Setting a very ambitious economic growth target for the coming period carries significant implications for both strategic orientation and development thinking. It sends a strong policy signal that Vietnam is proactively shifting from a mindset that focuses on sustaining the current growth momentum to one aimed at creating breakthroughs in development.

In terms of timing, Vietnam's economy is currently at a critical turning point. After many years of relatively robust growth, the existing development model has begun to reveal its structural limitations. Growth drivers based on capital accumulation, low-cost labor, natural resource exploitation, and the extensive expansion of production capacity made substantial contributions during the previous stage of development, but they are unlikely to remain the primary foundation for the country's next phase of growth. Without a transition toward productivity-driven growth supported by innovation, technological advancement, and stronger institutional quality, Vietnam's economic growth is likely to slow, making it increasingly difficult to achieve a significant leap in its level of development.

In the context of the upcoming 14th National Congress of the Communist Party of Vietnam, setting a high growth target also serves as a framework for redesigning policy priorities. Once an ambitious target is established, the entire policy-making and governance system must address more fundamental questions: What should be the primary drivers of growth? How should the quality of growth be measured? Which resources need to be reallocated? What reforms must be implemented without delay? In this sense, an ambitious growth target not only creates pressure for more effective macroeconomic management but also generates momentum for comprehensive institutional and structural reforms.

Among the "Four Core Principles" for achieving high economic growth, the principles of "genuine growth" and "maintaining steadfast macroeconomic stability" are given the highest priority. Although balancing these two objectives is highly challenging, they are not inherently incompatible. The key lies in transforming the sources of economic growth. If growth is driven primarily by rapid credit expansion, indiscriminate increases in public investment, asset speculation, or the excessive exploitation of traditional production factors, it is often accompanied by heightened macroeconomic instability. However, if growth is generated through higher productivity, more efficient resource allocation, and the upgrading of the economic structure, it is entirely possible to achieve faster growth while preserving macroeconomic stability and maintaining the country's major economic balances.

One of the key highlights discussed was the development of a Resolution on a science-, technology-, and digital transformation-driven development model. This Resolution is expected to provide a clearer framework for the growth logic of Vietnam’s next stage of development. In an economy where the scope for extensive growth is becoming increasingly limited, the most important source of momentum must come from using existing resources more efficiently. Science, technology, and digital transformation play a pivotal role in this regard, as they simultaneously reshape production methods, governance structures, market connectivity, and the quality of decision-making.

To ensure that the benefits of "double-digit growth" are distributed fairly and translated into meaningful improvements in people's lives, relevant ministries and sectors need to establish a policy coordination mechanism that is cross-sectoral, regionally integrated, and people-centered. This requires moving beyond siloed policymaking toward an integrated approach in which the distributive, regional, and social impacts of economic policies are considered from the very beginning of the policy design process. At the same time, local authorities and businesses should broaden the way they assess development outcomes, shifting from measuring growth solely in quantitative terms to evaluating the quality and inclusiveness of growth. Only then can high economic growth truly serve as a sustainable foundation for improving people's living standards.

Source: Vietnam News Agency