On March 4, Prime Minister Pham Minh Chinh chaired the Government’s regular meeting for February 2026, held online with local authorities. The meeting marked the Government’s first session after the Lunar New Year 2026.

Firm commitment to the growth target

Concluding the meeting, the Prime Minister largely agreed with the reports and opinions presented. He assigned the Ministry of Finance and the Government Office of Vietnam to consolidate feedback, finalize reports and the draft resolution of the meeting for issuance. Ministries and agencies were also instructed to address recommendations from localities within their authority and promptly report issues beyond their competence.

According to the Prime Minister, the achievements recorded so far stem from the decisive and effective leadership of the Party Central Committee, particularly the Communist Party of Vietnam leadership bodies, including the Politburo of the Communist Party of Vietnam and the Secretariat, headed by General Secretary To Lam. They also reflect the efforts of the entire political system, including the Government and its members, as well as the support and unity of the people.

Alongside the broadly positive results, the Prime Minister noted several remaining challenges. Pressures on macroeconomic management remain significant, particularly regarding inflation, exchange rates, interest rates and energy supply amid a complex global environment. In addition, a number of businesses continue to face difficulties in production and business activities.

Looking ahead, he urged ministries, sectors and localities to remain vigilant about external factors that could negatively affect Vietnam, especially the increasingly complicated conflicts in the Middle East and other regions. Relevant agencies must promptly report developments to competent authorities.

Regarding goals and guiding principles, the Prime Minister stressed the need to firmly pursue the objective of achieving economic growth of 10% or more, while maintaining macroeconomic stability, controlling inflation and ensuring major economic balances. To this end, traditional growth drivers must be renewed while new growth engines are strongly promoted. Ministries, sectors and localities were asked to identify and promote growth drivers within their respective areas of responsibility.

The Ministry of Finance was tasked with developing socio-economic management scenarios appropriate to the evolving global situation, while the Ministry of Industry and Trade (Vietnam) was assigned to develop plans to ensure energy security under the new circumstances.

Ministers, heads of sectors and chairpersons of provincial and municipal People’s Committees were urged to focus on implementing the principle of “one goal, two assurances, three contributions, four no’s, five transformations and six clarities.”

Under this framework, the “one goal” centers on improving people’s material and spiritual well-being, ensuring that each quarter is better than the previous one, each year better than the last, and each term better than the previous term.

The “two assurances” focus on development for stability and stability for development, alongside safeguarding security, safety and public confidence.

The “three contributions” refer to mobilizing resources from the State, businesses and the people.

The “four no’s” in time management include: no wasting a day, no delays within a week, no missed opportunities within a month and no passivity throughout the year.

The “five transformations” emphasize green transformation, digital transformation, optimal resource use, smart governance and harmonization of interests among the State, businesses and citizens.

Finally, the “six clarities” refer to clear assignment of responsibilities: clear people, clear tasks, clear accountability, clear authority, clear timelines and clear outcomes.

Launching “Vietnamese consumer goods week”

Outlining 10 key groups of tasks and solutions, the Prime Minister first called for thorough preparations for the election of deputies to the National Assembly and People’s Councils at all levels, as well as preparations for the second plenum of the Party Central Committee and the first session of the 16th National Assembly.

Second, ministries and agencies were urged to focus on maintaining macroeconomic stability, controlling inflation and promoting growth of 10 per cent or more, while ensuring major economic balances.

The Ministry of Foreign Affairs, in coordination with other relevant agencies, was instructed to urgently assess the impact of the Middle East conflict on Vietnam and develop response scenarios and solutions for timely and effective action.

The State Bank of Vietnam and the Ministry of Finance were tasked with continuing close coordination to implement proactive, flexible and effective monetary policy alongside appropriately expansionary fiscal policy with clear priorities.

Regarding monetary policy, the State Bank of Vietnam will publicly announce the annual credit growth ceiling for 2026 and adjust it flexibly in accordance with practical conditions.

In terms of fiscal policy, the Ministry of Finance was instructed to study solutions for issuing government bonds and project bonds to mobilize resources for development investment and support monetary policy.

For market and price management, the Ministry of Finance, the Ministry of Industry and Trade and other relevant agencies and localities were required to strictly enforce regulations on price declaration and listing, handle violations rigorously and prevent hoarding or price manipulation. Efforts to combat smuggling, trade fraud, counterfeit goods and intellectual property violations will also be intensified.

The Ministry of Industry and Trade was tasked with ensuring adequate supply of electricity, petroleum, essential goods and production inputs, while urgently proposing solutions to resolve outstanding issues related to feed-in tariff (FIT) pricing. Meanwhile, the Ministry of Construction will continue coordinating with relevant agencies to develop the real estate market in a safe, healthy, efficient and sustainable manner.

Third, the Prime Minister called for renewed efforts to strengthen traditional growth drivers and promote new growth engines.

The Ministry of Finance was tasked with accelerating the allocation and disbursement of public investment capital from the beginning of the year, particularly for key national projects. It must also complete the National Single-Window Investment Portal and launch a digital asset trading platform in accordance with regulations within March 2026.

The State Bank of Vietnam was requested to consider extending the duration of consumer loans from one year to two years, with the possibility of grace periods.

The Ministry of Industry and Trade was instructed to propose launching “Vietnamese Consumer Goods Week”immediately, encouraging businesses to offer promotions and discounts for domestically produced goods. The campaign is expected to begin next week in conjunction with the elections for the National Assembly and People’s Councils, with a target of raising total retail sales of goods and services by 13 - 15%.

Efforts to promote trade and diversify export markets will also be strengthened. Relevant agencies were urged to accelerate negotiations and sign new free trade agreements with Pakistan, the Gulf Cooperation Council (GCC) and Mercosur within March 2026. The Ministry of Finance will also study policies related to taxes, fees and charges.

Fourth, ministries and agencies were instructed to focus on improving institutions and legal frameworks, advancing administrative reform and removing obstacles to production and business activities.

Fifth, urgent efforts will be made to resolve long-standing stalled projects, while intensifying the fight against corruption, wastefulness and negative practices.

Sixth, regulations on the organization of the administrative apparatus will continue to be refined, ensuring the effective operation of the two-tier local government system.

Seventh, greater attention will be paid to cultural and social development, ensuring social welfare and improving the people’s quality of life.

Eighth, national defense and security will be strengthened, while maintaining social order and safety. Diplomatic activities and international integration, particularly economic diplomacy and technology diplomacy will also be intensified to maintain a peaceful, stable and cooperative environment for development.

Ninth, the effectiveness of information and communication work, especially policy communication, will be enhanced to build social consensus and support the successful implementation of socio-economic development goals.

Tenth, the Ministry of Science and Technology and the Government Office of Vietnam were assigned to issue a set of KPI criteria within March 2026 to monitor and evaluate the implementation of tasks assigned by the Government to ministries, sectors and localities.

The Prime Minister emphasized that in order to maintain macroeconomic stability, control inflation and achieve growth of 10% or more, it is essential to closely monitor both domestic and international developments. Traditional growth drivers, investment, exports and especially consumption, must be revitalized, while new growth engines such as innovation, science and technology, digital transformation, green transition, energy transition and labor restructuring must be strongly promoted.

Prime Minister Pham Minh Chinh also called for strengthened administrative discipline and a spirit of “matching words with actions,” urging ministries and localities to begin implementing tasks immediately from the first days and months of the year, in line with the direction of Party General Secretary To Lam, in order to successfully achieve the country’s socio-economic development objectives.