Ensuring fair distribution of fruits of growth

This principle has been identified as the foundation and guiding orientation for the country’s entire socio-economic development process in the new period. A Thoi Nay reporter interviewed Nguyen Thi Huong, Director General of the Statistics Office under the Ministry of Finance, to clarify this issue.

Q: Based on the latest statistical data just released, how do you assess Viet Nam’s socio-economic performance in the first quarter of 2026?

A: In the first quarter of 2026, GDP growth was estimated at 7.83% year on year. This is a positive result against a backdrop of global economic instability and rising risks. From the supply side, all three economic sectors recorded fairly strong growth: agriculture, forestry, and fisheries, which continue to serve as a pillar of the economy, expanded by 3.58%; industry and construction by 8.92%; and services by 8.18%. This shows that the economy is gradually recovering and maintaining a relatively stable growth momentum.

However, growth has not been even, with momentum concentrated in a number of key sectors, while several important sectors such as accommodation and food services; electricity, gas, hot water, steam, and air-conditioning supply; information and communications; and real estate business activities have yet to make a real breakthrough.

From the demand side, domestic consumption remained a bright spot, growing by 8.45% and playing an important role amid global volatility. External trade continued to be a major growth driver, with total import-export turnover rising sharply by 23%, including a 19.1% increase in merchandise exports and a 27% rise in imports. This reflects a recovery in demand for production inputs, but also suggests that domestic value addition remains limited and heavily dependent on imports.

In the social sphere, indicators on labour, employment, and average monthly income all improved year on year; the urban unemployment rate remained below 3%; and social security policies were implemented promptly and effectively by authorities at all levels and across sectors. The unemployment rate among the working-age population stood at 2.21%, almost unchanged from both the previous quarter and the same period last year.

Q: Against the growth scenario set out in the Government’s Resolution No. 01/NQ-CP, GDP growth of 7.83% in the first quarter of 2026 fell well short of the target. In your view, what is the biggest challenge to sustaining growth over the remaining three quarters?

A: GDP growth of 7.83% in the first quarter of 2026 was a fairly strong result in the context of the global economy, but it was still around 1.3 percentage points lower than the scenario set out in Resolution No. 01/NQ-CP, which projected 9.1%. This gap is placing significant pressure on economic management in the remaining nine months, as growth in the following quarters will need to be much higher, at 10.5% or above, to ensure the full-year target is achieved.

The biggest challenge lies in the high level of uncertainty in the international economic environment, while domestic growth drivers have yet to recover strongly or evenly enough. The room for macroeconomic policy management is gradually narrowing. Inflation risks remain, along with mounting pressure on macroeconomic management as input prices for raw materials and fuel fluctuate sharply. There is also pressure in balancing inflation control with the need to maintain national financial security.

Q: Instability in the Middle East is creating tremendous pressure on inflation and domestic production costs, and its impact on the Vietnamese economy is forecast to become even more negative in the second quarter if the conflict continues to escalate. What recommendations does the Statistics Office have regarding price management and inflation control in the period ahead?

A: The consumer price index in the first quarter of 2026 rose by 3.51% year on year. The main reason was the sharp increase in domestic petrol prices due to the military conflict in the Middle East. Sectors most heavily affected include transport, manufacturing, and services. In practice, higher transport costs have pushed up logistics and freight charges, while also affecting food service prices and many other groups of goods.

To keep inflation under control in 2026, we have recommended that the Steering Committee for Price Management lead the preparation and submission of plans for adjusting prices of essential goods, with specific increases and timelines, as a basis for deciding on appropriate, proactive, coordinated, and consistent price adjustments for State-managed goods and services in line with the inflation target.

As for the government, ministries, sectors, and localities need to closely monitor global price and inflation developments, promptly warn of risks that may affect prices, and take suitable response measures to ensure supply and stabilise domestic prices. Monetary policy should continue to be managed proactively, flexibly, and prudently, in close coordination with fiscal policy and other macroeconomic measures, in order to keep inflation within the target range.

Alongside ensuring the smooth supply, circulation, and distribution of goods and services, it is also necessary to proactively diversify and seek alternative sources of supply from different markets, particularly for petrol. Ministries, sectors, and localities need to closely track price movements of essential goods, actively secure supply, control transport costs and other price-forming factors, and prevent unreasonable price increases, thereby helping to stabilise the overall price level and support the inflation control objective.

Q: At the second plenum of the 14th Party Central Committee, General Secretary and State President To Lam stressed that high economic growth must serve the interests of the people, improve their material and spiritual well-being, and ensure social equity. In light of the new challenges facing the country’s socio-economic development tasks in 2026, how do you view this issue?

A: The General Secretary and State President’s requirement is a core principle guiding the country’s entire process of economic and social development in the new period.

Growth only has meaning when people’s real incomes improve, sustainable jobs are created, and access to essential services such as healthcare, education, and housing is enhanced. This shows that policy management must not focus solely on achieving a high GDP figure, but must also ensure the fair distribution of the fruits of growth, narrow regional disparities, support vulnerable groups, and leave no one behind.

In broad terms, this means that in 2026, economic growth must be directly tied to improving people’s lives by safeguarding and raising incomes, welfare, and fairness in both opportunity and benefit-sharing. Only then can growth become a driver for improving quality of life and strengthening the foundation for the country’s sustainable development. The need to maintain high growth while also improving living standards, controlling inflation, narrowing inequality, and protecting the environment requires governance and policy management to be more synchronised, flexible, and effective.

Reporter: Thank you very much.