Việt Nam sets local GRDP growth targets | Vietnam Today

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0:00A new feature of the 2026-2030

0:02five-year socioeconomic development plan

0:05assigns specific GRDP targets to each

0:08locality. While assigning specific

0:10targets can sharpen accountability and

0:13boost governance performance, it can

0:15also create significant challenges for

0:17cities. More in the following story.

0:23After the first session of the 16th

0:25National Assembly, Ho Chi Minh City has

0:27been assigned a GRDP growth target of

0:3010% for 2026 and an average of 10% for

0:34the 2026-2030

0:35period.

0:38Every sector and every unit must give

0:40their best, but hitting the target will

0:42demand smart, carefully calibrated

0:44policies to keep the economy's key

0:46balances healthy and macro indicators

0:49stable.

0:53For leading economic hubs like Ho Chi

0:54Minh City, they can no longer rely on

0:57old advantages like land or cheap labor.

1:00This requires heavy investment in human

1:02capital and knowledge because those are

1:04the foundations for innovation.

1:09Ho Chi Minh City is well-positioned to

1:11carry out this transformation because it

1:13is Vietnam's innovation hub, serving as

1:15a meeting point for scientific,

1:17technological, and international

1:19activities. As a result, it has both the

1:22infrastructure and the human capital to

1:24implement deep, intensive growth.

1:28When advantages based on traditional

1:30resources reach their limits, localities

1:33must shift to growth models based on

1:35science and technology, innovation,

1:37productivity, and knowledge.

1:41It is necessary to create greater

1:43proactiveness and expand the scope of

1:45decision-making authority for local

1:47governments. Local authorities should be

1:49granted the right to negotiate to seek

1:51ways to attract more FDI.

1:55This reflects a new mindset in national

1:57[music] governance. In reality, national

2:00growth must come from each specific

2:02locality and city.

2:06And now to further examine the

2:08motivations, financial strategies, and

2:10wider implications for Vietnam's growth

2:13ambitions, economist Dr. Le Hong Vu now

2:16joins us. Well, first of all, thank you

2:18very much for taking the time to talk

2:20with Vietnam today. My first question as

2:23this is the first time the National

2:25Assembly has assigned specific GRDP

2:28growth targets to each locality for the

2:312026 to 2030 period. What do you see as

2:34the primary motivations behind this

2:37policy shift?

2:44According to the National Statistics

2:48Office,

2:49in 2025,

2:52Ho Chi Minh City contribute about 23%

2:56to

2:57the GDP growth of Vietnam, followed by

2:59Hanoi, Hai Phong, and then Dong Nai and

3:02Bac Ninh and the rest of the cities and

3:05provinces just 3% below. So, you can see

3:08is there a significant gap. And second,

3:10Vietnam learned the successful model

3:13from ASEAN development. So, they want to

3:16create the friendly

3:18and very healthy competition between the

3:22locality to attract FDI, human

3:25resources, and also boost for

3:28infrastructure development. And third is

3:30that Vietnamese central government can

3:32see the successful business practice

3:35from the province and then replicate at

3:37scale nationally.

3:40So, from a financial services

3:42perspective, what strategies should

3:44localities with ambitious GRDP goals

3:47prioritize to attract investment and

3:50achieve these targets?

3:53As you know, that the Vietnamese is very

3:55precious to to achieve the double digit

3:59economic growth in upcoming time.

4:02So, they really need a lot of FDI. And

4:05when foreign investors come to Vietnam,

4:07the first thing they want to care about

4:09the investment business environment. The

4:11second is about the certainty in terms

4:14of legal policies. And the third one is

4:17about the dispute resolutions where

4:19doing business. And number two is about

4:22potential project investment roadmap

4:25forum. The leader of the locality should

4:28go overseas to attend international

4:30forum to discuss about which products or

4:33services that they can offer. And the

4:35third is money or capital. The locality

4:39should have some support scheme for SMEs

4:41to access capital.

4:44So, looking ahead, how might this

4:46National Assembly initiative of

4:48locality-specific

4:50GRDP targets influence Vietnam's overall

4:53ambition for 10% 10% plus annual GDP

4:57growth through 2030, particularly in a

5:00professional services sectors? So, as

5:03you know,

5:05I would like to say about yes, Vietnam

5:07is very ambitious. However, we have some

5:11foundation to achieve those targets. And

5:13also more in financial service, as you

5:15can hear that the international

5:16financial center in Ho Chi Minh City and

5:18Da Nang is a new driver of economic

5:21growth. And for example, in Da Nang,

5:23they will target innovation and

5:25semiconductor like manufacturing and AI

5:28adoption. In Ho Chi Minh City, they will

5:31they will continue to focus on the

5:33traditional and complex of course

5:36complex financial products. And in

5:38coastal provinces, it's a good for

5:41investing

5:42about renewable energy.

5:45And also, you can see here you can see

5:47that Vietnam is pushing for digital

5:49transformation, uh building the data

5:51center. So, I I certainly see all the

5:55IT or cybersecurity are extremely

5:58important to run to run this well and

6:01safely. So, that means that my son of

6:04the professional services develop a lot.

6:07Well, thank you very much for joining

6:08us. That was our discussion with Dr.

6:11Economist Le Hong Vu.

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Việt Nam sets local GRDP growth targets | Vietnam Today