Deputy PM Urges Bold Reforms and Unified Vision for Sustainable Growth at Economic Forum
Hanoi, The Gulf Observer: To achieve rapid and sustainable growth, Vietnam must embrace a fresh development vision, implement bold reforms, and foster national unity alongside international cooperation, Deputy Prime Minister Nguyễn Chí Dũng said at the Vietnam Economic Growth Forum held on Tuesday.
Addressing the forum, Deputy PM Dũng emphasised the urgency of adapting to an increasingly volatile global landscape, citing frequent and complex geopolitical and geoeconomic shifts, rapid technological advances, and evolving global value and supply chains. He also noted the erosion of trust in multilateral cooperation due to strategic rivalries, as well as the rise of non-traditional security threats hindering inclusive development.
Reflecting on the achievements since the launch of the Đổi mới (Renewal) policy over four decades ago, Dũng highlighted Việt Nam’s transformation from an underdeveloped country into the world’s 32nd largest economy. The country now ranks among the top 20 globally in terms of trade and foreign direct investment (FDI), and reached a GDP per capita of US$4,700 in 2024—approaching upper-middle-income status.
“Vietnam has become a model of post-war reconciliation and comprehensive international integration. It is now a proactive, responsible member of the global community,” he stated.
However, he cautioned that as a highly open economy, Vietnam remains vulnerable to both global instability and internal economic constraints. To overcome these challenges, he called for a “new mindset, a new vision, a new spirit, and bold actions,” backed by strong political determination, social consensus, and international partnerships.
Dũng proposed a set of strategic measures to restore and accelerate growth momentum, beginning with continued institutional reforms. These include enhancing legal transparency, regulatory stability, and alignment with international norms, particularly in critical sectors such as land, minerals, and development planning.
A key priority, he stressed, is the urgent resolution of more than 2,887 stalled projects, involving over US$235 billion in investment and 347,000 hectares of land. Removing bottlenecks from these projects would unlock significant growth potential.
He also underscored the importance of mobilising all available resources, especially from the private sector, while maintaining public investment as a catalyst. Infrastructure development, the completion of key national projects, and the establishment of a diversified and secure energy supply—particularly renewable and clean energy sources—are crucial components of this approach.
In addition, Deputy PM Dũng encouraged the strategic use of new development spaces created by recent administrative restructuring and the dual-tier governance model. He urged investment in emerging sectors such as science and technology, digital transformation, semiconductors, artificial intelligence, and quantum technologies, in conjunction with new economic models and the global talent network.
“These are the driving forces to restructure the economy and develop a new, innovation-driven growth model that ensures rapid and sustainable progress,” he noted.
To complement domestic efforts, Dũng advocated for deeper international integration, grounded in national self-reliance and resilience. He emphasised the balance between utilising internal resources as the foundation and leveraging external ones to supplement national development.
He concluded by calling for collaborative efforts from both public and private sectors to transform Vietnam into a safe, dynamic, and globally competitive hub for manufacturing, services, and innovation.
The Vietnam Economic Growth Forum served as a platform to discuss strategic directions, identify challenges, and align multi-sectoral efforts toward a sustainable and prosperous future for the country.
