“Golden” time for Vietnam to tap new growth drivers
VOV.VN - Vietnam’s traditional growth drivers are reaching their limits. To meet growth targets for 2026-2030, this is seen as a favourable time to shift towards new growth drivers.
After nearly four decades of development (1986-2026), Vietnam has risen from a low-income economy to a middle-income country, with its economic scale continuing to expand. GDP reached about US$514 billion in 2025, while gross national income per capita rose to US$4,496, approaching the income level of upper middle-income countries.
The country has also become a key link in global supply chains, with total trade exceeding US$930 billion. Many export items recorded turnover of more than US$1 billion. The business sector, particularly foreign-invested enterprises, continues to play an important role in boosting production, exports and economic restructuring.
However, these achievements have largely been built on a growth model based on investment capital, low-cost labour and the exploitation of low-cost resources. At present, these drivers are beginning to show their limitations and no longer provide sufficient room to sustain high growth as before.
Meanwhile, the global economy is undergoing profound changes under the impact of the Fourth Industrial Revolution, the energy transition and climate change. These factors are reshaping the global economic structure and placing new demands on productivity, innovation and sustainable development for developing economies, including Vietnam.
In this context, the Party and State consistently pursue a shift from the old growth model to one with higher quality, greater efficiency and stronger sustainability. The new model focuses on optimising resources, restructuring the economy and linking growth with efficiency and quality, while maintaining a balance between economic development, social progress and environmental protection.
From the 11th Party Congress (2011) to the 13th (2021), this orientation has been further specified, emphasising growth driven by depth, improved labour quality, technological upgrading, innovation and more efficient investment. The 13th Congress clearly set out the requirement for rapid and sustainable development based primarily on science, technology, innovation and digital transformation. The 14th Congress (2025) continues to stress productivity gains, the role of the private sector and the promotion of new growth drivers.
Reforming the growth model is closely linked with economic restructuring. This includes a strong restructuring of sectors and economic components; promoting high value-added industries; applying advanced technologies; reducing costs and improving competitiveness. At the same time, it requires strengthening economic autonomy, resilience and adaptability to external shocks, particularly those related to energy and global finance.
Recent resolutions have further specified this direction, identifying science, technology and innovation as key drivers; affirming the private sector as an important driver; and allowing pilot financial mechanisms to promote research and development and digital transformation, as well as expanding channels for mobilising international capital, especially green finance to support energy transition and sustainable development.
Vietnam’s orientation in renewing its growth model is to shift towards development driven by knowledge, innovation and productivity; to ensure inclusive growth associated with improved living standards and social equity; to promote green development and reduce emissions; and to strengthen the economy’s adaptability to global fluctuations.
To achieve high growth targets in 2026-2030, Vietnam needs to accelerate the shift towards a more in-depth growth model, relying more on science, technology and innovation, while creating favourable conditions for the private economic sector to develop.
Source: VOV
Photo: Illustrative photo
