Vietnam targets double-digit growth as trade tops $1 trillion

Ha Tinh and Quang Ninh lead national economic growth

Ha Tinh Province recorded the second-highest growth rate in Vietnam at 12.36% for the same period.

Industrial production in Ha Tinh rose more than 56% year-on-year and over 40% during the first nine months of 2026. This growth relied on the stable operation of major industrial projects and the recovery of key facilities.

VinFast began manufacturing electric motorbikes in April 2026 and expanded its electric vehicle offerings.

Thanh Hoa unlocks investment through administrative reforms

Thanh Hoa Province recorded 10.49% GRDP growth in the third quarter of 2026. The province increased construction material supplies and resolved project obstacles to achieve this growth.

In late July 2026, the province issued Directive No. 12/CT-UBND to improve policy advice quality, reduce unnecessary meetings, and encourage direct grassroots problem-solving. Thanh Hoa successfully removed obstacles for 287 out of over 300 long-stalled projects.

38 new factories and production facilities began operations with a combined investment of 33.66 trillion VND. National Assembly Vice Chairman Nguyen Doan Anh said the province’s efforts to standardize administrative procedures and address bottlenecks led to positive economic changes.

Ha Noi and Ho Chi Minh City drive for year-end expansion

Ha Noi and Ho Chi Minh City are committed to achieving double-digit growth in 2026 to support national economic stability.

To reach an 11% full-year growth target, Ha Noi is prioritizing public investment and utilizing Capital Law mechanisms to attract non-state investment. The city is also increasing production in electronics, metals, and electrical equipment.

Nguyen Van Duoc, Chairman of the Ho Chi Minh City People’s Committee, said the city is leveraging the Urban Development Law. Ho Chi Minh City is developing new growth drivers, including an international financial center, a seaport and logistics system, and innovation in green and digital transformation.

The city is developing smart and ecological industrial parks and clusters.

Twenty-two provinces struggle to meet economic targets

Son La Province recorded 5.59% GRDP growth during this period, falling short of its 7% target.

Nguyen Dinh Viet, Chairman of the Son La Provincial People’s Committee, said the local economy relies heavily on electricity generation. Electricity accounts for over 18% of the province’s GRDP and nearly 65% of its industry and construction sector.

Son La experienced a decline in electricity output of over 700 million kWh in the second quarter of 2026 due to weather conditions. Third-quarter production growth in the province was limited to 5.58%. To reach an overall annual growth target of 8%, Son La aims for more than 13.8% GRDP growth in the fourth quarter of 2026.

Lang Son and Ca Mau address infrastructure and production bottlenecks

Lang Son recorded 7.52% GRDP growth through the third quarter of 2026. Its industry and construction sector missed its growth target by 9.01 percentage points.

Industrial production in Lang Son grew 6.7% during the first nine months of 2026. This performance fell 15.12 percentage points short of expectations because the Na Duong Thermal Power Plant suspended operations for technical upgrades. The province aims to begin commercial operations at the Na Duong II Thermal Power Plant in December 2026 to stimulate economic growth.

Ca Mau recorded 7.37% GRDP growth during the first nine months of 2026. Transport infrastructure bottlenecks and weak logistics connectivity hampered this growth. By the end of September 2026, public investment disbursement in Ca Mau reached 5.165 trillion VND, or approximately 50% of the planned amount.

Lu Quang Ngoi, Chairman of the Provincial People’s Committee, directed local authorities and investors to resolve these obstacles and expedite project implementation. The province is promoting advanced processing and integrated fisheries value chains with international certification and aquaculture identification codes. It is also removing barriers for renewable energy, seaports, logistics, and transport infrastructure projects.

National momentum and administrative improvements

The Vietnamese economy gained momentum during the third quarter of 2026. Many localities achieved their highest growth levels of the year during this period.

Construction continues on the Tran Hung Dao Bridge in Ha Noi, with a completion goal set for the second quarter of 2027.

The Vietnamese commodity market currently suffers from fragmented trading and a lack of centralized, transparent platforms to connect buyers and sellers. Customs controls are being improved through the application of risk management to reduce time and costs for businesses.