HCMC – By passing nine laws and five resolutions at its first session, the 16th National Assembly has established a new legal framework aimed at removing long-standing institutional bottlenecks.
The move is seen as key to unlocking financial resources and public investment, laying a solid foundation for the economy to attain double-digit growth in the 2026–2030 period.
The resolution adopted on April 24 goes beyond a routine closing document, serving as a five-year action plan for national finance and medium-term public investment. Lawmakers called for stricter fiscal discipline while allowing greater flexibility in managing public debt and budget deficits.
Unlocking these resources is expected to address the persistent mismatch between available capital and project readiness, accelerating key national infrastructure projects, widely seen as primary engines of economic growth. A major highlight of the session was the approval of amendments to four tax laws, covering personal income tax, value-added tax, corporate income tax and special consumption tax.
Under the new rules, the annual revenue threshold for tax exemption for household and individual businesses will be raised from VND100 million to VND1 billion. According to tax authorities, the change will exempt more than 2.5 million household businesses and around 235,800 small enterprises, with an estimated revenue loss of VND18.8 trillion. The measure is viewed as a reinvestment into the economy to support the private sector and broaden the future tax base.
Tax incentives for electric vehicles were also introduced to promote green energy infrastructure and modernize the national power grid. Alongside tax reforms, the five-year socioeconomic development plan for 2026–2030 sets an ambitious target of positioning Vietnam as a developing country with modern industry, upper-middle income status, and among the world’s top 30 economies.
The National Assembly called on the Government to align policy thinking and execution to achieve sustained double-digit growth, driven by more efficient supply chains and diversified capital flows.
To support this strategy, lawmakers approved the 2024 state budget final accounts, which showed solid performance with GDP growth of 7.09% and well-controlled inflation. In the coming years, fiscal space from public debt and deficits will be used more proactively to fund major projects. Plans to establish Dong Nai City as a centrally governed municipality since April 30 were also endorsed, aiming to create a new growth pole in southern Vietnam. The legislature also urged the Government to tighten fiscal discipline, cut recurrent spending, and prioritize development investment and wage reform.
