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Vietnam Puts Inflation Control First as CPI Reaches 4.57%
Prime Minister Lê Minh Hưng made inflation control the government’s top priority for the final two months of 2026 while maintaining its double digit growth goal. October CPI rose 0.20% month on month and 5.09% year on year; higher domestic fuel prices were a main monthly driver.
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- Prime Minister Lê Minh Hưng made inflation control the government’s top priority for the final two months of 2026 while maintaining its double digit growth goal.
- October CPI rose 0.20% month on month and 5.09% year on year; higher domestic fuel prices were a main monthly driver.
- The first 10 months also brought $1.01 trillion in goods trade, up 32.3% year on year, alongside strong industrial production and retail sales.
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openai.comCreate a landscape editorial hero image for this Studio Global article: At Vietnam’s regular monthly government meeting on November 4, 2026, how did Prime Minister Le Minh Hung prioritize inflation control for th. Article summary: Prime Minister Lê Minh Hưng made inflation control the top priority for the remaining two months of 2026, stressing that rapid growth would not benefit ordinary people unless prices remained stable and directing ministri. Topic tags: general, general web. Style: premium digital editorial illustration, source-backed research mood, clean composition, high detail, modern web publication hero. Use reference image context only for broad subject, composition, and topical grounding; do not copy the exact image. Avoid: logos, brand marks, copyrighted characters, real person likenesses, fake screenshots, UI text, readable text, watermarks, charts with fake numbers, clic
At the Government’s November 4, 2026 meeting, Prime Minister Lê Minh Hưng put inflation control first for the year’s final two months, while reaffirming the goals of double-digit growth and macroeconomic stability. His message came as average consumer-price inflation for January–October had reached 4.57%, above the roughly 4.5% full-year target. 11
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The figures show why the balancing act matters: prices were rising faster than the annual target, even as trade, industrial production and retail sales showed strong growth. The available reports confirm the broad priorities and several growth measures, but do not substantiate every specific directive sometimes associated with the meeting.
Inflation control takes priority
Hưng said rapid growth would not benefit the wider economy or ordinary people if prices were not kept stable. He directed ministries and localities to focus on inflation through the end of the year. 2 The government’s stated challenge was to pursue double-digit growth without giving up macroeconomic stability or its inflation target.
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The pressure was visible in the National Statistics Office’s October figures. The consumer price index (CPI) rose 0.20% from September, was up 4.41% from December 2025, and stood 5.09% higher than a year earlier. The monthly increase was mainly linked to higher domestic gasoline and diesel prices following rises in global fuel prices. 17
Average headline CPI inflation for January–October was 4.57%. Average core inflation was lower, at 4.24%; core inflation excludes some volatile or regulated items, including fuel, gas, fresh food and healthcare services. 17
28 These are different measures and periods: the 4.57% figure is the average year-on-year change over 10 months, while 5.09% is October’s year-on-year rate.
The growth backdrop: trade, production and investment
Despite the inflation challenge, the first 10 months produced strong activity in several areas:
- Goods trade: Exports and imports totaled $1,010.55 billion, up 32.3% year on year. The figure was reported as the first time Vietnam’s goods trade had passed $1 trillion.
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- Exports and imports: Exports reached $499.24 billion, up 27.5%, while imports totaled $511.31 billion, up 37.4%. The difference between those reported totals is a goods-trade deficit of about $12.07 billion.
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- Industrial production: The industrial production index rose 12.4% over the first 10 months, described as its strongest increase in eight years. In October, it was estimated to be up 2.3% from September and 15% year on year.
- Retail sales: Total retail sales increased 13.5% over the first 10 months.
- Investment and public finances: Registered foreign direct investment reached $54.85 billion and disbursed FDI reached $24.08 billion. State budget revenue was nearly VND2.45 quadrillion, or 96.4% of the annual estimate; public-investment disbursement stood at VND720.5 trillion, or 75.4% of the assigned plan.
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The growth measures and their inflation trade-offs
In its account of the November 4 meeting, Vietnam News Agency reported calls for more concrete efforts to boost exports, reduce the trade deficit, stimulate private investment, remove obstacles for businesses and raise productivity through science, technology and new economic sectors. 13 These aims support growth, but the provided account does not verify every specific instruction raised in the broader discussion of the meeting.
In particular, the available reporting does not establish detailed November 4 directives about inflation hotspots in specific cities, updated inflation scenarios, currency management, interest- and exchange-rate stability, reciprocal trade negotiations with the United States, reallocating funds from slow projects, limiting new provincial offices, or campaigns to stimulate tourism and consumption before Lunar New Year. Those measures should not be presented as confirmed instructions based on the material available here.
There is a straightforward economic tension: stronger investment and household spending can lift demand for construction materials, labour, energy, transport and services. If demand grows faster than available supply, prices may come under further pressure. Conversely, productive investment and reliable supplies can expand capacity over time. The challenge is to support activity without adding demand faster than the economy can meet it—a sharper concern when average CPI has already moved above the approximate annual target. 30
The reports also said fuel and electricity supplies were being ensured and that fuel and electricity tax reductions were among the steps used to help control prices. 1 That provides context for the government’s emphasis on protecting price stability while continuing to pursue growth.
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Prime Minister Lê Minh Hưng made inflation control the government’s top priority for the final two months of 2026 while maintaining its double digit growth goal.
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Prime Minister Lê Minh Hưng made inflation control the government’s top priority for the final two months of 2026 while maintaining its double digit growth goal. October CPI rose 0.20% month on month and 5.09% year on year; higher domestic fuel prices were a main monthly driver.
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The first 10 months also brought $1.01 trillion in goods trade, up 32.3% year on year, alongside strong industrial production and retail sales.