Vietnam's PM Proposes Early Base Salary Hike to Boost 2026 Growth
The government has made significant strides in economic development and resolution of pending projects. Prime Minister Phạm Minh Chính has proposed an earlier base salary increase, aiming to boost growth and improve living standards.
The government has classified nearly 3,000 pending projects, with over 2,000 under its direct authority. Around 500-600 require reporting to higher-level authorities. The government has resolved 12 long-struggling loss-making projects, turning them profitable and efficient.
The economy has shown remarkable resilience, maintaining growth and key economic balances despite external shocks. Over the past five years, Vietnam has maintained macroeconomic stability and kept inflation under control. The labor market has adapted well to structural shifts, and public debt has fallen. The government aims for at least 8 percent growth in 2026, with double-digit expansion planned for the following period.
Prime Minister Phạm Minh Chính has proposed moving up the base salary rise from July 2026 to January 1, 2026, to further stimulate the economy. The government is reviewing this proposal and aims to consider the earlier timeline. The National Assembly and the government have addressed numerous institutional bottlenecks for public investment, contributing to Vietnam's economic progress and a climbing happiness index.
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