Overall strategy to achieve double-digit growth

The Vietnamese economy is facing the inevitable need to find new breakthrough growth drivers. Photo: D.T.

Many challenges to face

In the context of a volatile global economy, Vietnam has set an ambitious growth target: GDP growth of 8% in 2025 and exceeding the double-digit mark (10% or more) in the 2026 - 2030 period.

Speaking at the recent Vietnam Economic Growth Forum 2025 (VEGF), Deputy Prime Minister Nguyen Chi Dung said that in the first 6 months of this year, Vietnam's GDP grew by 7.52%, the highest level in the past 15 years. However, with the current trend in the world , to achieve the economic growth target of 8% in 2025 and double digits in the coming years, there are still many challenges.

“With a highly open economy, Vietnam is being strongly impacted by the increasingly complex international context, intertwined with the economy's internal challenges,” said Deputy Prime Minister Nguyen Chi Dung.

According to Dr. Can Van Luc, Chief Economist of BIDV, the main challenges that Vietnam is facing include: low competitiveness, the risk of falling behind and falling into the middle-income trap; the increasing vulnerability of the economy due to heavy dependence on exports, foreign investment, low level of participation in the global value chain; being seriously affected by climate change; the population is starting to age rapidly; and income and asset inequality is increasing.

Pointing out some bottlenecks affecting the realization of the Politburo's major economic development goals, Dr. Nguyen Si Dung, former Deputy Head of the National Assembly Office, said that if the law-making process is not thoroughly reformed, Vietnam will continue to be confused in implementation. The current "translation" of laws into sub-law documents is fundamentally incorrect, distorting the spirit of the original law. Businesses find it difficult to operate because they are tied down by a legal system that lacks transparency and consistency - this is a point that needs to be urgently resolved.

Also related to legal "bottlenecks", Deputy Minister of Justice Nguyen Thanh Tu said that legal regulations are still contradictory, overlapping, and unfeasible, creating compliance burdens for businesses and people, discouraging innovation and promoting economic growth.

Unlocking resources, taking advantage of new growth drivers

As traditional growth drivers such as resource exploitation, public investment, cheap labor, or processing exports gradually lose their effectiveness and sustainability, the Vietnamese economy faces the inevitable need to find new breakthrough drivers.

Therefore, according to Deputy Prime Minister Nguyen Chi Dung, if Vietnam wants to grow rapidly and sustainably, it must have a new mindset, a new vision, and a new attitude. At the same time, it must take drastic actions, carry out strong reforms, with the highest political determination, the strongest solidarity of the entire nation, and must have the companionship and support of international friends.

Dr. Dang Duc Anh, Deputy Director of the Institute for Policy and Strategy Studies (IPS), under the Central Policy and Strategy Committee, said that there are three main driving forces to achieve growth of over 10%.

Vietnam’s current opportunities are much greater than before. Belief in reform, especially institutional reform with revolutionary innovation thinking, is the foundation for us to make a breakthrough. The Government will absorb and select practical recommendations to incorporate into specific policies and action programs in the coming time.

- Mr. Tran Luu Quang, Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee

The first driving force comes from the industrial and construction sectors. In particular, the processing and manufacturing industry can play a very important role in growth if Vietnam can create a strong shift in technology and upgrade products in the value chain. In this group of sectors, supporting industry is the sector with the largest potential. Construction is also a sector with potential for breakthrough growth with key state projects on expanding the highway system, seaports and airports.

The second driver is services, which have huge growth potential, especially in tourism, e-commerce, transportation and warehousing, and financial services.

The third driving force is to take advantage of the development space from growth poles. In many localities, development potential still exists, especially in areas with advantages in infrastructure, human resources and resources. This factor becomes more prominent when the Party and Government are undergoing an institutional revolution, streamlining the apparatus, and reorganizing localities to expand development space.

Sharing the perspective from the business side, Mr. Nguyen Xuan Phu, Chairman of Sunhouse Group, said that, in addition to removing institutional obstacles and administrative procedures, businesses want the State to more clearly demonstrate its role as a "companion" in the start-up phase and establish competitive advantages for businesses. Preferential tax policies, initial support in terms of market, technology or capital will be important levers to help Vietnamese businesses have the capacity to participate in the supply chain and enter strategic markets.

According to Mr. Tran Luu Quang, Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee, the double-digit growth target is completely feasible if there is consensus and close coordination between the Government, businesses and localities. “Double-digit development does not mean that all sectors must accelerate to achieve the double-digit growth target, but the important thing is to achieve overall sustainable and inclusive efficiency,” he emphasized.

Mr. Tran Luu Quang said that there are four prerequisites to realize this growth target. These are consensus and cooperation between the Government, businesses and the whole society; timely removal of difficulties, especially institutional problems; having the right development strategy and model, taking science and technology, innovation and digital transformation as core driving forces; being ready to respond to external shocks when the openness of the economy is increasingly greater.

Source: https://baodautu.vn/chien-luoc-tong-the-de-dat-tang-truong-hai-con-so-d327995.html