The meeting also reviewed the government’s leadership and governance performance, the progress of administrative reform, the implementation of the two-tier local government model, and proposed temporary housing policies to resolve difficulties arising from land reclamation for public projects.

Participants included members of the Politburo, Secretariat, and Central Committee; Deputy Prime Ministers; government members; and senior officials from central agencies, the National Assembly, and state-owned economic groups.

Opening the session, PM Chinh emphasized the limited time left in 2025, noting the increasingly complex and unpredictable global environment. Challenges include strategic competition, persistent global economic and trade difficulties, and uneven progress in taming inflation worldwide.

Domestically, major political events have taken place, such as the 14th Plenum of the Party Central Committee and the 10th session of the 15th National Assembly. The country is making its strongest push to achieve its socio-economic goals for 2025 and the 2021–2025 term. This includes implementing key strategic resolutions from the Politburo, operating the two-tier local government system, and responding to natural disasters.

Despite global turbulence, Vietnam’s economy continues to show a positive trajectory.

Thanks to the unified efforts of the entire political system and the public - under the direct leadership of the Party, led by General Secretary To Lam - the country recorded steady improvement, with each month surpassing the last and most indicators in the first 11 months exceeding the same period in 2024.

Macroeconomic stability has been maintained, inflation is under control, growth drivers have been boosted, and major economic balances are secure. There have been no power shortages, and food supplies have remained stable even during storms and floods. Cultural and social issues received attention, social welfare was ensured, and people's living standards improved. Political and social stability has been maintained, national defense and security strengthened, and international integration deepened.

However, the PM also acknowledged ongoing challenges, including inflationary pressure, exchange rate volatility, and underwhelming public investment disbursement - partly due to prolonged rainfall and storms affecting businesses and residents. Gold prices and the US dollar remain high, and the operation of the two-tier local government system still faces issues.

PM Chinh asked participants to focus their discussions on governance at all levels, highlight key achievements and lingering obstacles, and identify lessons learned.

He stressed the need for bold, sector-specific solutions to reach the 8% growth target. Priority areas include boosting exports, accelerating public investment disbursement, driving industrial - especially manufacturing - growth, and stimulating domestic consumption. Social security, welfare, affordable housing, and post-disaster recovery also remain high on the agenda.

The cabinet acknowledged that despite historic levels of storm damage and unpredictable weather across central Vietnam, the economy still made notable gains across the board.

This success was attributed to the decisive and unified leadership of the Party Central Committee - particularly the Politburo and Secretariat, led by General Secretary To Lam - as well as close coordination with the National Assembly and other institutions, the solidarity of citizens and businesses, and international support.

The government has been proactive in addressing disaster situations, offering timely and effective relief, and stabilizing the lives of affected communities.

In the past 11 months, the government and PM have issued 366 legal documents and over 6,500 directives and policies. More than 2,600 meetings, site visits, and working sessions have been conducted. These efforts helped ensure continued economic and social progress compared to both the previous month and the same period last year.

Key highlights:

Macroeconomic stability: Inflation is under control, and major economic indicators remain balanced.

CPI: Average consumer prices rose 3.3% year-on-year.

State revenue: Estimated at nearly VND 2.4 quadrillion (approx. USD 98.5 billion), or 121.9% of the target, despite tax cuts and deferrals of over VND 239 trillion.

Trade: Total import-export turnover reached USD 840 billion, up 17.2% year-on-year. Vietnam recorded a trade surplus of over USD 20.5 billion.

Public investment disbursement: Estimated at VND 553.25 trillion, or 60.6% of the annual target - 2.4 percentage points and VND 155.7 trillion higher than last year.

FDI: Newly registered foreign direct investment hit USD 33.7 billion, up 7.4%, with USD 23.6 billion disbursed, up 8.9%.

Several provinces achieved GRDP growth above 8%, with six exceeding 10%: Quang Ninh, Hai Phong, Ninh Binh, Phu Tho, Bac Ninh, and Quang Ngai.

National infrastructure projects - particularly in transportation and energy - have been fast-tracked.

Global organizations continue to provide optimistic assessments and forecasts for Vietnam’s economic outlook.

In terms of social welfare, nearly VND 6.8 trillion (approx. USD 279 million) from the central budget’s contingency fund has been allocated to support localities. The government also launched the National Housing Fund to promote the development of affordable housing.

Responding to extreme weather events and widespread flooding, the PM launched the “Quang Trung Campaign,” mobilizing nationwide resources to swiftly rebuild and repair homes for displaced families.

The government has also prioritized public health, education, and cultural development, alongside institutional reforms and digital transformation.

Military and security efforts have been reinforced. Sovereignty and national independence remain protected. Public order and safety are assured, and anti-crime, anti-smuggling, and anti-corruption initiatives have intensified.

TTXVN