Deputy Prime Minister Nguyễn Chí Dũng speaks at the Việt Nam Economic Growth Forum in Hà Nội on Tuesday. — VNA/VNS Photo Phương Hoa

HÀ NỘI — To achieve rapid and sustainable growth, Việt Nam must adopt a fresh vision and take bold actions alongside national solidarity and international support, said Deputy Prime Minister Nguyễn Chí Dũng as he addressed the Việt Nam Economic Growth Forum on Tuesday. 

Highlighting the rapidly changing, increasingly complex and unpredictable global and regional situation, Dũng noted that there was rising uncertainty due to frequent and multifaceted geopolitical and geoeconomic changes. 

Meanwhile, science and technology were transforming economic structures and reshaping global value and supply chains. 

A noticeable erosion of trust stemmed from strategic competition weakens multilateral cooperation mechanisms, in addition to emerging factors hindering inclusive and sustainable development, and various non-traditional security challenges.

For Việt Nam, the four decades after Đổi mới (Renewal) transformed the country from an underdeveloped economy to ranking 32nd in the world.  

In addition to being in the top 20 countries globally in terms of trade volume and foreign direct investment (FDI), Việt Nam also achieved US$4,700 in gross domestic product (GDP) per capita in 2024, approaching the threshold for upper-middle-income status.

The nation had also become a model for post-war reconciliation with open, comprehensive and effective international integration. "The country is now a proactive, responsible member of the global community," the deputy PM noted. 

However, as a highly open economy, Việt Nam could be heavily impacted by external complexities and internal economic challenges. 

Deputy PM Dũng said: “To achieve rapid and sustainable growth, Việt Nam must adopt a new mindset, a new vision, a new spirit, alongside bold actions for strong reforms with the highest political will, national solidarity, and international support.”

He proposed a series of core tasks and solutions to overcome challenges and reinvigorate growth drivers for the next growth era, the first being continuous institutional reforms. 

This means enhancing transparency, stability and alignment with international standards.

Dũng underlined the importance of reviewing and improving legal frameworks in key areas such as land, minerals and planning. 

At the same time, he called for the swift removal of bottlenecks affecting more than 2,887 stalled projects, representing over $235 billion in investment and roughly 347,000 hectares of land, to unlock growth potential.

It was necessary to mobilise all available resources from the private sector for growth, he said while noting that "public investment plays a leading role in leveraging non-state funding".

Priority should be given to developing modern, integrated infrastructure; accelerating the completion of key national projects; and ensuring diverse and secure energy sources with affordable pricing. Renewable and clean energy sources must be promoted in line with Việt Nam’s economic context and development stage, he stressed.

The deputy PM added that Việt Nam should capitalise on the new development spaces that emerged from the recent administrative restructuring and the new two-tier local governance model. 

The country could also make use of emerging growth engines and strategically invest in science and technology, innovation, digital transformation, semiconductors, artificial intelligence, and quantum technologies, along with new economic models and the national and global talent network.

“These are key drivers to restructure the economy, establish a new growth model, and push for rapid and sustainable development based on science, technology, innovation and digital transformation, thereby delivering breakthroughs in the new era of growth,” said Dũng.

In parallel with attracting major strategic investment projects, he also called for progress in international integration in the current context. 

"This means domestic resources must be the foundation, while external resources should supplement and support development," he explained, adding that the integration process must ensure national independence, resilience and adaptability in the face of global disruptions.

The vision of a prosperous and powerful Việt Nam would require joint efforts from the public as well as the private sector, in order to make the nation a safe, attractive destination and a regional and global hub for manufacturing, services and innovation, said the deputy PM. — VNS