In his inauguration address before the National Assembly on the afternoon of April 7, Prime Minister Le Minh Hung described the goal of achieving average GDP growth of over 10 percent per year in the 2026-2031 period as a “development imperative”.

More notably, the speech offered a clear glimpse into the direction of the new term. At its core is a commitment to building a modern, enabling and service-oriented government, cutting administrative procedures to the minimum and decisively removing bottlenecks that have long constrained social resources.

Alongside this, the Prime Minister laid out a firm set of priorities: making science and technology, innovation and digital transformation the leading breakthroughs; affirming the private sector as the most important driver of the economy; and accelerating decentralization in tandem with resource allocation.

Looking back at his career path, it is not difficult to understand why expectations for his tenure are so high. More than two decades in the banking sector, along with experience at the Party Central Office and the Central Organization Commission, have shaped a distinctive profile - one grounded in monetary policy expertise and deeply familiar with the workings and discipline of the system.

For that reason, the greatest expectation for this term may lie in his ability to keep the economy moving fast without veering off the track of macroeconomic stability.

Lessons from previous periods remain relevant: growth is only sustainable when inflation is under control, exchange rates remain stable, interest rates do not create shocks for businesses, and key balances such as public debt and the state budget stay within safe limits.

With a background rooted in monetary management and experience navigating the most challenging phases of the financial system, Prime Minister Le Minh Hung is expected to maintain that critical “anchor” of macroeconomic stability. This is not only a prerequisite for achieving double-digit growth, but also the foundation for long-term private sector investment.

Viewed alongside Conclusion No. 18-KL/TW from the second Party Central Committee meeting, the inaugural address sends a positive message for the next five years: double-digit growth must go hand in hand with macroeconomic stability, inflation control, safeguarding major balances and avoiding systemic shocks.

At the same time, there is a clear call to swiftly remove institutional bottlenecks, develop factor markets and shift the growth model toward science, technology, innovation and digital transformation.

In essence, the spirit of the new term is to pave the way for a new growth rhythm - one in which institutional reform and market confidence are strengthened and unlocked.

Yet what the market is waiting for most is the unlocking of resources that have long been trapped within factor markets.

Land is perhaps the clearest example. Behind headline growth figures lie idle plots in urban areas, stalled projects lasting years, and businesses waiting for planning decisions before they can secure financing, expand factories or build new industrial zones.

Alongside this is the capital market. An economy seeking to accelerate over the next five to ten years cannot rely indefinitely on short-term bank credit. Developing long-term capital markets, upgrading the stock market and opening new financing channels such as corporate bonds will be critical expectations.

Another bright spot lies in the labor market and science and technology. Notably, the Prime Minister’s speech placed human capital, skills and knowledge at the center.

Speaking to VietNamNet, Nguyen Dinh Cung, former Director of the Central Institute for Economic Management, expressed support for setting ambitious growth targets, noting that high goals can inspire aspiration and momentum across the system.

However, he emphasized that the more important task is to fundamentally change the growth model.

In other words, high growth in the coming five years cannot continue to rely primarily on credit expansion and labor-intensive approaches. What Vietnam needs is a model driven more by productivity, quality, efficiency and competitiveness - with science and technology, innovation, digital transformation and factor markets as the main engines.

Unlocking resources in land, capital, labor, science and technology; allowing markets to guide the flow of resources to where they generate the highest value; and most importantly, creating renewed confidence for the private sector.

Only when the private sector sees clearer rules, stronger protection of property rights and more equal opportunities will reform credibility truly be reflected in investment decisions.

Ultimately, however, the pace of growth in the new term will not be determined solely at the central level, but also at the local level - where a land dossier is processed faster, an industrial zone is launched sooner, or a connecting road is completed on schedule.

It is at these very concrete points that decentralization will translate into real growth momentum.

The organization of the new government apparatus - comprising 14 ministries and three ministerial-level agencies - signals a clear choice: prioritizing streamlined structure, clearer accountability and faster policy coordination.

In the end, what people and businesses expect is not an impressive growth figure on paper, but tangible outcomes: faster administrative procedures, projects implemented sooner, more factories creating jobs, stable incomes, manageable prices and a healthier living environment.

 
Tu Giang - Lan Anh