In his article, "Resolute in Building a Strong Party, a Prosperous Vietnam, and a Democratic, Just, and Civilized Society," General Secretary To Lam underscores a pivotal principle: "Economic and social development must remain the central focus."

This foundational viewpoint is set to steer socio-economic advancement in the forthcoming years, aiming to significantly propel Vietnam towards its development targets for 2035 and 2045.

The underlying importance of this principle resonates through a simple yet profound ethos: "The people come first." 

This philosophy has been instrumental in Vietnam’s dramatic reduction of poverty - from 60% in the early 1990s to under 3% today - a testament to the nation’s global acclaim.

Post-2019, the COVID-19 pandemic exacerbated existing issues, including bureaucratic inertia at various government levels, which, coupled with a fear-driven culture in decision-making, significantly stifled citizen welfare, business operations, and economic growth.

Recent statistics reveal troubling trends. The investment growth rate in the domestic private sector plummeted from annual increases of 15-17% to a mere 2.7% in 2023, with a slight recovery to 6.8% in early 2024. After adjusting for inflation, these figures represent stagnant or negative real growth.

Furthermore, business dynamics are worrisome; approximately as many businesses are being established as are closing, marking the lowest market entry to exit ratio in years. Moreover, a majority of companies report severe struggles due to low domestic demand, fierce competition, and a scarcity of new contracts.

The Vietnam Chamber of Commerce and Industry’s (VCCI) Provincial Competitiveness Index (PCI) indicates a stark decline in business optimism, with only 27% planning expansions into 2025—significantly lower than previous years.

Moreover, the meager growth of the money supply, as reported by the State Bank of Vietnam, suggests insufficient economic liquidity, further dampening the economic climate.

These statistics validate General Secretary To Lam’s assertion that steadfast attention to economic and social development is paramount.

During the August 6 regular meeting of top leaders, General Secretary and President To Lam outlined the immediate strategies needed for socio-economic development. He emphasized the need to resolve existing difficulties, obstacles, and bottlenecks to create a favorable environment for businesses and entrepreneurs. This would allow them to develop, invest, and operate more effectively, thereby promoting efficient production and fostering a positive atmosphere among the people in their daily lives and economic activities.

For the long term, he reaffirmed in his article the necessity of comprehensively and synchronously advancing reforms to ensure rapid and sustainable national development, while also strengthening the nation’s capabilities. He emphasized the importance of building and completing a modern socialist-oriented market economy that is well-integrated globally. This includes vigorously promoting investment and business activities and maximizing social resources for sustainable national development, environmental protection, and climate change adaptation.

These objectives are ultimately aimed at realizing the principle that "the people are the foundation," where "the people are the owners and the center of the renewal process." All policies and initiatives must genuinely stem from the lives, aspirations, and legitimate rights and interests of the people, with the happiness and prosperity of the people as the ultimate goal. Ensuring that all citizens benefit from the achievements of development, live happily in a secure and safe environment, and that no one is left behind is essential.

At a press conference following his election by the 13th Party Central Committee, General Secretary and President To Lam spoke about the priority tasks: The immediate focus will be on reviewing and reassessing the targets set by the 13th Party Congress to develop breakthrough solutions and accelerate the achievement of these goals.

"We have just over a year left, so accelerating the implementation of the targets set by the 13th Party Congress to achieve early results is a crucial priority," he stated.

Economic growth rates were 2.55% in 2021, 8.12% in 2022, 5.05% in 2023, and 6.42% in the first half of this year.

Experts estimate that the growth rate in the second half of the year must reach 7-7.5% to achieve the National Assembly's target of 6.5-7% growth. Additionally, economic growth in 2024 and 2025 must average 9% per year to ensure an average growth rate of 7% for the 2021-2025 period, based on the growth rates of the past three years.

These are "extremely challenging" tasks, especially given the highly complex and unpredictable global situation.

"Lagging behind" is one of the four "dangers" first identified at the 9th Party Congress in 1991 and reiterated in subsequent congresses. However, this "danger" has yet to be fully assessed in the context of the unmet goal of industrialization and modernization by 2020.

High economic growth has always been a mandated target, reflecting the aspiration to elevate the country beyond backwardness and catch up with other nations.

For this reason, the Party's guidelines and policies must be institutionalized into state laws to be effectively implemented in daily life. Without this, even the best and most numerous policies will struggle to be realized.

All the aforementioned goals and measures reflect the vision of General Secretary and President To Lam in maximizing the spirit of "self-reliance, self-confidence, self-determination, self-strengthening, and national pride."

Tu Giang – Lan Anh