Prime Minister Lê Minh Hưng on Wednesday told the industrial and trade sector to take the lead in addressing existing problems and to promote production and business activities, as the sector plays a key role in helping the country meet its double-digit growth target.

Speaking at a working meeting with the Ministry of Industry and Trade (MoIT) on the progress of implementing assigned tasks for 2026, the PM said that rapid, complicated and unpredictable changes are expected to continue worldwide, directly affecting the nation’s socio-economic development goals and the sector’s tasks.

The MoIT is facing many challenges, including a potential decline in global economic growth, pressure from technical barriers and trade protection measures in other countries, and international geopolitical tensions.

Other issues include the need to ensure national energy security and internal challenges regarding production capacity, as well as institutional and administrative barriers.

Meeting these requirements, especially the goal of sustainable double-digit growth, will be a tough task for the ministry.

“Achieving the set targets, including double-digit growth, depends heavily on the quality and efficiency of the industry and trade sector’s performance. The MoIT must shoulder the central task, take the lead in addressing existing problems, and promote production and business activities to achieve the set targets,” Hưng noted.

As for key responsibilities, the PM said the ministry should urgently implement plans to promote the areas under its management, including energy, petroleum, science and technology, innovation, exports and domestic markets.

Specifically, he asked the MoIT to focus on building and refining the institutional framework, and to quickly submitting and issuing guiding documents, avoiding delays and backlogs.

Draft laws amending a number of articles of the Law on Petroleum, the Law on Commerce, the Law on Electricity and the Law on Derivatives of Commodity Transactions must be submitted to the second session of the 16th National Assembly, Hưng said.

As the Government has issued Resolution 82/NQ-CP approving policies in the Law on Key Industries, the PM asked the MoIT to quickly complete the draft law for submission to the National Assembly for approval at its second session.

The PM also instructed the MoIT to coordinate with other relevant ministries to review and streamline regulations on its functions and tasks. This would ultimately help define the authority of ministries and central agencies and avoid overlapping responsibilities, especially in the management and exploitation of minerals, industrial parks, export processing zones and State-owned enterprises in the industrial and trade sector.

Directives from the Government Standing Committee on decentralisation should be implemented along with the reduction and simplification of administrative procedures and business conditions.

The MoIT must also ensure energy security and prevent electricity and fuel shortages under all circumstances.

It needs to urgently review and update the Power Development Plan VIII, develop a plan to restructure the fuel distribution system towards reducing intermediaries and costs, begin construction of national fuel reserves and accelerate the use of E10 gasoline, the PM noted.

To help establish a new growth model, the MoIT must also accelerate the restructuring of industrial and supply chains, promote in-depth industrial production and enhance domestic production self-reliance.

At the same time, it needs to improve the efficiency of import and export activities, diversify export markets, carefully prepare for negotiations on reciprocal tariffs with the US, optimise and effectively utilise signed FTAs and negotiate new FTAs.

The PM also asked the MoIT to digitise and modernise the domestic distribution system and stimulate domestic consumption. BIZHUB/VNS

FDI capital in Việt Nam is expected to continue growing positively, potentially reaching US$38-40 billion annually during the next five years, honorary chairman of the Vietnam Association of Foreign Investment Enterprises Associate Professor Dr Nguyễn Mại said.

According to Mại, the wave of foreign investment continues to be strengthened by traditional giants like Samsung, LG, Sumitomo and Mitsubishi, as well as emerging high-tech corporations such as Microsoft and Nvidia, with large-scale projects worth billions of US dollars.

Aside from the increase in the number and value of FDI projects, new capital flows into Việt Nam are also expected to have high technological content, contributing to the transformation of the country’s growth model.

The ‘eagle nesting’ trend is predicted to become more pronounced, as more and more large multinational corporations choose Việt Nam as a strategic investment destination.

Việt Nam is an attractive destination in a world of significant changes due to geopolitical conflicts, supply chain disruptions and increasing protectionist trends. The country has a stable political and economic foundation, along with a market size of over 100 million people.

Foreign investors also value the Vietnamese Government’s efforts to improve institutions, investment incentives and administrative procedures towards transparency and efficiency, shortening processing times and reducing costs for businesses.

“The development of a ‘constructive government’ model, promoting e-government and digital government, also contributes to improving the quality of governance and creating a more favourable and attractive investment environment for both domestic and foreign investors,” Mại said.

Việt Nam’s advantages also stem from its extensive participation in free trade agreements with the European Union, the US and many major partners, as well as the establishment of comprehensive strategic partnerships with dozens of important countries.

As a result, Việt Nam’s position on the international stage is increasingly enhanced, with trade volume exceeding $800 billion in 2025 and expected to potentially reach $1 trillion in the near future.

The Southeast Asian nation’s positive macroeconomic indicators also contribute to increasing investment attractiveness. These include per capita income exceeding $5,000 and GDP reaching approximately $520 billion, ranking Việt Nam 33rd in the world.

According to Dr Trần Toàn Thắng, head of the International and Integration Policy Department at the Institute of Economic and Financial Strategy and Policy, many multinational corporations are accelerating investment restructuring under the impact of global uncertainties. Việt Nam is thus seen as sending positive signals regarding its investment environment at the right time to welcome a wave of capital relocation.

Changes in the administrative apparatus towards streamlining are especially expected to open up new development space and improve management efficiency and national competitiveness, which will help increase the interest of foreign investors in the country.

“With favourable factors emerging, the FDI capital flow into Việt Nam this year is expected to increase by approximately $1-2 billion compared to 2025, reaching up to $29 billion,” Thắng predicted.

To effectively capitalise on this opportunity, Việt Nam will prioritise attracting investment in key sectors, such as semiconductors and high technology, green transportation, digital infrastructure and AI, fintech and renewable energy.

These sectors are considered pillars that will help the country participate more deeply in the global value chain and anticipate new development trends in the global economy.

However, amid increasingly fierce competition to attract FDI, Việt Nam needed to upgrade its investment attraction platform instead of continuing to rely on cost incentives, Thắng noted.

Specifically, the country needed to shift rapidly towards forms of non-taxable investment support, while designing conditional incentives linked to the country’s selective FDI attraction strategy.

The focus should be on further simplifying investment procedures, increasing policy transparency, ensuring long-term legal stability and strengthening intellectual property protection, Thắng said. BIZHUB/VNS