Proactively responding to global volatility, safeguarding growth targets

Amid mounting global volatility, the Prime Minister called for flexible policy scenarios and breakthrough measures to secure growth of 10% or higher in 2026.

On March 4, Prime Minister Pham Minh Chinh chaired the Government’s regular meeting for February 2026, held online with local authorities nationwide, the Cabinet’s first session following the Lunar New Year 2026.

Speaking at the opening, Prime Minister Pham Minh Chinh underscored that in February 2026, the global situation evolved rapidly, in a complex and unpredictable manner. Notably, the US introduced new tariff policies, while military conflict in the Middle East disrupted global maritime and aviation transport, affecting supply chains and driving up oil and LNG prices.

Domestically, ministries, sectors and localities have actively implemented the Resolution of the 14th National Congress and thematic resolutions of the Politburo. Citizens celebrated the Lunar New Year in a joyful, warm and safe atmosphere. Immediately after the holiday, the country resumed socio-economic development tasks, prepared for elections to the National Assembly and People’s Councils at all levels, and responded promptly to unfolding global developments.

According to the Prime Minister, thanks to the decisive engagement of the entire political system, the public and the business community, socio-economic conditions in February and the two months of 2026 continued to show a very positive trajectory, achieving important results across multiple sectors.

However, the economy still faces shortcomings and significant challenges, including mounting pressure on macroeconomic management, inflation, exchange rates and interest rates. Gold and silver prices have fluctuated sharply. The capital required to support a 10% growth target is substantial, while production and business activities in certain sectors remain difficult. Administrative procedures, he noted, remain cumbersome.

The Prime Minister requested that Cabinet members and delegates focus their discussions on the socio-economic situation in the first two months of 2026 and identify key priorities for the period ahead. Participants were urged to analyze noteworthy aspects of the domestic and international context and the Government’s direction and administration in February and the early months of the year; assess the timeliness, flexibility and effectiveness of policy responses to new global developments; evaluate socio-economic outcomes; and identify major bottlenecks and challenges requiring resolution.

He also called for assessments of the international outlook in the coming period, including positive and negative factors, and for the formulation of appropriate policy options and management scenarios to ensure proactive responses and avoid being caught off guard. In parallel, ministries and agencies were tasked with reviewing the implementation and concretization of the Resolution of the 14th National Party Congress and thematic resolutions of the Politburo.

Prime Minister Pham Minh Chinh further urged delegates to propose key tasks and breakthrough solutions for March, the first quarter and the remainder of the year, particularly measures to fulfill the growth target of 10% or higher, along with other objectives and indicators. He emphasized accelerating public investment disbursement, mobilizing social resources, and advancing development across culture, social affairs, environment, national defense, security and foreign affairs.

Phuong Trang (VEN)