The Vice Prime Minister Nguyen Van Thang (member of the National Assembly delegation of Dien Bien province) delivered a speech.
To clarify the feasibility of the double-digit growth target, the Vice Prime Minister affirmed that the Vietnamese economy still has significant development potential, both in terms of internal strengths and assets. However, based on past experience, Vice Prime Minister Nguyen Van Thang believes that in the years to come, Vietnam can no longer rely on the old growth model; development must now be based on science and technology, innovation, and digital transformation.
“Growth must be accompanied by the improvement of quality, efficiency of human resources, technology, and investments.”
During group discussions, delegates approved the government’s efforts to manage the economy in an unstable global geopolitical context. Regarding the goal of double-digit growth by 2030, Deputy Tran Quoc Tuan (Vinh Long) emphasized that major advancements in labor quality and technological content were essential to transition from an extensive to an intensive development model. He suggested that training and improving human resources should be considered a national strategy, especially as science, technology, innovation, and digital transformation are identified as new drivers of growth.
Moreover, specific policies should be implemented to encourage businesses and government agencies to participate in AI personnel training and digital transformation efforts, deploy strategic credit mechanisms not only for tangible infrastructures but also focusing on digital infrastructures and research and development facilities. It is also important to establish a more effective link between foreign direct investment and national businesses.
Deputy Bui Thi Quynh Tho (Ha Tinh) emphasized that the 2021-2025 period represents an exceptionally challenging mandate, marked by the pandemic, supply chain disruptions, global economic fluctuations, and significant shifts in state administrative apparatus. Despite these challenges, the achieved results are commendable.
Delegates requested the government to complete its evaluation of state budget revenue reduction in 2025 and the plan for 2026, considering the impact of fiscal policies, fees, and unfavorable external fluctuations to clarify the basis for managing fiscal policy in the upcoming period.
In terms of monetary policy, it is necessary to analyze and evaluate the recent capital influx into the banking system, clarify reasons for rising deposit interest rates, and assess the banking system’s capacity and other mobilization channels to provide capital to meet the economy’s needs for strong growth from 2026 to 2030.
Regarding the five-year socioeconomic development plan, delegates approved the double-digit growth target, considering it a major aspiration and direction for the country. However, it is necessary to consider the conditions, potential, and internal capacity of each locality and implement appropriate solutions and mechanisms, especially innovative solutions, to ensure feasibility.
Deputy Prime Minister Nguyen Van Thang confirmed that the five-year socioeconomic development plan for the period 2026-2030 sets very high goals and targets compared to the previous period.
By 2030, Vietnam aims to become a development country with a modern industrial base and an upper middle-income, with an estimated per capita income of about $8,500. Achieving this requires maintaining an annual growth rate of at least 10%.
“It’s a huge challenge, but it’s also the only way to achieve the goal of becoming a high-income development country by 2045,” said Vice Prime Minister Nguyen Van Thang.
To reach these goals, it is necessary to maintain strong economic growth over a long period, paired with sustainable development.
To clarify the feasibility of the double-digit growth target, the Vice Prime Minister stated that the Vietnamese economy still has significant development potential, both in terms of internal strength and untapped potential and assets. Looking back at the Vietnamese economy’s journey, especially in the period 2021-2025, despite the strong impact of the Covid-19 pandemic and complex geopolitical upheavals, Vietnam achieved an average growth rate of about 6.4% over this period, coming close to the target set by the National Assembly.
However, drawing from past experience, the Vice Prime Minister believes that in the coming years, Vietnam cannot rely on the old growth model, primarily based on land exploitation, natural resources, and cheap labor. Development must now rely on science and technology, innovation, and digital transformation. This is the essential component, the core of the new growth model.
According to the Vice Prime Minister, the government is resolutely working to improve institutions, especially financial institutions, by 2025 to encourage businesses to use technology and aims to increase the contribution of science and technology to growth from 14% currently to 30% by 2030.
Regarding feasibility at the local level, Vice Prime Minister Nguyen Van Thang expressed confidence in the determination of provinces and cities, especially after the reorganization of administrative units, which reduced from 63 to 34 provinces and cities. Even though localities face numerous difficulties, like Dien Bien or Cao Bang, they possess unique advantages related to their small size, and if they can best exploit their potential, rapid growth is entirely conceivable.
“If Dien Bien or Cao Bang can tap into their potential and strengths, growth could reach not only 10% but even 20-30%. Such figures are difficult to achieve for large economic localities. I have full confidence in the actions taken and to be taken by Dien Bien, and I am certain that this locality will maintain high growth rates from 2026 onwards,” commented Vice Prime Minister Nguyen Van Thang.
During the same discussion session, Vice Prime Minister Nguyen Van Thang analyzed and commented on the results of the first quarter of 2026, including a 7.83% growth rate. While the 9.1% target has not yet been reached, this result is an important step for the succeeding quarters, aiming for an average growth rate of 11% and creating a positive momentum for the entire mandate.
To address the resource issue, the Vice Prime Minister stated that the total investment capital needed to achieve double-digit growth over the next five years amounts to approximately 38.5 trillion VND. Of this amount, public investment represents about 8.5 trillion VND, constituting 22% of total social investment and 40% of total state budget expenditures.
This requires the entire political system to continue implementing the principle of budgetary discipline by reducing current expenditures to focus resources on development investments. The remaining 78% of capital must be mobilized from the civil society, businesses, foreign capital, and capital markets.
Regarding monetary and fiscal policy, Vice Prime Minister Nguyen Van Thang declared that the government aims to gradually reduce reliance on bank credit to reduce liquidity risks and pressure on interest rates. The focus will be on developing the stock market, aiming to achieve a stock market capitalization equivalent to 120% of GDP by 2030. Promoting the market from a frontier market to an emerging market status will attract significant international investment fund flows, providing medium and long-term capital for businesses.
Additionally, the new strategy of attracting next-generation FDI will be selectively implemented, requiring technology transfer to national enterprises to build a sustainable and substantial production ecosystem.
One key solution to improving economic performance is to reduce the ICOR index from the current 6.4 to less than 5. To achieve this, the government will prioritize project efficiency over scattered investments by focusing on about 3,000 high-impact economic projects. Furthermore, the application of science and technology as well as innovation will be encouraged throughout the business sector and the economy.
