Establishing a new growth model

Speaking at the Vietnam Economic and Financial Forum 2025 on December 5, Deputy Minister of Finance Do Thanh Trung said that Vietnam is facing a choice for a new development phase, with strategic goals to achieve. That is to become a developing country with modern industry and high average income by 2030; by 2045, it will become a developed country with high income.

This requires positioning Vietnam in a new context, making strong breakthroughs in effectively mobilizing resources for high growth, innovating the growth model, creating development space and aiming for sustainable development.

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Deputy Minister of Finance Do Thanh Trung gave a speech at the forum. Photo: D.T

With the theme “Positioning Vietnam in the new context and economic -financial strategic vision for the period 2026-2030”, the Deputy Minister emphasized that the message of the forum is that Vietnam needs to establish a new growth model, in which total factor productivity, investment efficiency, scientific-technological breakthroughs and innovation must become the core foundation.

This model requires a harmonious combination of traditional growth drivers (investment, export and labor) with new growth drivers (digital economy, green economy, knowledge economy, circular economy).

The Deputy Minister said that establishing a new growth model requires resonance and close connection between economic sectors. In particular, the State plays a creative and leading role, focusing on strategic infrastructure and establishing a transparent legal framework. The private economy is the driving force for creativity and innovation dissemination, playing a leading role in digital economic sectors, processing industry, and high-quality services. FDI (foreign direct investment) is a selective and oriented additional resource to link the transfer of new-generation technology and international standards (ESG).

At the same time, it is necessary to effectively exploit new growth spaces from regions, localities and growth poles; promote the leading role of dynamic regions. This is not only a requirement for growth model innovation but also a strategic orientation for Vietnam to realize its goals by 2030 and 2045.

New ways and new breakthroughs are needed.

Associate Professor Dr. Bui Tat Thang, former Director of the Institute of Development Strategy (former Ministry of Planning and Investment ) said that stronger policies are needed.

“Previously, we relied on tax reduction to increase the attractiveness of the investment environment, but now the world has applied a global minimum tax. Therefore, there is a need for preferential policies other than tax, such as: building free trade zones, new-generation economic zones, ecological industrial parks, clean energy, and digital transformation,” Mr. Thang said.

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At the Vietnam Economic and Financial Forum 2025, experts all said that Vietnam needs to create new driving forces. Photo: Nguyen Le

Meanwhile, Associate Professor Dr. Tran Kim Chung, former Deputy Director of the Central Institute for Economic Management, noted that the target is set higher so it is necessary to create new driving forces for growth.

That is, creating new development spaces, creating digital economic spaces alongside real economic spaces. Creating new types of economies, including green economic development, circular economy, data economy, night economy...

“We need to find new breakthroughs. Creating new growth drivers is a fundamental transformation strategy from a growth model based on breadth (quantity) to growth based on depth (quality, inclusiveness, sustainability), based on new foundations such as technology, digital transformation, culture, society, people, environment and institutions,” Mr. Chung emphasized.

Mr. Nguyen Nhu Quynh, Director of the Institute of Economic and Financial Strategy and Policy, said that Vietnam is facing a reality that is not pessimistic, but not too optimistic either. The growth structure is backward, there is a risk of falling behind, and it may not be able to escape the middle-income trap. Vietnam is also facing a reality where major bottlenecks have not been resolved and are still persistent.

“It will be difficult to achieve new results without a new approach. The key points to emphasize are new thinking, new leadership methods, new growth models, unlocking new resources and new spaces. In particular, the new development mindset is inclusive,” said Mr. Quynh.

The key point for Vietnam to achieve double-digit growth target To achieve the target of average GDP growth of 10%/year, Vietnam needs to identify that innovation in the growth model will be the turning point for this target.

Source: https://vietnamnet.vn/viet-nam-can-mo-hinh-tang-truong-moi-de-thoat-bay-thu-nhap-trung-binh-2469842.html