Maintain macroeconomic stability to pave the way for double-digit growth

The Regular Government Meeting for March 2026 and the Government’s online conference with local authorities on the morning of April 4 not only reviewed the first-quarter performance but also clearly established the governing axis for the period ahead: steadfastly pursuing the goal of double-digit growth, while absolutely avoiding complacency regarding macroeconomic stability, delays in institutional reform, or any relaxation of enforcement discipline. In the context of a rapidly evolving, complex, and unpredictable global environment, the requirement is no longer limited to flexible response, but extends to proactively creating new development space from the very pressures of reality.

The first-quarter data indicate that the economy has continued to maintain its upward momentum. GDP grew by 7.83%; all three sectors—agriculture, industry–construction, and services—recorded positive growth; total import–export turnover reached nearly USD 249.5 billion; state budget revenue was estimated at VND 829.4 trillion; registered FDI reached USD 15.2 billion; and the number of enterprises entering and re-entering the market exceeded those exiting.

Notably, 23 out of 34 localities achieved GRDP growth rates of 8% or higher, including four localities attaining double-digit growth. These results affirm that the economy has maintained its resilience, market confidence has not declined, and growth drivers still possess room to be further unlocked.

However, what is even more noteworthy in this meeting is how the Government assessed these results in relation to existing bottlenecks. Although first-quarter growth was high, it did not meet the projected scenario; pressures on macroeconomic management remain significant; the two-tier local government model in some areas still reveals shortcomings; decentralization and delegation of authority have not been fully implemented; and a segment of officials and civil servants continues to exhibit avoidance and fear of responsibility. These are limitations that cannot be underestimated, as if not decisively addressed, they will undermine governance effectiveness, erode implementation confidence, and slow the translation of policy into tangible outcomes.

Not allowing short-term pressures to hinder long-term reforms

In his concluding remarks, Prime Minister Pham Minh Chinh emphasized the need to “firmly grasp developments, respond to policies proactively, flexibly, promptly, and effectively, and turn risks into opportunities, and challenges into advantages.”

This statement is not merely situational guidance, but clearly reflects a development-oriented governance mindset: the more uncertain the context, the more firmly composure must be maintained; the more proactive the shift in state management must be; and the more external pressures must be transformed into internal drivers for reform.

Accordingly, the message of “turning difficulties and challenges into opportunities for economic restructuring and enhancing competitiveness” should be understood as a call to action for the entire system. It is no longer sufficient to rely on recovery by inertia. Nor can growth continue to depend solely on expansion in scale.

Nor can resources continue to be trapped in cumbersome administrative procedures, in prolonged backlogged projects, in indecisive coordination mechanisms, or in the risk-averse mindset of the implementing apparatus. To achieve high growth targets, it is essential first to unlock the capacity for effective implementation.

For this reason, the series of tasks set out at the meeting all focus on key bottlenecks: maintaining macroeconomic stability; closely coordinating monetary and fiscal policies; accelerating public investment disbursement to reach 100%; stimulating domestic consumption; expanding export markets; promoting digital transformation, green transition, and innovation; decisively resolving backlogged projects; and urgently completing institutional reforms while substantially reducing administrative procedures. This governance structure demonstrates that the Government is choosing to address issues at their roots, taking institutional reform, public investment, and new growth drivers as the pillars for development objectives.

Using implementation effectiveness as the measure of the administrative apparatus

A prominent highlight of the meeting is the requirement to tighten administrative discipline and enhance service effectiveness. The target of reducing processing time by 50% and compliance costs for administrative procedures by 50% compared to 2024, while ensuring that ministries handle less than 30% of the total number of administrative procedures within their management scope, signals a strong shift from a management-oriented mindset to a service-oriented one. This is not merely an administrative technical measure, but a political requirement for the state apparatus in the new stage of development.

An economy aiming to accelerate cannot operate on a sluggish administrative foundation. An investment environment seeking soundness cannot tolerate delays, buck-passing, or prolonged processing times.

A high growth target cannot be built upon fragmented and unaccountable implementation. Therefore, when the Prime Minister emphasized “finish each task thoroughly and ensure each task delivers results,” it is not merely a reminder of administrative conduct, but a demand for the quality of national governance in an increasingly competitive development landscape.

Notably, throughout the entire line of direction, the Government continues to place people at the center of development. From social housing, healthcare, education, employment, and income to policy communication, all tasks are oriented toward serving the people, strengthening social consensus, and reinforcing confidence in the effectiveness of governance.

The Prime Minister’s statement that it is necessary to ensure that “every citizen can fully maximize their capabilities and strengths” clearly affirms that growth is meaningful only when it is associated with progress, equity, and the quality of life of the people.

From this meeting, the requirements set for ministries, sectors, and localities are clear: maintain firm macroeconomic stability, accelerate reforms, remove bottlenecks, tighten enforcement discipline, and take service effectiveness as the standard for action.

Only when the apparatus acts in a unified, decisive, and responsible manner; only when resources are unlocked and confidence is strengthened; can the goal of double-digit growth truly have a solid foundation for realization.