Lawmakers urge focus on growth quality and real incomes

During a National Assembly debate on socio-economic development and the state budget on October 31, deputies stressed that rapid growth must translate into tangible improvements in people’s lives and stronger domestic businesses, rather than being measured by GDP expansion alone.

Trinh Xuan An, a deputy from Dong Nai province, noted that average employee incomes rose by 9% in the first nine months of 2026, while the consumer price index increased by 4.52%, leaving real income growth at approximately 4.3%.

He argued that the quality of growth should be assessed by how much households can save after covering living expenses and whether businesses have sufficient resources after interest payments and operating costs to invest in technology, raise productivity and expand.

An urged the Government to evaluate growth through real incomes, sustainable jobs, household savings and domestic companies’ capacity to reinvest. He also called for measures to reduce barriers preventing Vietnamese businesses from participating more deeply in global value chains.

Shifting towards productivity and domestic value creation

Le Huu Tri, a deputy from Khanh Hoa province, proposed that policymakers should examine the contributions of domestic consumption, public and private investment, foreign investment, exports and labour productivity to identify which growth drivers are performing strongly and which require further support.

He called for a shift away from growth driven primarily by economic scale towards a model based on productivity, technology and greater domestic value added.

Vietnam’s exports rose by 24.3% in the first nine months of 2026, while disbursed foreign direct investment reached US$21.1 billion, up 12.1%, according to figures cited during the debate. Tri pointed out that these results were encouraging but called for a closer assessment of their broader economic impact.

He proposed measures to strengthen domestic businesses, develop supporting industries, increase appropriate levels of local content, promote technology transfer and improve workforce skills.

Deputies also highlighted the importance of ensuring that businesses, particularly small and medium-sized enterprises (SMEs), can access affordable financing to maintain operations and invest in expansion.

Government targets 12.5% growth in fourth quarter

Deputy Prime Minister Nguyen Van Thang told the National Assembly that Vietnam would need economic growth of 12.5% in the fourth quarter to achieve its target of at least 10% for the full year. He acknowledged that this would be a major challenge but said the economy still has drivers and room to accelerate.

The Government is focusing on removing bottlenecks involving institutions, land, administrative procedures, construction materials, financing and market access. It is also seeking to bring eligible projects into operation sooner, stimulate investment, consumption and exports, and help businesses diversify markets, secure more orders and increase value added.

Thang affirmed that the Government is working hard to support localities, particularly major growth centres, in meeting their economic targets.

Improving access to finance and policy implementation

Ho Chi Minh City deputy Tran Hoang Ngan pointed to a trade surplus of US$6.8 billion in October and called for plans to develop new growth drivers, including special economic zones, international financial centres, free-trade zones, non-tariff zones, integrated logistics centres and cultural industries.

He also urged policymakers to address the economy’s capital structure to meet the substantial investment needs of the 2026–2030 period without undermining macroeconomic stability. His proposals included restructuring financial markets so that the stock market could play a greater role in supplying capital and strengthening state-owned commercial banks.

State Bank of Vietnam Governor Pham Duc An reported that credit growth across the economy has reached 12.27%. Interest rates are being kept under control despite pressure on banks’ profit margins, while credit allocation is shifting towards more productive uses and away from potentially risky sectors.

SMEs have absorbed more than VND4 quadrillion in credit, An said, but many continued to face barriers because of their small scale, limited resilience, volatile business plans and insufficiently transparent financial records.

He stressed that transparent accounts and credible evidence of repayment capacity would help banks assess business risks and make lending decisions.

Deputies also argued that improving policy implementation is essential to unlocking resources and sustaining growth.

Luong Thi Hoa, a deputy from Thanh Hoa province, pointed to the fact that bottlenecks often arise not only from legal regulations but also from slow implementation, inadequate staffing and funding, insufficient data, and prolonged land, planning and construction procedures.

She urged the Government to focus more on implementation outcomes, resolve cross-sector obstacles and address stalled projects capable of unlocking resources and creating new productive capacity.

Tran Thi Van, a deputy from Bac Ninh province, similarly called for faster policy responses and greater accountability. She proposed measuring the time taken to resolve problems and respond to petitions, making implementation delays an important indicator of administrative performance, and strengthening National Assembly oversight of policies that are slow to deliver results.

According to the deputies, Vietnam’s pursuit of faster economic growth must go hand in hand with higher productivity, stronger domestic enterprises, more effective capital allocation and policies that deliver measurable improvements in people’s lives.

Double-digit growth ambition hinges on efficient capital, institutional reform

VOV.VN - Vietnam’s ambition to achieve double-digit economic growth will depend not only on mobilising more capital, but also on allocating resources more efficiently, boosting productivity and removing institutional bottlenecks, National Assembly deputies said during a plenary debate on October 30.