According to Mr. Dang Huy Dong, former Deputy Minister of Planning and Investment, achieving double-digit economic growth is entirely feasible. In fact, Vietnam has already been attaining 6-7% growth annually, and he asserts that if we stay on the right path, reaching 10-11% growth is realistic.
“Simply by doing correctly what we haven’t been doing right, we can make a significant difference. If we reduce the things we’re not doing right, which are hindering our growth, we’re already at 6-7%. Doing things right will further increase it by 1-2%. Moreover, we now have two additional engines: digital transformation and green transition, which can contribute an additional 1-2%, making double-digit growth attainable,” shared Mr. Dong.
Economic experts believe that Vietnam has long had the potential for double-digit growth.
Sharing this view, Mr. Phan Duc Hieu, a member of the National Assembly’s Economic Committee, stated that the country’s potential for double-digit growth has always been there but is hindered by certain regulations and administrative procedures. Therefore, there is a need for breakthrough solutions to eliminate barriers and procedures that impede businesses’ development. Currently, Vietnamese enterprises are permitted to engage in activities that are not prohibited by law, but there remains a “gray area” regarding things that “the law has not yet regulated.” This could potentially hinder creativity and innovation. As a result, there is a need to continuously improve the business investment environment in the coming years.
“A truly efficient business investment environment with low compliance costs and quick procedures, where enterprises have the freedom to be creative in areas not prohibited or unregulated by law… will undoubtedly foster new business models, ideas, and innovations, thereby creating new growth momentum. The government only needs to provide the necessary impetus for development,” asserted Mr. Hieu.
