The government reported that inflation remained in check and core economic fundamentals continued to strengthen. The consumer price index rose 3.3% in the first 11 months, while exports in November exceeded US$39 billion, gaining roughly 15.2% year on year, suggesting resilient external demand. State budget revenue reached nearly VND2.4 quadrillion (around US$94 billion), driven by trade recovery and stable monetary conditions.

The Prime Minister said these results show that each month’s indicators have outperformed the previous month and exceeded the same period in 2024, reflecting an improved material and social living standard.

“Macro stability remains the foundation for long-term growth, and public investment must lead the effort to stimulate the economy,” he said.

Public investment disbursement hit VND553 trillion, equivalent to over 60% of the national plan, but the Prime Minister warned that progress must be further accelerated to offset disaster losses and weakened consumption. He instructed ministries and provincial authorities to achieve 100% of allocated investment capital, asserting that public investment must “activate and lead private investment, and create multiplier effects through modern infrastructure.”

He emphasised strict preparation for simultaneous groundbreaking and inauguration of national infrastructure projects on December 19, including highways, logistics corridors and urban development works. The target is to expand operational expressways to 3,188 km, building momentum for 2026 targets.

Facing pressure from global interest rates and exchange-rate fluctuations, the Prime Minister called for tight coordination between monetary policy and a “reasonably expansionary” fiscal stance focused on infrastructure, social welfare and essential supply chains. The government also directed market regulators to secure price stability during the year-end shopping period to prevent shortages, hoarding or price manipulation.

Consumption grew only 7.1% in November, prompting policies to stimulate domestic demand, expand e-commerce and support small and medium-sized enterprises struggling with administrative bottlenecks, especially in localities transitioning to a two-tier local government model.

The Government meeting also evaluated severe climate-damage impacts. Floods and landslides across central provinces caused 420 deaths and missing persons, 730 injuries, destroyed or damaged over 352,000 homes, wiped out more than 5 million poultry, 73,000 livestock, and damaged 1,032 km of dikes, canals and embankments. The losses are estimated at nearly VND100 trillion, equivalent to 0.7–0.8% of Vietnam’s projected 2025 GDP, potentially cutting 1 percentage point from Q4 growth.

To restore housing and livelihoods, the Government launched the nationwide “Quang Trung Campaign”, aiming to rebuild or resettle all households whose homes were destroyed before January 31, 2026, ensuring families “have homes to celebrate Lunar New Year 2026.” The Prime Minister described the effort as “a mandate from the heart, not just an administrative order,” urging solidarity and rapid deployment at all levels.

The Prime Minister acknowledged ongoing shortfalls in institutional reform, land management, energy investment approval, anti-smuggling enforcement and social housing supply. He requested urgent legal updates to mobilise private capital in housing, renewable energy, digital trade and agricultural value chains, while accelerating removal of the EU’s yellow card on illegal, unreported and unregulated (IUU) fishing.

The government also stressed national defence, cybersecurity and public order in preparation for major political events, especially the upcoming 14th National Congress of the Communist Party of Vietnam.

Vietnam forum charts course for sustainable growth and economic resilience

VOV.VN - Fiscal policy priorities will play a key role in managing risks and enhancing Vietnam’s economic resilience, experts emphasised at the Vietnam Economic and Financial Forum 2025 held in Hanoi on December 5.