Strong transformation of growth model to create breakthrough in the 2026-2030 period

In the Draft Political Report submitted to the 14th National Party Congress, the goal is clearly defined as "striving to achieve an average gross domestic product (GDP) growth rate of 10% or more per year in the 2026-2030 period; establishing a new growth model, restructuring the economy, promoting industrialization and modernization, taking science and technology, innovation and digital transformation as the main driving force."

On November 4, speaking to a reporter from the Vietnam News Agency on the sidelines of the 10th Session of the 15th National Assembly, delegate Nguyen Quang Huan (Ho Chi Minh City Delegation) said that the achievements of the 2021-2025 period have created an important foundation to achieve this goal, but require a stronger and more synchronous transformation in the growth model, restructuring the economy and effectively promoting new development drivers.

According to delegate Nguyen Quang Huan, the past 5 years have been the "beginning of the transition" period, laying the foundation for innovation in the growth model and restructuring the economy in the spirit of the Resolution of the 13th National Party Congress.

Although there are still limitations, especially in shifting human resource structure, improving labor productivity and applying science and technology, it is a "meaningful step" for further improvement in the next term.

Without the institutional foundation, digital transformation or science and technology built in the last term, the coming period will lack the basis to carry out deeper restructuring.

The delegate emphasized that the Draft Political Report of the 13th Party Central Committee at the 14th Party Congress established a new growth model with the goal of improving productivity, quality, efficiency, added value and competitiveness of the economy; taking science, technology, innovation and digital transformation as the main driving force; creating new high-quality production capacity and production methods, focusing on data economy and digital economy; promoting digital transformation, green transformation, energy transformation, structural transformation and quality of human resources.

Identify new growth drivers and focus on science and technology to renew traditional growth drivers.

“This is a continuation and stronger development from the initial steps of the 2021-2025 term,” said delegate Nguyen Quang Huan.

Regarding the growth model for the next period, delegate Nguyen Quang Huan said that the Document has identified two key driving forces: science and technology, digital transformation and the private economy.

These are two different but closely linked factors: one side is the productive forces, the other side is the economic sector; when combined, they will create a "development matrix" that promotes productivity, innovation and expands the internal strength of the economy.

Delegates pointed out that the linear growth model based on three old pillars including public investment, resource exploitation and FDI sector has now reached its limit.

Sewing goods for export to the US and EU markets at Maxport Garment Company. (Photo: Tran Viet/VNA)

“The ICOR index is still high, public investment capital has not been absorbed effectively, natural resources are limited, and the FDI sector makes the economy dependent on the outside. Therefore, restructuring, promoting the role of the private economy and science and technology is a mandatory path,” said delegate Nguyen Quang Huan.

According to delegate Nguyen Quang Huan, the private sector still has a lot of room, currently contributing only about 55% of GDP. If it reaches 60% by 2030, combined with strong domestic consumption and digital transformation, the economy will reduce dependence on exports, increase autonomy and sustainability.

Regarding the GDP growth target of 10% per year in the 2026-2030 period, delegate Nguyen Quang Huan said this is a feasible goal if Vietnam successfully transitions to a green, circular and digital economy.

He emphasized that economic development and environmental protection are no longer separate but are two parallel pillars, working together towards sustainable growth.

“Applying behavioral economics in public policy making will be the key to effectively institutionalizing the Party's guidelines, helping policies come to life. We cannot rely solely on political determination or administrative orders; we must understand human behavior and create the right motivation, which is the transition from administrative management to development creation,” delegate Nguyen Quang Huan affirmed./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/chuyen-doi-manh-me-mo-hinh-tang-truong-tao-dot-pha-giai-doan-2026-2030-post1074864.vnp