First must be a more transparent land market so that resources are no longer ‘buried’ in pending projects. Alongside that is a medium and long-term capital market with enough depth so that idle money in society can flow into production instead of lying motionless in the banking system.

Along with that is the market for science and technology, data, and digital assets, where innovation is priced at its true value. And an essential component is a labor market where high-skilled people are paid their true value, so that productivity becomes the substantive driver of growth.

According to the calculations provided by the Prime Minister, the average total investment of the whole society for the next 5 years must reach about 40 percent of GDP, equivalent to VND38.5 quadrillion, much higher than the level of about 33 percent in the previous term. This figure alone shows how immense the pressure to mobilize resources for this term is.

Regarding the state capital, total public investment is expected to exceed VND8 quadrillion, while in the previous term it was VND2.87 quadrillion; mobilization from the budget alone must also reach VND6.5 trillion, 2.7 times higher. But the more noteworthy part lies in the rest: About 80 percent of resources must come from domestic enterprises, society’s investment, FDI, and international indirect investment flows.

That means, to reach the growth target of over 10 percent, the economy cannot rely solely on the public sector or bank credit.

To mobilize that huge amount of capital, the prerequisite is to clear all market obstacles, reform strongly in the supply, and create a legal corridor transparent enough for people, businesses, and investors to feel safe when committing long-term capital.

Awakening dormant resources

A notable point in the Government’s report is that mobilizing and efficiently using all resources is seen as a critical solution to achieving double-digit growth.

This reflects a clear governing logic.

First is creating additional fiscal space: targeting about 10 percent growth in budget revenue while significantly cutting recurrent spending to prioritize development investment. The approach shows that high growth begins not with indiscriminate easing, but with fiscal discipline and efficient public spending.

Next is expanding medium- and long-term capital channels through government bonds, local bonds, project bonds, and ODA loans. This shift is essential, as sustained high growth cannot rely on short-term credit alone.

More importantly, the Government emphasizes boosting investment from state-owned corporations and economic groups, accelerating private investment, encouraging FDI firms to reinvest earnings in Vietnam, and linking FDI attraction with technology transfer and appropriate expansion of foreign ownership limits.

Thus, the burden of financing growth will not fall on a single sector but on the combined strength of the entire economy.

Further ahead is the development of capital markets, improving sovereign credit ratings, and upgrading the stock market to attract global funds and indirect capital flows. This is how idle money in society can be transformed into business capital, technology, infrastructure, and ultimately productivity.

Perhaps the most valuable detail in the entire policy set is the focus on quickly and decisively resolving long-delayed projects.

This is not just about clearing administrative backlogs. More importantly, it is about unlocking a vast pool of land, public assets, capital, and market confidence that has long been dormant.

And this may be the strongest message in the early days of Prime Minister Le Minh Hung’s term: double-digit growth is not about placing new pressure on the economy, but about unlocking existing resources already trapped within it.

When laws are transparent enough to protect property rights, when markets allocate resources efficiently, and when the private sector has fair access to land, capital, technology, and business opportunities, growth above 10 percent will no longer be an administrative target.

It will become the natural outcome of an economy operating under the right principles.

Perhaps the greatest promise of this term lies in maintaining a stable foundation while opening a new growth cycle - one where dormant resources are awakened and transformed into national development momentum.

Tu Giang