Major turning point for Vietnam's economy
2025 marks a period of strong movement for Vietnam, from arranging and streamlining the apparatus to removing a series of long-standing backlog projects. Major policies have been strongly implemented, gradually forming a new operating state of the economy. From that foundation, expectations for double-digit growth in 2026 and the 2026-2030 period are being set more realistically.
From those movements, Vietnam's new growth model is gradually forming with clearer momentum. Assoc. Prof. Dr. Tran Dinh Thien - Member of the Prime Minister's Policy Advisory Council, former Director of the Vietnam Institute of Economics pointed out 3 key factors: The private sector is for the first time recognized for its true role; science and technology are identified as the goal and tool of growth, becoming a foundational production force; socio-economic infrastructure is deployed in a systematic approach, with priorities and close links. This is considered an important foundation of the new growth model.
In the banking sector, a "new normal" state is gradually taking shape. Mr. Pham Hong Hai - General Director of Phuong Dong Commercial Joint Stock Bank (OCB) - said: "The mindset of quick decision - quick deployment - clear responsibility is increasingly being clearly shown in banking operations.
The change in internal organization is the premise for a more important move: Changing the credit approach to businesses, especially private businesses and startups.
Mr. Hai analyzed: "If previously, the familiar question of banks when lending often revolved around collateral, now, the focus is shifting to cash flow and operating efficiency. With the lending mindset based on cash flow - a capital approach that is already popular in the world - many startups in Vietnam have had the opportunity to access bank capital, instead of being eliminated from the first round due to lack of collateral.
Private enterprises in the global value chain and new standard pressure
If capital flow is a necessary condition, then the market is a sufficient condition for the private economy to break through. In the context of global competition, Vietnamese businesses not only face the price and quality problem, but also face pressure from new standards, notably ESG and traceability. Mr. Nguyen Duc Hung Linh - Deputy General Director of AgriS Investment Division - acknowledged that green standards and traceability requirements are becoming key factors affecting the competitiveness of Vietnamese goods. According to Mr. Linh, the ESG trend may slow down in some places due to policy changes, but on a global scale, especially in Europe, this is still a long-term trend.
For the agricultural sector, Mr. Linh suggested two directions: Shifting to high-value, high-end products; expanding production space abroad when domestic land funds are limited.
Expanding development space for the private sector to accelerate
From the story of attracting investment, Mr. Dang Thanh Tam, Chairman of the Board of Directors of Kinh Bac Urban Development Corporation, noted the problem of capital absorption capacity, policy implementation and project implementation according to unified planning. This is an important condition for established drivers to be transformed into real growth. An economy that wants to accelerate in the long term needs private sector to have the ability to absorb capital, turning them into productivity and competitiveness.
