Unprecedented Double-Digit Growth
Speaking at the workshop “Breakthrough Solutions for Double-Digit Economic Growth in the New Era” on May 7, economic expert Assoc. Prof. Dr. Tran Dinh Thien shared that in the past 40 years, Vietnam has only achieved growth rates of 9.3% (in 1996) and 9.5% (in 1995), never reaching the double-digit mark. Meanwhile, the average growth rate has shown a clear downward trend over each 10-year cycle…
“With this slowdown in growth, we have set a double-digit growth target. So, what is the basis for ensuring that the economy can quickly reverse the current trend and create a ‘miracle’ in a period predicted to be more challenging, unpredictable, and risky?”, questioned Mr. Thien.
Dr. Dang Xuan Thanh, Vice President of the Vietnam Academy of Social Sciences, argued that the double-digit growth target demands a practical enhancement of endogenous capacity and the building of an independent and autonomous economy.
In a context of global turmoil and the gradual depletion of traditional growth drivers, Vietnam is compelled to vigorously innovate its growth model to avoid falling into the middle-income trap.
 Experts propose solutions for Vietnam’s double-digit growth. Photo: Nguyen Le |
Dr. Tran Dinh Thien noted that the goal is not just about speed but also about the quality of growth. The double-digit growth target is set amidst wars occurring in multiple regions, while Vietnam, as an open economy, faces significant risks. The outlook for an export-oriented growth model is challenged by the trend of trade protectionism.
Talking about the three growth drivers, including investment, consumption, and exports, Mr. Thien analyzed that investment growth has not been low, but there are issues. Specifically, private investment is limited in scale and imbalanced in structure; public investment increases “struggle”; money turnover is slow…
However, Mr. Thien believed that unprecedented opportunities are emerging, and we must not miss them.
Assoc. Prof. Dr. Tran Dinh Thien emphasized that to develop, Vietnam must exert itself, accept trade-offs, create new capabilities, and deeply restructure the economy.
“Enterprises cannot stick to the old ways; instead, the future enterprise force needs to be elevated in quality and given maximum priority and facilitation,” he stated.
The economic expert also suggested changing the approach to reform and innovation, as Vietnam has undergone 40 years of renewal. The current reform method relies on “asking and giving,” where individuals or localities with initiatives have to apply for permission to innovate, without holding them accountable.
“The reform mindset must come from the top down to be truly radical,” stated Mr. Tran Dinh Thien.
Breakthrough Solutions
To achieve the goal of 10% or higher economic growth, Dr. Vu Thanh Tu Anh from the Fulbright School of Public Policy and Management (Fulbright University Vietnam) recommended that Vietnam build a dedicated and honest administrative system, along with transitioning to adaptive management with a development-oriented mission.
Additionally, it is crucial to harness internal resources, with the private sector serving as the primary growth driver.
Simultaneously, enhancing three levels of capacity is essential: institutional capacity regarding legitimacy and development commitment, policy capacity in terms of design and synchronized implementation, and professional and flexible administrative capacity. According to Dr. Vu Thanh Tu Anh, without these capacities, reforms may become fragmented, short-term, and dominated by interest groups.
Meanwhile, Dr. Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, emphasized abandoning the “if it can’t be controlled, then ban it” mindset and upholding market principles in resource mobilization and allocation. He called for eliminating the “ask and give” mechanism, abolishing entirely or partially overlapping legal regulations, shifting strongly from “pre-inspection” to “post-inspection,” managing based on results, and substantially decentralizing to localities.
Along with this, Mr. Cung proposed forming “breakthrough” institutional points, such as establishing high-tech innovation freedom zones and specialized free trade zones with superior institutions adhering to good international practices. These zones aim to create new growth momentum and attract investment.
Dr. Tran Tuan Anh, President of the Administrative Science Association and former Deputy Minister of Home Affairs, believed that developing human resources and attracting talent are crucial factors in achieving a breakthrough toward double-digit economic growth.
According to him, it is necessary to improve the quality of training, prioritize developing high-quality human resources for strategic areas, form innovation hubs, and attract talent. Simultaneously, there must be a strong promotion of digital technology and artificial intelligence (AI) in education and training, the establishment of a civil service regime based on job positions, and the perfection of a legal framework suitable for human resource development in the digital era.
Nguyen Le
– 19:08 05/07/2025
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