National Assembly discusses 2026 socio-economic development plan

The National Assembly (NA) on October 29 devoted the entire day to assessing the implementation of the 2025 socio-economic development plan, outlining the plan for 2026, and reviewing the implementation of the National Assembly’s resolutions on the 2021 2025 five-year plans for socio-economic development and economic restructuring.

For the 2026 socio-economic development plan, the Government has set 15 key targets. Among them, gross domestic product (GDP) growth is expected to reach at least 10%, per capita GDP at between 5,400 and 5,500 USD, the average consumer price index (CPI) expand about 4.5%; average labour productivity increase by around 8%; and the multidimensional household poverty rate fall by 1 1.5%.

To achieve these targets, the Government will continue to prioritise promoting growth in tandem with maintaining macroeconomic stability, controlling inflation, and ensuring major economic balances. Efforts will also focus on managing public debt and the state budget deficit within the prescribed limits, building and perfecting a comprehensive institutional frameworks for development, further streamlining the State administrative apparatus, promoting cultural development, ensuring social welfare, and improving people’s living standards.

In its verification report on the implementation of the NA’s resolution on the 2021 2025 economic restructuring plan, the NA’s Committee for Economic and Financial Affairs assessed that the five key restructuring tasks for the 2021 2025 period have achieved positive and more comprehensive results compared with the previous phase.

Public investment has played a leading role, with the number of projects funded by the central budget down from about 11,000 to under 5,000 during 2021 2025. Disbursement progress has improved markedly, averaging 94.3% of the plan, with many long-delayed projects resolved. The state budget remains stable and secure, public debt is maintained at around 35 36% of GDP, and the bad debt ratio in the credit system is kept below 2%. The economic structure has shifted positively, with industry and services accounting for over 80% of GDP, the digital economy making up nearly 14%, renewable energy contributing 15% of electricity output, and agriculture continuing to serve as a key pillar.

However, the committee noted that certain shortcomings remain in the 2021 2025 economic restructuring process. It proposed that the Government conduct a thorough assessment to identify the causes and impacts of these limitations on the overall effectiveness of the plan, thereby drawing lessons and shaping directions for the next phase.

The same day, the NA will also discuss reports by the Government, the Chief Justice of the Supreme People's Court, and the Prosecutor General of the Supreme People's Procuracy on the promulgation of documents affecting the issues under the NA's authority to address issues arising during the reorganisation of the State administrative apparatus, the promotion of decentralisation and delegation of power, and the removal of legal bottlenecks.

Lawmakers will also examine reports by the three bodies on the enforcement of the Constitution, laws, and resolutions of the NA, as well as ordinances and resolutions of NA Standing Committee in 2025.

The October 29 sitting, part of the NA's ongoing 10th session, is broadcast live via radio and television./.