Institutional reforms for double-digit growth targets.

According to some economic experts, institutions, infrastructure, human resources, promoting the private sector, and mechanisms to encourage transformation are the five key reform areas that Vietnam needs to focus on to achieve double-digit growth targets.

Member of Parliament Phan Đức Hiếu works full-time on the Economic and Finance Committee.

According to Phan Duc Hieu, a full-time member of the National Assembly's Economic and Finance Committee , achieving double-digit economic growth requires innovative and sustainable actions.

"Regarding new actions, we must base them on cooperation and coordination based on a systems, holistic, or ecosystem-based mindset. This means that all parties must cooperate with each other and cannot act individually," Mr. Phan Duc Hieu shared; adding that the more fragmented, the less effective the results will be.

From the perspective of a policymaker, Mr. Phan Duc Hieu emphasized that institutions must play a pioneering role. The government has just issued eight resolutions aimed at cutting and simplifying hundreds of business procedures. "We must innovate institutions to achieve new growth opportunities," stressed National Assembly representative Phan Duc Hieu.

Furthermore, new actions must be accompanied by new thinking. For example, a digital government is not about digitizing all administrative procedures; first and foremost, policymakers must have a digital mindset. This means that socio-economic behaviors must change in the direction of digitalization.

Delving deeper into the need for policymakers to change their mindset, Mr. Phan Duc Hieu cited the example of agriculture, emphasizing the need for a circular economy. "With this new mindset, wastewater is not something to be discarded, but rather used as an input for other processes. Only then can we change regulations on wastewater to make the circular economy a reality," Mr. Phan Duc Hieu explained.

Dr. Le Thai Ha - Executive Director of VinFuture Fund, Executive Director of the Green Future Fund (Vingroup).

Referring to the reforms that need to be prioritized to lay the foundation for sustainable double-digit economic growth, Dr. Le Thai Ha, Executive Director of VinFuture Fund and Executive Director of the Green Future Fund (Vingroup), said that Vietnam needs to focus on five key reform groups including institutions, infrastructure, human resources, promoting the private economy, and mechanisms to encourage transformation.

According to Dr. Le Thai Ha, institutional reform is the most important factor in creating a stable environment for businesses to develop. Businesses need policies that are stable in the long term, have low compliance costs, and facilitate the implementation of new business models.

Furthermore, infrastructure is also a crucial foundation for enhancing the productivity and competitiveness of the economy. This infrastructure encompasses not only transportation and energy but also logistics (the intermediary stages that deliver goods to consumers as quickly as possible), digital infrastructure, and infrastructure supporting energy transition. "If infrastructure is lacking or not synchronized, businesses will find it difficult to increase productivity quickly enough to meet high growth targets," said Dr. Le Thai Ha.

Regarding human resources, the CEO of VinFuture Foundation believes that Vietnam needs to focus on training a high-quality workforce with new skills such as digital skills, data management, and global thinking.

Vice Chairman of the People's Committee of Vinh Long province, Nguyen Quynh Thien (fourth from the left), visits the production workshop of Hai Dai Co., Ltd. (Hoa Phu Industrial Park, Phu Quoi commune, Vinh Long province). Photo: Pham Minh Tuan, VNA.

To meet this requirement, experts suggest strengthening the participation of universities, research institutes, and businesses in the process of training and developing human resources. In particular, the increasingly important role of the private sector in economic growth is crucial. This spirit was clearly mentioned in Resolution 68 of the Politburo and needs to be further concretized through more substantive support policies.

"Businesses will find it difficult to proactively participate in green transformation or digital transformation without appropriate incentive mechanisms in terms of finance, data, market, or land. A supportive ecosystem for business transformation needs to be built, from pilot mechanisms and data access to human resource development," emphasized Dr. Le Thai Ha.

Optimizing costs and enhancing competitiveness.

Mr. Le Hung Cuong, Director of FPT Digital, FPT Group.

According to Mr. Le Hung Cuong, Director of FPT Digital, digital technology and artificial intelligence (AI) will be the most important driving force to help Vietnam improve productivity in the coming period. The FPT Digital leader believes that Vietnam needs to continue expanding the application of AI in many areas of production, business, and management to create a leap forward in operational efficiency.

For example, at FPT, the productivity of an engineer currently reaches approximately 1 billion VND per year. However, at many large US technology corporations, labor productivity can reach around 1 million USD per person per year.

"Not only the technology sector but many other industries can also leverage AI and digital transformation to improve operational efficiency, optimize costs, and enhance competitiveness," shared Mr. Le Hung Cuong.

Referring to the new competitive pressures related to green standards, ESG (environmental, social, and governance) standards, and traceability, the Director of FPT Digital stated that businesses now compete not only on price or market share but are also forced to change their development mindset towards transparency, sustainability, and greater application of technology. Even technology companies face pressure regarding capital and transition costs, especially small and medium-sized enterprises.

"For many small businesses, an investment of a few hundred million dong is a relatively large sum," said Mr. Le Hung Cuong.

A representative from FPT Digital shared that the company is collaborating with investment funds and support organizations to help small and medium-sized enterprises (SMEs) access capital as well as technology solutions, green transformation, and ESG initiatives.

Many programs now not only provide financial support but also help businesses train personnel, identify suitable technologies, and test solutions in a short period to assess their effectiveness before making large-scale investments.

"The most challenging change today lies not only in investment costs but also in changing operational mindsets and accepting the transformation to meet new global market standards. These are the steps we recommend small and medium-sized enterprises (SMEs) take to adapt and achieve sustainable growth in this new phase," Mr. Le Hung Cuong emphasized.

Mr. Pham Tuan Anh, Director of Sustainable Development at GreenFeed Vietnam Joint Stock Company, stated that digital transformation or technological innovation is no longer a trend but has become a mandatory requirement to enhance competitiveness. In the current context, increasing labor productivity cannot simply rely on working longer hours but must aim for smarter work, optimized processes, and effective technology application.

"The decisive factor lies in the people. The workforce needs to have sufficient skills to access, understand, and operate new technologies, thereby improving productivity and business efficiency," Mr. Pham Tuan Anh stated.

According to the GreenFeed representative, regardless of how quickly or slowly technology changes, if businesses do not proactively adapt and apply it in a timely manner, it will be difficult to create a competitive advantage. "Therefore, in addition to investing in technology, developing human resources is considered the most important factor in the transformation process," Mr. Tuan Anh emphasized.

Source: https://baotintuc.vn/kinh-te/doi-moi-the-che-cho-muc-tieu-tang-truong-2-con-so-20260531171837579.htm