years, Hai Phong’s total budget revenue, including th former Hai Duong Province, has reached about 670 trillion VND.

As the economic scale expands, growth rates are forecast to slow. Along with this, several challenges following a period of high growth have been pointed out. For instance, the local economy remains heavily dependent on FDI, while domestic enterprises have not yet developed strongly; business performance has yet to match potential; and attracting and developing high-quality human resources remains a weakness of the city.

These factors pose major challenges to Hai Phong’s goals of maintaining its position as the country’s third-largest city and rising to match leading urban centers in Asia.

Hai Phong will shoulder a significant part of the national goal of achieving double-digit growth. Upholding its tradition as a “Heroic port city and the land of cultural heritage,” the Resolution of the Hai Phong Party Congress for the 2025 – 2030 term sets the vision of building Hai Phong into a modern, civilized, ecological and worth-living industrial port city of Southeast Asian scale; a national hub for marine economy, high-quality tourism, services–logistics and clean energy; and an international center for training, research, application and development of marine science and technology.

The city targets an average GRDP growth rate of 13% or more per year in the 2026 – 2030 period, striving to reach 14%. To achieve this, Hai Phong is accelerating key growth drivers such as public investment, the development of a free trade zone, and the expansion of seaport, logistics and high-tech infrastructure.

The bigger the goal, the greater the determination required. As the first year of implementing the 2026 – 2030 socio-economic development plan, 2026 opens up new opportunities, requiring Hai Phong not only to exert extraordinary effort to boost growth but also to activate and unlock new growth drivers to affirm its role as one of the country’s leading growth poles and a national center for industry, seaports and logistics.

MINH KHOI

MINH KHOI