Four breakthrough pillars for Vietnam's economic growth

Economists say that to maintain high and double-digit economic growth in the next decade, Vietnam needs to build a comprehensive development strategy focusing on four key pillars: developing private enterprises, effectively mobilizing financial resources, promoting local resilience, and ensuring social stability.

Producing electronic components at Me Tran Vinh Phuc Electrical - Electronic Company Limited. Illustration photo: Danh Lam/VNA

Promoting growth momentum

One of the key points emphasized is the role of private enterprises - the vanguard force in the socialist-oriented market economy. Dr. Dau Anh Tuan, Deputy General Secretary, Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), said that the private enterprise sector currently contributes more than 51% of GDP and 82% of the country's employment but still faces many barriers such as small scale, low productivity, lack of chain linkages and difficulty in accessing land, capital and human resources. In this reality, Dr. Dau Anh Tuan proposed six groups of breakthrough solutions, emphasizing institutional reform, thoroughly removing legal overlaps, and shifting from pre-inspection to post-inspection to create a transparent and open business environment. In addition, promoting access to capital for enterprises, developing start-up support funds and separate stock exchanges for small and medium-sized enterprises are also considered important solutions to enhance competitiveness.

Regarding the issue of financial resources for growth, Dr. Can Van Luc, Economic Expert, Member of the Prime Minister's Policy Advisory Council, pointed out that to achieve high growth, Vietnam needs to mobilize and effectively allocate financial resources equivalent to 38% of GDP in the 2026-2045 period, or about 240-245 billion USD per year. Of which, the private sector and other resources need to contribute about 65%. To realize this goal, according to Dr. Can Van Luc, it is necessary to promote the improvement of financial institutions, strongly develop the capital market, especially the corporate bond market and the stock market, while promoting forms of green finance, digital finance and the application of new technologies in the financial sector. Dr. Can Van Luc also believes that the role of controlling financial risks, improving credit quality and improving the efficiency of using public investment capital is important. Improving access to finance for people and businesses, diversifying financial products and encouraging domestic savings are also key factors.

Harnessing local power

From a local perspective, Mr. Tran Duy Dong, Chairman of Vinh Phuc Provincial People's Committee, said that Vinh Phuc province aims to achieve GDP growth of 8% or more in 2025, aiming for 10-11% in the following years. To achieve this goal, Vinh Phuc province has developed six key groups of solutions, including reviewing and mobilizing maximum resources, focusing on dynamic economic sectors such as high-tech industry, logistics and services. At the same time, promoting administrative reform, improving the investment and business environment, quickly removing obstacles for businesses, promoting public investment disbursement, especially in the fields of industrial park infrastructure, urban areas, and connecting traffic. At the same time, Vinh Phuc province focuses on developing high-quality human resources, training technical workers to serve emerging industries. Faced with global economic fluctuations, the province has also proactively coordinated with departments and branches to support businesses in removing difficulties, expanding export markets and effectively utilizing free trade agreements.

In addition to economic factors, Associate Professor, Dr. Nguyen Duc Chien, Editor-in-Chief of the Vietnam Sociology Journal, analyzed that high economic growth without synchronous social solutions will lead to increased inequality, social polarization, unemployment and security and order issues. According to Associate Professor Nguyen Duc Chien, it is necessary to build a harmonious development strategy between economy and society, promote sustainable rural development, strengthen social security and control social risks. In addition, the synchronous development of the education, health and cultural systems, creating conditions for all classes of people to benefit from the growth process are also considered essential factors.

To achieve double-digit economic growth in the new era, Vietnam needs to focus on building a comprehensive development strategy, closely linking institutional reform, private enterprise development, effective mobilization of financial resources, promoting local resilience and ensuring social stability.

Effectively utilizing new-generation free trade agreements, expanding export markets, enhancing national competitiveness, promoting digital transformation and developing a green economy will be important factors supporting the development process. With a synchronous, proactive and flexible approach, Vietnam has a solid foundation to make a strong breakthrough, realizing the goal of rapid, sustainable and prosperous development in the coming decades.

According to VNA

Source: https://doanhnghiepvn.vn/tin-tuc/bon-tru-cot-dot-pha-cho-tang-truong-kinh-te-viet-nam/20250508111958410