Need for a breakthrough institutional framework to "educe"
2025 is of special significance, a year of acceleration, breakthrough, and completion, and the final year of implementing the 5-year Socio-Economic Development Plan 2021-2025.
The World Bank (WB) report Vietnam 2045 - Breakthrough: Institutional for a high-income future stated that to maintain a high growth rate, Vietnam needs to strengthen the legal system and legal environment, while improving the efficiency of public investment in both scale and quality. International experience shows that countries that overcome the middle-income trap to become high-income countries all have in common the principle of "continuously improving institutional quality".
In particular, some reforms will be decisive for Vietnam's next development journey. In particular, public investment management needs to be clearly improved from project selection, implementation to implementation supervision.
According to WB experts, perfecting the legal framework and regulations will contribute to building a more transparent, stable and predictable business environment.
To become a high-income country, Vietnam also needs to build an effective, responsible and accountable civil service apparatus, with a reasonable scale, appropriate treatment, and supported by institutions that ensure a legal, transparent litigation process and independent supervision mechanism.
Ms. Mariam J.Sherman - Country Director of the WB for Vietnam, Laos, and Cambodia - assessed that the process of moving towards the goal of becoming a high-income country by 2045 has shown the key role of institutions in ensuring sustainable growth for Vietnam.
Institutions create and unlock private resources
Resolution No. 68-NQ/TW of the Politburo marks a turning point in development thinking, when for the first time determining that the private economy is not only an important component but also the most important driving force of the national economy.
According to Prof. Dr. Hoang Van Cuong - Member of the National Assembly's Economic and Financial Committee - removing institutions for the private economy to unlock and maximize national capacity to achieve development goals in the coming period is extremely important. If we can synchronously implement all the policies that have been directed, it will contribute to creating position and strength for the country to develop.
Dr. Nguyen Si Dung - member of the Prime Minister's Policy Advisory Council, former Deputy Head of the National Assembly Office - said that the current process of cutting procedures and removing institutional bottlenecks has had clear changes.
He proposed to establish a specialized working group, possibly headed by the Deputy Prime Minister, with real authority in reviewing and recommending the removal of unnecessary procedures. According to him, this working group needs to mobilize legal forces of businesses - those who directly collide with reality, clearly understand the bottlenecks and can propose specific solutions.
On May 31, 2025, the Government issued Resolution 154/NQ-CP on key tasks and solutions for implementing the Socio-Economic Development Plan and State budget estimates with a growth target of 8% or more in 2025. The resolution has identified institutional breakthroughs as "breakthroughs of breakthroughs".
