From this historic conference, Resolution 11 was born in February 2011, issuing a tough command: Implement a tight and cautious monetary policy; tighten fiscal policy, drastically cut public investment, and reduce the state budget deficit.

Thanks to the drastic policy pivot, Vietnam has reaped positive results.

Inflation was brought under control. From a peak of 18.6 percent in 2011, the average CPI index was pulled down and maintained at about 4 percent/year throughout the 2016-2020 period.

Budget discipline was tightened. The state budget deficit decreased, from an average of 5.4 percent of GDP in the 2011-2015 period to 3.5 percent of GDP in the 2016-2019 period.

Effective public debt management also occurred. Although public debt once touched 63.7 percent in 2016 due to the need to mobilize huge resources for infrastructure, since 2017, this figure has decreased to 55 percent of GDP in 2019 and 56.8 percent in 2020. 

Lessons

Resolution 11 truly created a pivotal turning point. Implementing the Government’s command, the ministries, branches, and localities tightened spending, "braked" a series of investment projects, and strictly controlled credit growth. The twofold CPI increase during the 2006-2010 period as reported by the General Statistics Office was a harsh testament to the price of overheated development.

In 2014, the birth of the Macroeconomic Management Group consisting of four key ministries created an unprecedented coordination. The bond between political determination and professional thinking gradually brought the economic ship back to a stable trajectory. This period bore the deep imprint of brave and decisive "commanders."

These included Minister of Finance Dinh Tien Dung (2013–2021) with a fundamental restructuring of public finance, aiming for fiscal sustainability and enhancing international prestige for Vietnam; Governor of the State Bank of Vietnam Nguyen Van Binh (2011–2016), who directed the stabilization of the banking system, curbed inflation, and maintained confidence in the Vietnam dong after the 2008–2011 crisis, despite controversies at that time.

It is impossible not to mention the then-Minister of Planning and Investment Bui Quang Vinh (2011–2016), a person with a strong institutional reform mindset. He was the author of Directive 1792, the predecessor of the Law on Public Investment, an effective tool to "tighten the reins" over public investment capital flows, and Deputy Prime Minister Hoang Trung Hai, the "chief architect" who persistently ensured energy security and promoted large-scale infrastructure projects. 

The achievements were clearly shown. In 2016–2020, the average CPI was maintained around 4 percent/year, the budget deficit decreased to 3.5 percent of GDP, and public debt from the dangerous threshold of 63.7 percent of GDP in 2016 shrank to 55–56 percent of GDP. 

The spirit of “macroeconomic stability for development” since then became the guiding compass throughout the documents of the three recent Party Congresses.

Vietnamese leaders have learned a lesson. When inflation erupts, the consequence does not just lie in a few extra percentage points of the CPI. It is the price paid with an entire decade of instability, with the risk of millions people falling behind and the erosion of developmental achievements.

The story of Resolution 11, therefore, is not just an old chapter in economic history. It is an eternal reminder that macroeconomic stability must always be held firm. Ultimately, only with stability can there be sustainable development.

Lessons from the past are becoming more relevant than ever. The State Bank reported that by the end of 2025, credit for the entire system reached the milestone of VND18.2 quadrillion, a growth of nearly 19 percent, the highest level in many years.

The credit/GDP ratio pushed up to about 146 percent, establishing a record high for lower-middle-income countries like Vietnam. Behind that impressive growth figure are lingering worries about sustainability.

That context further clarifies why at the 2nd Central Conference, General Secretary To Lam placed the highest requirement on the phrase "substantive growth."

His message is very serious: Do not trade off quality and sustainability for mere growth speed. Each percentage of GDP growth must contain higher knowledge content and value-added, based on the actual productivity and competitiveness of the nation.

“Growth today must not harm the development foundation of tomorrow...If we only chase speed and neglect quality, the price to pay will be very high.” This warning serves as the most condensed summary of the painful lessons from more than a decade ago. 

Tu Giang