GDP growth averages about 6.3%/year
Information at the Conference to thoroughly grasp and implement the Resolution of the 14th Party Congress, Politburo Member, Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee Nguyen Thanh Nghi said that our country's economy in the period 2021-2025 achieved many important achievements. In which, 22/26 key socio-economic targets were achieved and exceeded, all targets on society and social security exceeded the plan. In 2024 and 2025 alone, all 15/15 set targets were achieved and exceeded.
The average growth rate of gross domestic product (GDP) in the period 2021 - 2025 is about 6.3%/year - belonging to the group of economies with the highest growth rates in the region and the world, much higher than the average of 5.91%/year in the period 2011-2015; 6.2%/year in the period 2016-2020.
Assessing the above results, Assoc. Prof. Dr. Nguyen Thuong Lang said that GDP growth in the period 2021 - 2025 shows Vietnam's high resilience and ability to maintain stable growth in unfavorable conditions.
The GDP scale increased from 346.6 billion USD in 2020 to over 514 billion USD in 2025, putting Vietnam ranked 32nd in the world and 4th in ASEAN. This ranking reflects Vietnam's increasing position in the regional and global value chain.
However, besides the positive results, Assoc. Prof. Dr. Nguyen Thuong Lang said that the above figures also raise many issues that need to be viewed frankly.
Although the GDP scale is increasing rapidly, the quality of growth, labor productivity and the content of science and technology in products still need to be further improved to avoid the risk of "middle-income traps". Vietnam also needs to pay attention to increasing international competitive pressure, forcing the economy to rely more on internal resources and innovation" - Assoc. Prof. Dr. Nguyen Thuong Lang emphasized.
Improving institutions, creating momentum for new growth models
One of the information emphasized by Head of the Central Policy and Strategy Committee Nguyen Thanh Nghi is that the documents of the 14th Party Congress identified continuing to strongly innovate, focusing on building and synchronously completing rapid and sustainable development institutions. In particular, it is necessary to establish a new growth model, restructure the economy, promote industrialization and modernization, taking science, technology, innovation, and digital transformation as the main driving forces.
From a business perspective, Mr. Dao Hong Quan - Production Director of Thanh Hien Co., Ltd. (Ninh Binh) - believes that the orientations at the 14th Party Congress are opening up many opportunities for businesses to develop in the long term. According to Mr. Dao Hong Quan, in the context of a strongly volatile international market, major policies on perfecting institutions, promoting supporting industries, digital transformation and green economic development in the spirit of the 14th Party Congress Resolution will create a foundation for businesses to boldly restructure their production models.
Establishing a new growth model at the 14th Party Congress emphasized the knowledge economy, digital economy, green economy, circular economy. In the coming time, there may be many policies on innovation, encouraging technology investment, and green transformation to be issued to support businesses. From there, businesses can invest in modern production lines, increase the localization rate as well as promote quality to compete when exporting" - Mr. Quan shared.
Mr. Quan expects that in the coming time there will be more policies to support businesses as well as quickly complete institutions. "When the legal environment is transparent, stable and highly predictable, businesses will become the central entity to promote new growth models, contributing to improving the quality and competitiveness of the economy" - Mr. Quan emphasized.
According to Dr. Nguyen Minh Phong, to quickly establish a new growth model as proposed in the Congress Document, Vietnam needs to synchronously implement fundamental and breakthrough solutions, taking improving productivity, quality, efficiency and competitiveness as a consistent goal.
First of all, perfecting institutions and reforming the investment and business environment is an urgent requirement. Vietnam needs to remove legal barriers, overcome policy overlap, and build a suitable legal framework for the digital economy, data economy, green economy, and circular economy. Open and transparent institutions will create conditions for businesses to innovate, attract investment, and unlock social resources for development.
Second, science, technology, innovation and digital transformation must truly become the central driving force of growth. This requires increased investment in research and development, promoting links between institutes, schools and businesses, and at the same time strongly applying technology to traditional industries to improve added value and labor productivity.
Third, Vietnam needs to accelerate digital transformation, green transformation and energy transformation according to a clear roadmap, associated with investment incentive mechanisms and sustainable development standards. In parallel with that is improving the quality of human resources, focusing on digital skills and innovation capacity.
Finally, it is necessary to reorganize the development space, form growth poles, key economic regions, urban areas and special economic zones with strong spillover effects. From there, create new growth drivers, helping Vietnam gradually shift to a high-quality, sustainable and long-term competitive growth model.
