Strong breakthrough to achieve double-digit growth target

Precise consultation, streamlined apparatus, strongly improved institutions

Speaking at the conference to summarize the work in 2025 and deploy tasks in 2026 of the Ministry of Finance, Prime Minister Pham Minh Chinh assessed that in the past year, the management results of the financial sector were summarized by eight phrases: Precise consultation, streamlined apparatus, perfected institutions, surplus revenue and expenditure, innovative enterprises, stable macro, happy people, developed country.

The Prime Minister assessed the strategic consultation work as accurate and timely. When developing a growth target for 2025, the initial plan was at 6.57%; based on re-evaluating the situation and operating space, the target was adjusted to over 8% and in fact reached 8.02%. This is the result of correct consultation, creating positive motivation for the whole system to strive together.

Many breakthroughs are included in the action plan, including a double-digit growth orientation in the coming years.

The organizational apparatus has been streamlined, the Ministry of Finance has merged four agencies into one, cutting more than 36,000 focal points, reducing 37%, streamlining over 10% of the payroll.

Institutions are being actively improved, the process of transition from "management" to "creating development" is clearly promoted. One law amending many laws is issued.

Budget revenue and expenditure are in excess, social security is guaranteed, towards double-digit growth in 2026

In 2025, total state budget revenue will reach about 2.65 million billion VND, exceeding the estimate by more than 34.7% and increasing by about 30% compared to the previous year. At the same time, about VND251,000 billion in taxes, fees and charges will be exempted, reduced and extended to support businesses and people. The revenue structure shows that over 80% comes from the business sector, reflecting the central role of the production - business sector.

Budget expenditure up to the time of summary reached over 2.4 million billion VND, equivalent to 94.1% of the estimate; development investment expenditure reached over 82%.

Along with macroeconomic stability, businesses continue to innovate and grow strongly. Nearly 297,500 newly established and returning to operation businesses, an increase of more than 27% compared to 2024.

In terms of happiness index, in 2025, it will increase by 8 places compared to 2024 and increase by 39 places according to the international ranking. This clearly reflects the spiritual life and quality of life of the people continue to improve.

Social security work is given special attention. Total resources for social security reached about 1.41 million billion VND, equivalent to 17% of total state budget expenditure. Many practical support policies have been implemented, from supporting children's food, developing social housing to eliminating temporary and dilapidated houses.

Strong breakthrough to achieve double-digit growth target

Entering 2026, the Prime Minister emphasized that the operational goal must be changed significantly, requiring stronger breakthroughs, in which the key requirement is to achieve double-digit growth. On that basis, the Prime Minister generallized the management orientation in 6 groups with 24 keywords including: strong aspiration; pioneering institutions; effective management; digital transformation at the forefront; breakthrough revenue and expenditure; sustainable finance.

First of all, there must be aspiration and vision. The aspiration for prosperity must be formed in thought, thereby transforming into action. Thinking far, wide, and thinking big is a prerequisite to create development momentum. On that foundation, institutions must take the lead, pioneering in removing bottlenecks and bottlenecks for businesses and people.

Along with institutions, management work must ensure flexibility, efficiency and synchronization, from the level of leaders of ministries, branches to agencies, units and local governments. Effective management is management with specific, measurable results, clearly and informally associated responsibilities.

Digital transformation is identified as a key pillar, in which the financial industry must take the lead. Digitization is associated with building a complete, accurate, and updated database; data must become an important input for operations, to "press the button to have data". The fields of taxes, fees and charges must be comprehensively digitized; financial management, decentralization and delegation of authority must be implemented through digital platforms to improve efficiency and transparency.

Regarding breakthrough revenue and expenditure, the requirements are to collect correctly, fully, promptly, ensure harmonious benefits and share risks. Revenue must be associated with digitalization, especially in the retail and catering services sectors. At the same time, budget expenditures must be saved to the maximum from the beginning of the year, reducing waste to increase expenditures for development investment and for people.

In reality, although the budget has to carry out many tasks, it still ensures expenditure sources for practical social policies. Direct support for people, such as supporting social protection beneficiaries, orphans, and people with revolutionary contributions, although not of great value to each individual, bring joy, warmth, and clear social significance. This is also a specific manifestation of "happiness", the result of effective revenue and expenditure, with finance being managed in the right direction.

On that foundation, the consistent requirement is to build a sustainable national financial system. Revenue must be linked to expenditure, development investment must have a focus and key points; budget expenditure must be correct, accurate and effective to create a solid financial foundation for long-term development.

Regarding specific groups of solutions, the first focus is on innovating institutional thinking, strongly shifting from management thinking to development creation thinking, from the "ask - give" approach to improving national competitiveness. The Ministry of Finance continues to play the role of the agency advising on the synthesis and coordination of the macro economy, with a spirit of innovation, proactiveness and responsibility.

Next is to advise and propose solutions to manage the expansionary fiscal policy reasonably, with focus and key points, closely linked to ensuring national financial security. The financial position is still large, public debt is low compared to the ceiling, and needs to be effectively utilized for key and strategic projects such as the North-South high-speed railway, international railway lines, and large infrastructure with leading characteristics.

Public investment must be considered an important growth driver. The requirement is to change the status, operate flexibly and resolutely, disburse 100% of the allocated capital plan, with the spirit of "capital waiting for the project, not letting the project wait for capital". From now until the end of January, ministries, branches and localities must focus on removing obstacles to complete the disbursement target.

Along with that, it is necessary to effectively operate the two-level local government model; effectively use public assets; promote decentralization and delegation of power according to the principle of "locality decides, locality does, locality is responsible". Localities with sufficient capacity need to be assigned to proactively implement infrastructure projects, including large projects, to ensure progress and efficiency.

Strongly developing the private economy and improving the efficiency of state-owned enterprises continue to be a key requirement. It is necessary to build mechanisms and policies to strengthen the trust of people and businesses; support small and medium enterprises; connect Vietnamese enterprises deeper into the global value chain; improve the governance and operation efficiency of state-owned enterprises.

The financial industry must be a pioneer in science and technology, innovation, and at the same time allocate adequate resources to education and health - considering this an investment for people, the center and the subject of development. Before January 15, the Ministry of Finance was required to grant a pilot license for a cryptocurrency asset exchange, creating a legal framework to effectively manage the rapidly developing sector, instead of allowing spontaneous operations with potential risks.

At the same time, it is necessary to build a "one-stop" mechanism in attracting investment, strongly innovate the process of receiving and processing documents, promote onlinelization, and schedule clear results. Policy communication work must be one step ahead, especially with tax policies that directly affect people and businesses, in order to create social consensus and strengthen trust.

The double-digit growth target in 2026 is considered a "high mountain" to conquer. To do that, the requirement is to act decisively, work at one job, with focus, key points, clearly assigning people, work, time, responsibility, product, and authority.

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