Transforming the growth model for sustainable development.

In its current stage of development, Vietnam aims to establish a new growth model, with science and technology, innovation, and digital transformation as the main driving forces, considering these as key conditions to overcome the middle-income trap.

Operating modern machinery for textile dyeing production at Ninh Thuan Textile and Dyeing Company Limited, Du Long Industrial Park, Thuan Bac Commune, Khanh Hoa Province. (Photo by Nguyen Thanh)

2026 is a pivotal year for shaping Vietnam's long-term economic development model and growth trajectory, requiring a fundamental shift in the growth model towards productivity and innovation-based growth; and restructuring the economy toward green, digital, and circular economies.

Contribution of new growth drivers

According to economist Le Duy Binh, CEO of Economica Vietnam, the focus is on promoting foundational industries, key industries, and emerging industries to create new growth drivers for the economy. This is a strategic step because the 14th National Congress of the Communist Party of Vietnam has set the requirement to establish a new growth model, with science and technology and innovation as the central driving force leading the growth and development of the Vietnamese economy.

In the first month of 2026, the Vietnam Military Telecommunications Group (Viettel) commenced construction of its first semiconductor chip manufacturing plant in Vietnam, located in the Hoa Lac High-Tech Park (Hanoi). This marks a significant step in implementing the strategy of developing domestic semiconductor chip manufacturing capabilities. According to the plan, by the end of 2027, the plant will complete its construction investment, receive technology transfer, and begin trial production. From 2028-2030, it will move into the technology acquisition phase, perfecting processes and improving operational efficiency, thereby laying the foundation for research into more advanced chip manufacturing technologies.

In the six main stages of the semiconductor chip manufacturing process, Vietnamese businesses have gradually participated in five stages: product definition, system design, detailed design, packaging-testing, and integration-testing, but have not yet participated in the most complex stage: chip fabrication. Therefore, Viettel's construction of a semiconductor chip manufacturing plant not only contributes to completing the domestic semiconductor ecosystem, creating conditions for businesses and training-research institutions to shorten the testing cycle and bring new products and technologies into practical application sooner, but also supports training in a real production environment. This contributes to realizing the goal of training 50,000 chip design engineers by 2030, as directed in the national semiconductor industry development strategy.

Also in January 2026, the National Innovation Center (NIC) launched its STEM ecosystem. This is one of the activities aimed at implementing the Party and State's policies on promoting STEM education and developing high-quality human resources to meet the country's development requirements in the new era. The STEM ecosystem at NIC Hoa Lac includes a STEM reference classroom and a STEM experience space with modern equipment including educational robots, computers, 3D printers, and crafting equipment designed in an open style, encompassing areas for learning, practicing, crafting, and experiencing technology.

Based on that infrastructure, NIC collaborates with agencies and businesses to implement training programs, workshops, experiential activities, and events… aiming to form a vibrant and complete STEM ecosystem, closely linked to practical applications and the development needs of the country. According to Mr. Vu Quoc Huy, Director of NIC, the formation of the STEM ecosystem at NIC Hoa Lac is the result of close cooperation between the state, schools, and businesses, clearly demonstrating the spirit of partnership and shared responsibility in developing STEM education in a context where this model is no longer an option, but a strategic requirement for all countries today.

Repositioning the role of economic regions

According to economic experts, in the new growth model, the roles of economic sectors are more clearly defined. Resolution No. 79-NQ/TW affirms that the state-owned economy must take the lead in creating development, guiding, paving the way, promoting industrialization and modernization, restructuring the economy, and establishing a new growth model, with science and technology, innovation, and digital transformation as the main driving forces, enhancing national competitiveness; while in the spirit of Resolution No. 68-NQ/TW, the private economy is the most important driving force of the national economy, the pioneering force in the development of science and technology, innovation, and digital transformation.

Lawyer Nguyen Hong Chung, an investment policy expert and Chairman of DVL Lawfirm, commented that Resolution No. 79 opens up opportunities to restructure the state-owned economic sector towards market standards, focusing on strategic focus, OECD governance, data transparency, and accountability. If Resolution No. 79 is implemented promptly, the state-owned economic sector will become a leading force in governance, transparency, and efficiency, creating a foundation for industrialization and digital transformation. Thus, the contribution of the state-owned economic sector will not lie in economies of scale but in raising governance standards, reducing social capital costs, and activating industrial and technological ecosystems.

According to Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Research and Management, in the current restructuring phase, state-owned enterprises must choose the right industries and fields of activity, focusing directly on new technologies and products to drive the development of enterprises from other economic sectors. This will create leading enterprises for the economy based on existing or newly formed businesses. The expert also expects that with the current institutional breakthroughs and the strengths in human resources, capital, and technology they possess, the state-owned enterprise sector will have the conditions to rise and truly become a driving force in the new growth model.

Meanwhile, the private sector plays a key role in driving economic growth, with ample room to apply technology and knowledge to production and business in order to compete in the global market. To create a legal framework for new economic issues, the government is striving to build controlled testing mechanisms (sandboxes) for new economic models such as international financial centers, special economic zones, free trade zones, etc., opening a "runway" for private enterprises to take off.

Just one month after the establishment of the International Financial Centre in Vietnam, on February 4, 2026, the Asia Pacific Aviation Finance Centre (AAFH), located in Ho Chi Minh City's Financial Centre, was activated, creating a new financial platform for regional aviation growth amidst a significant restructuring of the global aviation industry. It is projected that by 2035, AAFH will attract international investment flows with transaction volumes of approximately US$50 billion.

In Vietnam's new economic growth model, new growth drivers are becoming more clearly defined, beginning to make substantial contributions to overall economic growth. This marks a fundamental shift from an extensive development model based on resources and cheap labor to an intensive development model focused on productivity, quality, and enhanced competitiveness of the economy.

PHUONG ANH

Source: https://nhandan.vn/chuyen-doi-mo-hinh-tang-truong-de-phat-trien-ben-vung-post941821.html