Prime Minister Le Minh Hung announced that the government would issue a decree next week to raise the annual income tax threshold for business households and individuals from 500 million VND to 1 billion VND. This move aims to provide significant support to businesses, particularly small enterprises and individual traders, who often face limited resilience to market fluctuations.

The announcement came during a voter outreach conference in Hai Phong city on 28/4, where Prime Minister Le Minh Hung met with a delegation of National Assembly deputies. The conference, following the First Session of the 16th National Assembly, was broadcast online to 114 locations across the city's communes, wards, and special economic zones.

During the meeting, Prime Minister Le Minh Hung emphasized the government's focus on supporting business households, individuals, and small businesses. He highlighted that the government promptly researched amendments to tax laws, submitting them for immediate approval during the National Assembly's First Session, demonstrating a proactive approach to economic policy.

Prime Minister Le Minh Hung speaks with Hai Phong city voters on 28/4. *Photo: Dam Thanh*

Beyond tax policies, the prime minister affirmed the continued use of effective operational tools to ensure energy security and market stability. This comprehensive approach aims to prevent price shocks from impacting citizens' lives, thereby fostering a stable economic environment.

The prime minister noted that the macroeconomic situation remained stable during the first four months of 2026. Vietnam achieved a Q1 GDP growth of 7.83%. Realized foreign direct investment (FDI) increased by 9.1%, reaching 5.4 billion USD, and budget revenue surpassed 829 trillion VND.

According to the prime minister, Vietnam's political stability and consistent policies have established it as a safe and reliable "green zone" for international investors amidst global uncertainties. This reputation helps attract crucial foreign capital and expertise.

To sustain this growth, the prime minister urged ministries, sectors, and localities to foster an open, transparent, stable, and predictable business environment. He called for aggressive administrative procedure reform to reduce implementation times and compliance costs for businesses. He also advocated for a comprehensive review, empowering leaders to unlock significant resources currently stalled in problematic projects.

The prime minister commended Hai Phong city for its Q1 gross regional domestic product (GRDP) growth of 11.21%, which consistently places it among the nation's top performers. However, he urged Hai Phong to exemplify innovation and decisive action. The city must solidify its role as a modern industrial, seaport, logistics, and service hub, leading in digital transformation and high-quality human resource training.

Addressing specific voter recommendations, the prime minister announced that a one-year review of the two-tier local government model would take place next june. This review aims to resolve existing issues and implement greater decentralization for the city, enhancing local governance effectiveness.

In the land sector, the government has directed agencies to research amendments to the Land Law in 2026. Concurrently, the nationwide digitization and cleaning of land data are slated for completion in Q2/2026, which will streamline land management and transparency.

"With an open, transparent, stable, predictable, and cost-effective business and investment environment, citizens and enterprises will confidently engage in production, contributing to our double-digit growth target," the prime minister affirmed.

Le Tan