CaliToday (30/10/2025): On the 10th day of its key legislative session, Vietnam's government faces intense debate over fiscal policy, balancing ambitious growth targets with economic stability.
Today marks the 10th working day of Vietnam's National Assembly session, and the focus has sharpened onto the nation's most critical topic: its economic and financial future. The legislative body is currently engaged in a high-stakes, dual-focused debate, meticulously reviewing the performance of the 2025 state budget while simultaneously charting the strategic course for the 2026 budget estimates.
This is not a simple accounting exercise. The discussions and decisions taking place in Hanoi will set the national priorities, allocate funding for massive infrastructure projects, and send a clear signal to international investors about Vietnam's fiscal discipline.
Part 1: The 2025 "Report Card"
The first half of the agenda is an exercise in accountability. Deputies are scrutinizing the government's implementation of the 2025 budget. This review goes far beyond just checking if the numbers add up. The key questions on the floor include:
Revenue Performance: Did the government meet its ambitious tax collection and revenue targets? How did domestic revenue fare compared to trade-related income?
Controlling the Deficit: How effectively was the budget deficit managed, especially in the face of global economic headwinds and any unpredicted domestic spending?
Public Investment: Was capital for public investment—a key driver of Vietnam's GDP growth—disbursed efficiently? This remains a persistent challenge, and the Assembly is demanding answers on bottlenecks.
Spending Efficiency: Were funds for social welfare, healthcare, and education spent wisely and in line with approved goals?
This review serves as the government's fiscal "report card" for 2025, and any perceived failures will face sharp questioning from Assembly deputies.
Part 2: The 2026 Strategic Blueprint
The second, more forward-looking, part of the debate centers on the 2026 budget estimates. This is where the battle over future priorities takes place. The government presents its plan, and the Assembly debates its feasibility and alignment with national strategy.
This blueprint must balance competing demands:
Fueling Growth vs. Inflation: How can Vietnam maintain its high-growth trajectory (traditionally targeting 6-7% GDP) without stoking inflation in a volatile global market?
Major Allocations: This budget will earmark funds for the next phase of critical projects, such as the North-South high-speed railway, new international airports, and vital climate change adaptation measures in the Mekong Delta.
Social Commitments: The budget must also fund significant national programs, including the country's comprehensive public-sector salary reform and essential social security nets.
Managing Public Debt: All new spending must be weighed against the national goal of keeping public debt within a safe, sustainable limit (typically below 60% of GDP).
Why This Debate Matters
For citizens, this debate determines funding for everything from local school upgrades to hospital equipment and rural infrastructure.
For international businesses and investors, this session is a crucial indicator of Vietnam's economic stability. A disciplined, transparent, and growth-oriented budget for 2026 will reinforce confidence in Vietnam as one of Asia's most dynamic and reliable manufacturing and investment hubs. The decisions made this week will directly shape the nation's economic trajectory for the next 12-18 months.