Growth targets linked to national development vision
Resolution of the 14th Party Congress sets a goal to strive to achieve an average growth rate of gross domestic product (GDP) for the period 2026 - 2030 of 10%/year or more. This shows a very high political determination for Vietnam to achieve the goal of becoming a developed, high-income country by 2045.
Regarding the "double-digit" economic growth target, speaking at the closing of the 2nd Plenum of the 14th Central Committee on March 25, General Secretary To Lam emphasized that this is an objective requirement from the requirements of national development in the new period and the aspiration to rise up of the whole nation. We do not accept low growth. We must persistently implement the goal of high, sustainable, and substantial economic growth.
In his speech, General Secretary To Lam thoroughly grasped 4 core principles: Substantive growth; steadfast in the principle of macroeconomic stability, inflation control, ensuring major balances; effectively utilizing all available resources, focusing on prioritizing key projects and promoting public-private partnerships, to increase investment efficiency and improve national competitiveness; high economic growth must ensure serving the interests, improving the material and spiritual life of the people and social justice.
According to economic experts, the "double-digit" growth target stems from the development requirements of the country in the new period, placed in the context that Vietnam is aiming for a development vision to 2045. The principles in General Secretary To Lam's closing speech at the 2nd Plenum of the 14th Central Committee are the very important direction and foundation for Vietnam to pursue high growth rates without trading off the quality of development.
Prof. Dr. Mac Quoc Anh - Vice Chairman cum General Secretary of Hanoi Association of Small and Medium Enterprises, Member of the Central Committee of the Vietnam Fatherland Front - shared that the message about the "double-digit" economic growth target emphasized by General Secretary To Lam is not just a management target, but a strategic statement about the national development stature in the new period.
The very important point is that the Central Government does not put the issue of growth at all costs, but requires growth to be substantive, sustainable, maintain macroeconomic stability, control inflation, ensure major balances and aim to improve people's lives. The core "4 principles" create a very clear political - economic foundation for Vietnam to pursue high speed but not trade off the quality of development" - Prof. Dr. Mac Quoc Anh analyzed.
New opportunities for faster growth
From the perspective of the business community, especially the private economic sector and small and medium enterprises, Prof. Dr. Mac Quoc Anh said that in the past time, there have been more positive movements in investment sentiment, management innovation, digital transformation, technology application and finding new markets. Resolution 68-NQ/TW and new orientations of the Central Government are opening up clearer policy confidence for the private sector, in which businesses are not only seen as a production force, but also as a strategic driving force for growth.
According to him, a transparent institutional environment, lower compliance costs, more convenient access to capital, along with stable digital infrastructure, logistics and energy will be important factors for businesses to develop more strongly. When bottlenecks in administrative procedures, land, credit and human resources are removed synchronously, the private sector can completely become a leading force in improving productivity, expanding investment and creating high-quality jobs.
Dr. Nguyen Minh Phong, former Head of the Economic Research Department, Hanoi Institute for Socio-Economic Development Research - analyzed that current practical conditions are creating many opportunities for Vietnam to grow faster. That is the breakthrough process of developing science, technology, innovation and digital transformation, institutional reform, changing perceptions about the role of the private economy, as well as the implementation of new plans and large projects that can create strong development momentum.
These factors not only create motivation in finance or investment, but also create motivation in institutions and organizational development. Reality also shows that new growth drivers have emerged. For example, the digital economy sector at one point reached a growth rate of about 20%, while the overall growth rate of the economy is usually only about 7-8%. This shows that when applying science - technology and new models, the growth rate can be clearly improved" - Dr. Nguyen Minh Phong analyzed.
Dr. Nguyen Minh Phong also said that to achieve the goal of "double-digit" economic growth, it is necessary to continue to improve the legal system and improve the quality of planning. In addition, it is necessary to create breakthroughs in mechanisms to develop new models and special projects, and at the same time improve the organizational structure, decentralization and delegation mechanisms and management models.
Effectively control the risk of group interests and policy profiteering
Dr. Nguyen Minh Phong noted that to achieve high growth, it is necessary to control well the risk of group interests and policy profiteering. If businesses participate from beginning to end in planning, it may lead to planning deviations and social consequences. In addition, high growth must be associated with controlling bad debts, public debt and preventing corruption and wastefulness to avoid the lessons of hot growth that have occurred in many countries.
