On March 25, 2026, at the Party Central Committee Headquarters, Lam delivered the closing speech of the 2nd Central Conference of the 14th tenure, expressing a message of strong action, strategic vision, and high political determination in leading the country into a new stage of development.

On the foundation of the “Four Steadfastnesses” in politics and ideology, a “double-digit” growth goal was set along with the requirements to ensure quality, sustainability, and social justice, while promoting strong reform of the local government model towards being lean, effective, and efficient.

The speech not only established developmental principles but also showed a very clear political determination: shifting from a growth rate target to a growth method that is disciplined, limited, and responsible for the future.

Memories of former minister

At over 80 years old, former Minister of Planning and Investment Vo Hong Phuc still devotes special attention to the current affairs of the country.

Contemplating the conclusions of the 2nd Central Conference, a conference that lays the "foundation" for the entire 2026-2030 term regarding economic development, he shared his appreciation when the requirement for macroeconomic stability was given due emphasis.

In the closing speech, Lam requested the thorough grasping of four principles: growth must be substantive, not trade off sustainability; stable macroeconomic stability and control of inflation; use resources effectively, prioritizing key projects and public-private partnerships; and ensure growth is linked to living standard improvement and social justice.

In particular, the General Secretary emphasized: “Steadfastly maintain the principle of macroeconomic stability, control inflation, and ensure major balances. This is the prerequisite and the pillar that decides the flexible, safe, and effective operational capacity of the entire economy.”

Phuc added: “That is a very correct choice for us to develop rapidly and sustainably.”

Perhaps Phuc is one of the leaders of the 2006-2010 term who still holds the most vivid and poignant memories of the price of trading off between stability and development.

As the Minister of Planning and Investment, he directly participated in drafting Resolution 11 in 2011, famous for the solutions for macroeconomic stabilization after overheating periods.

Prior to that, on January 9, 2011, the Government issued Resolution No02/NQ-CP on key solutions for managing the socio-economic development plan and the state budget.

However, only one month later, on February 24, 2011, the Government had to issue Resolution 11 as a replacement, pivoting the growth trajectory.

The reason was that the international context fluctuated violently: inflation rose high, and the prices of crude oil, production input materials, and global food prices climbed relentlessly. Domestically, pressure from adjusting electricity and fuel prices, along with the consequences of previous loose monetary and fiscal policies, created massive pressure.

Phuc recalled that the 2006–2010 term was a period of extremely hot economic development. Right from the beginning of the term, the Government pushed for investment expansion. By 2008, when Hanoi officially expanded its administrative boundaries, a wave of real estate investment erupted more strongly than ever, entailing sky-high credit growth.

That was also the time when Vietnam had just joined the WTO, bringing excitement and huge expectations among the people. The stock market boomed, and public and private investment projects were announced grandly. 

At a questioning session before the National Assembly in May 2008, Minister Vo Hong Phuc gave a "stunning" forecast: Inflation that year could reach 22 percent.

Meanwhile, reports showed the credit growth in 2007 had soared to 53 percent, and the total means of payment increased by 46.7 percent - unprecedented figures.

Actual events later showed that credit growth in the 2007-2008 period was 3-4 times higher than the usual level, completely out of control. Consequently, inflation in 2008 soared to nearly 20 percent. 

The momentum of credit growth continued to jump to 36 percent in 2009. This is not to mention a stimulus package of more than $8billion, including $1 billion in 0 percent interest rate support. Unprecedented expansionary fiscal and monetary policies triggered a bloom of public investment projects and state-owned enterprises investing outside their core industries.

The 2007-2009 period became a memorable chapter in Vietnam's economic history. Excessive expansion pushed the economy into a whirlwind of serious instability: inflation peaked at 18.6 percent in 2011, asset bubbles swelled, and a portion of businesses only focused on "quick deals" instead of concentrating on systematic production. Those consequences lasted across many aspects and are still being handled even until now.

Tu Giang