After four decades of Doi Moi (renewal), Vietnam is seeking to shift its growth model away from capital, natural resources and low-cost labour towards productivity, technology and innovation.

With around 1 million businesses in Vietnam, 98% of them small and medium-sized enterprises, the proposed Law on SME Development is, in practical terms, a law for the development of Vietnam's private business sector.

Vietnam needs $227-231 billion in exports in the final five months of 2026 to meet its annual growth target, as exporters grapple with rising trade barriers, costs and competition.

Within just four years, the Central Committee issued two major resolutions on land policy: Resolution 18 in 2022 and Resolution 21 in 2026. This is a rare occurrence for a foundational policy with a comprehensive impact across the national economy.

Resolution No. 19-NQ/TW identifies productivity, knowledge, technology and human capital as key growth drivers, with smart, green and circular development central to Vietnam’s long-term strategy.

Vietnam wants lower lending rates while preparing to mobilize nearly $1.5 trillion in investment over five years, putting the structure of its financial system under growing pressure.

For many Vietnamese entrepreneurs, the biggest obstacle to investment may no longer be capital or labor costs, but uncertainty over where business risk ends and legal liability begins.

The model that powered Vietnam’s rise for nearly four decades is approaching its limits. The next transformation will depend on knowledge, innovation and better governance.

To drive new growth, Politburo Resolution No. 57-NQ/TW calls for modern digital infrastructure, high-quality Internet access and large-scale data centres to underpin a national data platform.

The world has determined that the 21st century will witness a very strong shift of development drivers to the ocean.

Now that various special mechanisms have been granted, local authorities must have innovative development mindsets, fully leverage their distinct advantages, and foster a favorable business environment to achieve double-digit economic growth.

Resolution 10 marks a shift from attracting foreign capital at scale to building a high-quality FDI ecosystem, with stronger links to Vietnamese businesses and global value chains, experts say.

Resolution 36 has opened the right door, but to step through that door, the country needs a fundamental shift in institutions and development mindset, according to Dr. Tran Dinh Thien.

The number of businesses joining the market continues to rise, and newly established companies are launching with larger amount of registered capital.

Vietnam continues to attract new businesses, but rising market exits and weak profitability highlight the challenges facing much of the private sector.

The demand of about 38.5 quadrillion VND of investment capital in the 2026-2030 period raises the need to open more new capital mobilization channels, reducing dependence on bank credit.

Overall, strong first-half performance has prompted several international institutions, including Standard Chartered, UOB and DBS, to raise their growth forecasts for Vietnam. Standard Chartered projects GDP growth of 9.5% in 2026 and 11% in 2027.

Vietnam believes the growth model that fueled four decades of success has reached its limits, prompting a broader transformation of its national development strategy.

Two million active enterprises by 2030 is an ambitious target for Vietnam.