VOV.VN - Vietnam's economy continued to demonstrate resilience and positive growth momentum during the past five months of 2026 despite ongoing uncertainty in the global economy.
Rising external and domestic pressures, however, are posing growing challenges to the country’s development and growth targets.
At the Government’s regular meeting for May 2026, Cabinet members said socio-economic performance continued to deliver positive results while macroeconomic stability was broadly maintained.
According to the Ministry of Finance, key economic indicators improved further during the reviewed period . Industrial production rose by more than 9%, the highest level for the period since 2021. Retail sales of goods and consumer service revenue increased by more than 11%, while international arrivals reached nearly 11 million, up almost 15% year-on-year.
Total trade turnover hit a record US$445.12 billion from January to May, up 25% from a year earlier. Foreign direct investment (FDI) maintained a positive trajectory, with registered capital exceeding US$24 billion, up 33.4%, while disbursed FDI reached US$9.75 billion, an increase of 9.6%.
Manufacturing activity also showed signs of improvement. According to S&P Global, Vietnam’s Manufacturing Purchasing Managers’ Index (PMI) rose to 52.8 in May from 50.5 in April, showing a notable recovery in new orders after a slight decline the previous month.
The World Bank (WB) described Vietnam’s economy as demonstrating considerable resilience amid continued global uncertainty. According to the WB, exports and investment remain the country’s main growth drivers, while an ongoing comprehensive reform programme and the most extensive administrative restructuring since the Doi Moi (Renewal) process are helping strengthen economic resilience.
Despite these positive developments, the national economy continues to face external pressures, particularly tensions in the Middle East and broader geopolitical uncertainties. Inflationary pressure also remains, with average consumer price inflation rising 4.31% in the first five months, close to the full-year target of around 4.5%.
Several sectors are facing challenges. Industrial growth in many localities remains below target, while consumer demand, excluding price factors, has grown more slowly than in the same period last year. Although exports remain on a growth trajectory, several key export categories produced by domestic enterprises have recorded weak growth or declines. Vietnam posted a trade deficit of US$5.21 billion in May, bringing the five-month deficit to US$13.81 billion.
Public investment, one of the economy’s key growth drivers, has yet to meet expectations. By the end of May, public investment disbursement had reached about 21.6% of the annual plan, while several ministries, agencies and localities continued to report very low disbursement rates or had yet to disburse any funds.
These challenges are adding pressure to growth prospects. According to the Ministry of Finance, 26 of the country’s 34 localities are expected to fall short of their growth targets this year, including several major economic centres.
In this context, the Ministry of Finance has proposed maintaining the goal of achieving double-digit growth while closely monitoring inflation and safeguarding macroeconomic stability. The proposal is in line with the Party Central Committee’s direction to overcome the challenges of 2026 and create momentum for stronger development during the 2027-2030 period.
At a recent cabinet meeting, PM Le Minh Hung called on ministries, sectors and localities to step up efforts to ensure the achievement of the double-digit growth target.
Proposed measures include continued fiscal support for businesses and households, faster public investment disbursement, particularly for key projects, stable interest rates and liquidity, and stronger efforts to support production, business activity, trade and new growth drivers.
According to Mariam J. Sherman, World Bank Country Director for Vietnam, Cambodia and Laos, effective implementation of reforms could create a virtuous cycle of investor confidence, private investment, economic growth and economic resilience. She said this provides an important foundation for Vietnam to move closer to its goal of becoming a high-income country in the future.
VOV.VN - Stimulating domestic consumption is becoming a key factor in achieving Vietnam’s double-digit economic growth target in 2026, alongside production and exports.
VOV.VN - The targets set for the first half and the whole of 2026 are particularly demanding and will require strong determination and major efforts to achieve double-digit economic growth, Prime Minister Le Minh Hung has emphasized.
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