Removing institutional obstacles, innovating models: The key to double-digit growth

At the Vietnam Economic Growth Forum 2025 held on June 8 in Hanoi, experts and businesses offered many strategic solutions. To achieve the double-digit growth target, Vietnam needs to remove institutional barriers, innovate its model and strengthen business confidence.

The forum was organized by the Central Policy and Strategy Committee in coordination with the Vietnam Economic Science Association, the Vietnam Association of Small and Medium Enterprises and the Vietnam Economic Magazine, focusing on finding solutions to realize the GDP growth target of 8% in 2025 and over 10% in the 2026-2030 period.

Vietnam Economic Growth Forum 2025. (Photo: vneconomy.vn)

In his opening speech, Mr. Tran Luu Quang, Secretary of the Party Central Committee and Head of the Central Policy and Strategy Committee, emphasized that the forum is an opportunity to listen to opinions from practice. "We choose the reverse approach: listening to institutionalize ideas from practice, distilling initiatives into specific policies," he said.

In response to that call, many businesses have pointed out the existing barriers. Mr. Nguyen Xuan Phu, Vice Chairman of the Hanoi Association of Small and Medium Enterprises and Chairman of Sunhouse Group, said that it is very difficult for businesses to expand investment due to cumbersome administrative procedures and overlapping regulations.

Similarly, Ms. Mai Kieu Lien, General Director of Vietnam Dairy Products Joint Stock Company ( Vinamilk ), suggested that the Government should reform the legal document system. According to her, nurturing the confidence of businesses will motivate them to boldly invest and innovate.

In addition to removing barriers, experts also emphasized the need to transform the growth model. From the perspective of the textile industry, Mr. Le Tien Truong, Chairman of the Vietnam National Textile and Garment Group (Vinatex), warned that the export target of 80 billion USD by 2030 is impossible if only developing in breadth. He proposed shifting to depth, increasing productivity through technology and promoting green transformation.

At the macro level, Dr. Can Van Luc, Chief Economist of BIDV, proposed that the growth model should rely more on productivity growth instead of cheap labor and resources. Along with that, Mr. Dang Hong Quang, Chief Representative of VinaCapital in Hanoi, proposed the establishment of a national credit information system specifically for small and medium enterprises to help them easily access capital.

Synthesizing the opinions, Mr. Tran Luu Quang affirmed that the double-digit growth target is feasible. He emphasized: "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". According to him, there are four prerequisites to achieve this target, including:

Firstly, there needs to be consensus and cooperation from the Government, businesses and the whole society.

Second , promptly remove difficulties, especially institutional problems.

Third , it is necessary to have the right development strategy and model, taking science and technology, innovation and digital transformation as the core driving force.

Fourth , be ready to respond to external shocks as the openness of the economy increases.

"Belief in reform, especially institutional reform with revolutionary innovation thinking, is the foundation for us to make a breakthrough," Mr. Tran Luu Quang affirmed.

Source: https://thoidai.com.vn/go-vuong-the-che-doi-moi-mo-hinh-chia-khoa-tang-truong-hai-con-so-214724.html