HÀ NỘI – Việt Nam’s economy recorded several important milestones in the first 10 months of 2026, with total trade surpassing $1 trillion for the first time, while industrial production and foreign direct investment (FDI) continued to grow.

According to the Ministry of Industry and Trade, total trade value was estimated at $1.01 trillion, up 32.3 per cent year on year. Exports reached an estimated $499 billion, representing a 27.4 per cent increase.

Commenting on this milestone, Dr. Nguyễn Quốc Việt, head of the macroeconomic research group at the University of Economics under Việt Nam National University, Hà Nội, said it reflected the country's long-term efforts to open up its economy, deepen international integration and strengthen domestic production capacity.

When Việt Nam joined the World Trade Organisation (WTO) in 2007, its total trade turnover only exceeded $100 billion. Nearly two decades later, the figure has increased tenfold, demonstrating the country's growing role in global production networks and supply chains, he noted.

Foreign investment attraction also remained positive. According to Assoc. Prof. Dr. Bùi Quang Tuấn, Vice Chairman of the Việt Nam Economic Science Association, registered FDI reached $50.36 billion, up 76.4 per cent, while disbursed capital totalled $21.07 billion, up 12.1 per cent year on year.

FDI inflows continued to support the expansion of production capacity and exports, particularly in processing and manufacturing, electronics and technology, he said.

Alongside these positive macroeconomic developments, domestic businesses have been making efforts to innovate production, expand markets and achieve double-digit growth, contributing to the country's overall economic targets.

Tuấn said the global economy in late 2026 and 2027 would continue to face various uncertainties, particularly geopolitical conflicts, oil prices, international financial conditions and the technology investment cycle.

Global economic growth in 2026 is forecast at 3.1 per cent, down from 3.5 per cent in 2025. Inflationary pressures, energy prices and financial costs are also expected to continue affecting production and trade.

For Việt Nam, these factors could push up the costs of imported materials, transportation and production, putting pressure on businesses' ability to maintain export orders.

Speaking at a recent economic forum organised by the Việt Nam Chamber of Commerce and Industry (VCCI), Dr. Nguyễn Đức Hiển, Vice Chairman of the Party Central Committee's Commission for Policy and Strategy, stressed the need to maintain macroeconomic stability, control inflation and ensure major economic balances to achieve double-digit growth.

He also called for continued support for production and business activities and more effective mobilisation of resources for development. Growth measures should go hand in hand with improving businesses' ability to respond to fluctuations in exchange rates, interest rates, energy prices and international markets, he said.

Addressing the second session of the 16th National Assembly on October 31, Deputy Prime Minister Nguyễn Văn Thắng said that to achieve the full-year GDP growth target of 10 per cent, the economy would need to expand by around 12.5 per cent in the fourth quarter.

He described this as a major challenge but said it was not beyond reach, given the economy's remaining growth potential and available resources.

From November 1, 2026, several policies aimed at reducing energy costs officially took effect to support production and business activities and help maintain macroeconomic stability.

Việt Nam Electricity (EVN) adjusted its average retail electricity price down by 2 per cent to VNĐ2,159.9 per kWh, excluding value-added tax (VAT). The Ministry of Industry and Trade also issued Decision 2892/QĐ-BCT on October 31, setting electricity prices applicable from November 1.

From the same date, the special consumption tax rate on petrol was reduced to zero under the Government's Resolution 45/2026/NQ-CP, which will remain in effect until March 31, 2027.

In addition, the 2 per cent VAT reduction policy will continue until the end of 2026 for eligible goods and services.

The electricity price adjustment, petrol tax cut and continued VAT reduction are expected to ease production and transportation costs, improve business competitiveness and create more room for companies to expand their operations.

According to Deputy PM Thắng, the petrol tax reduction and electricity price adjustments are expected to provide an additional 0.07 percentage points of room for inflation control.

Alongside these cost-cutting measures, the Government will continue addressing obstacles related to institutions, land, investment procedures, capital and markets, while accelerating eligible projects so they can enter production and business operations at an early date, he said.

Public investment disbursement has also been identified as a key priority. Estimates show that full disbursement of the allocated public investment plan could contribute around 2.5 percentage points to fourth-quarter growth and 1.7 percentage points to full-year economic growth, he noted. VNA/VNS