Maximising the potential of growth drivers

Momentum from localities

At a nationwide conference reviewing the implementation of financial and budgetary, investment, and socio-economic development tasks in the first half of the year and outlining priorities for the second half of 2026, Deputy Director of the Ho Chi Minh City Department of Finance Truong Tan Vu stated that the city aims to attract around 11 billion USD in foreign investment this year.

In the first half of the year, the city achieved more than 68% of the target, attracting nearly 7.5 billion USD. In the remaining months, it will make a decisive shift from attracting investment based on quantity to focusing on quality, with priority given to multinational corporations and investment funds in high technology, semiconductors, artificial intelligence, international finance, logistics, and biotechnology.

As part of efforts to attract new foreign investment flows, Truong Tan Vu proposed that the Ministry of Finance explore avenues to upgrade, improve, and synchronise the national foreign investment information system on a shared digital platform, while gradually connecting its data with systems for business registration, taxation, customs, planning, land and labour.

This would serve to standardise the handling of dossiers, facilitate investment, and improve the effectiveness of oversight throughout the entire life cycle of foreign-invested projects in Viet Nam.

Regarding Da Nang City, Director of the municipal Department of Finance Tran Thi Thanh Tam noted that the central coastal city has approved the investment policies for four projects in the free trade zone, covering more than 1,000ha, and is preparing to expand the zone southwards to connect it with the airport and expressway network.

Da Nang proposed that the Ministry of Finance continue supporting the locality in developing new mechanisms for decentralising revenue sources and expenditure responsibilities.

It also called for guidance on solutions to dismantle barriers hindering the disbursement of public investment capital and investment under the public-private partnership model, particularly in bringing the International Financial Centre and Free Trade Zone into operation to unlock new growth drivers.

The GRDP growth of localities has a direct and decisive impact on national GDP growth. While Ho Chi Minh City is the country’s largest economic “locomotive”, serving as a pillar and driving force behind overall growth, Da Nang is striving to become a new growth pole for the country and the central and Central Highlands region.

Proposals from Ho Chi Minh City, Da Nang and other localities to eliminate challenges and bottlenecks in implementing financial and budgetary tasks, investment, and socio-economic development demonstrate their determination to coordinate closely with ministries and sectors, mobilise resources, and drive an economic breakthrough.

In response, Minister of Finance Ngo Van Tuan acknowledged the recommendations and assigned relevant units to advise local authorities on reviewing and adjusting growth scenarios based on the results of the first six months, while setting targets to fulfil the full-year growth objectives.

Fiscal policy supports growth

The Ministry of Finance’s proactive and flexible implementation of financial and budgetary tasks, together with its advice on socio-economic development, contributed significantly to the economy’s overall growth of 8.18% in the first six months of the year. One of the most notable achievements was institution building.

The Ministry of Finance issued or submitted to competent authorities more than 150 legal documents aimed at fundamentally removing bottlenecks, promptly meeting the requirements for implementing the Politburo’s breakthrough resolutions, establishing a legal framework for new economic models, and creating special mechanisms and policies for several key localities.

Another positive result was the continued proactive and flexible management of fiscal policy in close coordination with other macroeconomic policies, helping maintain macroeconomic stability, safeguard major economic balances, and create additional room for growth.

As of June 30, State budget revenue reached more than 1.56 quadrillion VND, equivalent to 62% of the estimate and up 17.4% year on year. Budget expenditure exceeded 1.14 quadrillion VND, equivalent to 36.4% of the estimate and up 0.1% from the same period.

Notably, alongside efforts to secure revenue, policies on tax and fee exemptions, reductions, and deferrals continued to be implemented. Despite these results, the financial sector still faces considerable difficulties and challenges.

Growth in the first six months was encouraging but fell short of the target, while growth drivers are facing new pressures and inflation has approached the target ceiling of 4.5%.

Minister of Finance Ngo Van Tuan directed the financial sector to focus on key and priority tasks in the final months of the year, including reviewing and updating growth scenarios for the remainder of 2026 and developing the 2027 plan, while continuing to improve institutions and turning them into a resource and driver of development.

The minister also stressed the need to strengthen strategic advisory capacity, accelerate reforms to the investment environment, and manage State budget revenue and expenditure in support of development.

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