The private sector is expected to break through and develop, propelling the country’s economy into a new era of strength. (Photo: The Duyet/VNA)
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In a constantly evolving global landscape, marked by profound shifts in economics, technology, and geopolitics, Vietnam faces both opportunities and challenges on its development journey.
Economic experts assert that to maintain high economic growth rates and achieve double-digit increases in the next decade, Vietnam needs to formulate a comprehensive strategy focusing on four key pillars: private enterprise development, efficient financial resource mobilization, harnessing local dynamism, and ensuring social stability.
Boosting Growth Drivers
A key emphasis is placed on the role of private enterprises as the vanguard in a socialist-oriented market economy.
Dr. Dau Anh Tuan, Vice Secretary General and Head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), points out that while the private sector currently contributes over 51% of GDP and provides 82% of national employment, it still faces obstacles due to small scale, low productivity, lack of value chain integration, and limited access to land, capital, and skilled human resources.
To address these challenges, Dr. Tuan proposes six breakthrough solutions, emphasizing institutional reforms to eliminate legal overlaps and shift from pre-checks to post-checks, thereby creating a transparent and conducive business environment. Facilitating access to finance, developing startup support funds, and establishing separate stock exchanges for small and medium-sized enterprises are also crucial steps to enhance competitiveness.
Harnessing Financial Resources
Regarding financial resources for growth, Dr. Can Van Luc, an economist and member of the Prime Minister’s Advisory Council for Administrative Procedure Reform, clarifies that to achieve high growth rates, Vietnam needs to mobilize and allocate financial resources efficiently, targeting 38% of GDP in the 2026-2045 period, approximately $240-245 billion annually. The private sector and other sources should contribute about 65% of this amount.
To materialize this goal, Dr. Luc suggests strengthening financial institutional reforms, vigorously developing the capital market, especially the corporate bond and stock markets, while promoting green finance, digital finance, and the application of new technologies in the financial sector.
He also emphasizes the importance of risk management, improving credit quality, and enhancing the efficiency of public investment. Increasing financial inclusion for individuals and businesses, diversifying financial products, and encouraging domestic savings are key factors as well.
 Production in the textile and garment industry for export to Europe. (Photo: Do Phuong Anh/VNA)
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Unleashing Local Dynamism
From a local perspective, Mr. Tran Duy Dong, Chairman of the People’s Committee of Vinh Phuc province, shares that the province aims for an 8% GDP growth rate in 2025, striving for 10-11% in subsequent years.
To achieve this, Vinh Phuc has formulated six key solutions, including maximizing resource mobilization for dynamic economic sectors such as high-tech industries, logistics, and services. Simultaneously, the province is committed to administrative reforms, improving the business investment environment, expediting issue resolution for businesses, and accelerating public investment disbursement, especially in industrial park, urban area, and transportation infrastructure development.
Additionally, Vinh Phuc prioritizes the development of high-quality human resources and technical training to meet the demands of emerging industries. In response to global economic fluctuations, the province proactively collaborates with departments to support businesses in market expansion and effective utilization of free trade agreements.
Ensuring Social Stability
Associate Professor and Dr. Nguyen Duc Chien, Editor-in-Chief of the Vietnam Journal of Sociology, analyzes that high economic growth, if not accompanied by comprehensive social strategies, can lead to increased inequality, social stratification, unemployment, and social order issues.
To address these potential challenges, Dr. Chien recommends formulating a harmonious development strategy that integrates economic and social aspects, promotes sustainable rural development, strengthens social welfare, and manages social risks. Additionally, the synchronous development of education, healthcare, and cultural sectors, ensuring that all segments of the population benefit from the growth process, are considered essential elements.
To attain the ambitious double-digit growth target in this new era, Vietnam must focus on a comprehensive strategy that intertwines institutional reforms, private sector development, efficient financial resource mobilization, harnessing local dynamism, and safeguarding social stability.
Leveraging new-generation free trade agreements, diversifying export markets, enhancing national competitiveness, embracing digital transformation, and fostering a green economy will be pivotal in this journey. With a synchronized, proactive, and flexible approach, Vietnam is well-positioned to make remarkable strides, realizing its vision of rapid, sustainable, and prosperous development in the decades to come.
Ly Thanh Huong
– 12:51 05/08/2025
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