Vietnam’s economy still holds substantial untapped resources, notably a vast pool of idle capital among households. Experts are calling for mechanisms to redirect tens of billions of US dollars from savings, gold and foreign currencies into production and business activities to stimulate growth.

Two critical “arteries” need to be unblocked

Speaking at a conference on economic growth drivers and agricultural prospects for 2026, economist Vo Tri Thanh said the economy has moved beyond the so-called “new normal” phase - a term once used to stabilise sentiment during challenging times.

In the current context, growth can no longer rely on purely mechanical indicators. It must be sustainable, inclusive, innovation-driven, and resilient. More broadly, it is about ensuring economic security, strategic autonomy, technological mastery, and supply chain independence.

According to Thanh, Vietnam continues to face multiple external headwinds. These include increasing trade fragmentation, stricter tariff policies from major markets such as the US and over 100 other countries, as well as escalating tensions in the Middle East that could push inflation beyond control and place pressure on exchange rates and interest rates this year.

Amid these challenges, he emphasised four key policy priorities: flexible and proactive economic diplomacy, especially in energy and investor positioning; maintaining macroeconomic stability; supporting business recovery; and accelerating institutional reforms to create a transparent business environment.

At the same time, the economy still contains large, underutilised resources. One of the most significant is idle household capital. A substantial amount of money remains parked in bank deposits or stored as gold and foreign currencies, while total social investment remains below its potential.

“There needs to be a mechanism to redirect this massive capital flow, estimated at tens of billions of US dollars - around VND500 trillion (US$20 billion) - into production and business instead of speculation or hoarding,” Thanh said.

In parallel, hundreds, even thousands, of major projects remain stalled. If legal bottlenecks are removed and progress is accelerated for around 800 to 1,000 projects, the economy could be injected with hundreds of trillions of dong, providing a strong short-term growth impulse.

Rethinking the growth model

Economist Can Van Luc stressed that growth is a long-term journey, potentially extending to 2040, 2090, or even 2100. Vietnam must therefore transform its growth model to achieve both high speed and sustainability.

He underlined the need to shift from a model driven by capital and labour to one based on productivity and innovation, focusing on improving total factor productivity through technology, governance, and human capital quality.

To achieve this, Vietnam should prioritise five pillars: science and technology, human resource development, market efficiency, infrastructure investment, and institutional improvement.

From a financial and banking perspective, Nguyen Quoc Hung, Vice Chairman and General Secretary of the Vietnam Banks Association, said financial resources will be decisive in achieving double-digit growth targets.

He emphasised the importance of building a stable, transparent and sustainable capital market to attract idle funds in society and provide long-term investment capital for the economy.

At the same time, addressing approximately VND1 quadrillion (US$40 billion) in bad debt - described as a major “clot” obstructing capital flows - is essential. “If resolved effectively, capital costs will decrease, businesses will gain better access to credit, and new growth momentum will be created,” Hung noted.

For agriculture and rural areas, credit flows should be directed towards deep processing and value-added production. As green standards and digital transformation requirements become increasingly stringent, financing will not only support production but also help businesses meet international market demands and expand exports.

Hong Khanh