On May 20, Mr. To Lam chaired a working session with the Central Policy and Strategy Commission and relevant agencies to assess national development resources in connection with the goal of achieving double digit economic growth and establishing a new growth model.

Old approaches may deliver temporary growth but not sustainability
 

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Party General Secretary and State President To Lam chairs a working session assessing development resources linked to the goal of achieving double digit economic growth and establishing a new growth model. Photo: VNA

Concluding the meeting, Mr. To Lam emphasized that achieving the ambitious goals set out in the documents of the 14th National Party Congress and the 2026-2030 socio-economic development plan would require a fundamental transformation in the organization and operation of development resources.

Double digit growth, he said, cannot result from simply extending the old growth model.

He stressed that Vietnam could no longer rely solely on increasing investment capital, expanding credit, exploiting more land resources, increasing project numbers, utilizing cheap labor, assembly-based manufacturing, or attracting foreign direct investment through simple incentives.

While these drivers remain necessary, they are no longer sufficient.

“If we continue with old methods, we may achieve temporary growth, but it will be difficult to create sustainable growth, improve productivity, strengthen self reliance, or escape the middle income trap,” he said.

The Party chief also stressed the need to fundamentally change thinking about development resources.

Resources, he said, should not be viewed as static, finite assets to be divided, but as assets that can be created, enriched, connected, and multiplied.

The state’s role is not merely to allocate resources but to create an enabling environment, shape development space, reduce initial risks, and activate social, private, intellectual, data, and cultural resources.

“Growth at all costs is not the objective,” Mr. To Lam said. “Stability cannot be sacrificed for growth. Quality cannot be ignored for speed. Efficiency cannot be overlooked for scale. Long term foundations cannot be weakened for short term gains.”

He highlighted both the strengths and limitations of Vietnam’s current resources in areas including finance and economics, land, public assets, infrastructure, development space, human capital, science and technology, innovation, and data.

Institutional reform package proposed to unlock resources

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Overview of the working session. Photo: VNA

Mr. To Lam emphasized that mechanisms for mobilizing, allocating, utilizing, and transforming resources must become the central focus of policy making.

“The question is not only what resources we have, but what mechanisms allow those resources to contribute to development and growth,” he said.

According to the Party chief, many resources are currently stuck due to institutional bottlenecks.

Without resolving these obstacles, Vietnam risks having resources that cannot be utilized, untapped potential that cannot be transformed into growth, sound policies that produce slow results, and ambitious goals without sufficiently strong implementation tools.

Mr. To Lam specifically called for a review and full resolution of resources delayed from entering use, warning against allowing national resources to remain immobilized by administrative procedures, disputes, fear of responsibility, or weak interagency coordination.

Regarding resource allocation, he said Vietnam must move away from fragmented, equal distribution based on administrative boundaries or political terms.

Instead, resources should be allocated based on efficiency, productivity, spillover effects, and measurable outcomes.

Public resources, he said, must lead private investment.

Public investment should stimulate social investment.

Foreign direct investment should help develop domestic enterprises.

Infrastructure must create new development spaces.

Science and technology must generate products, revenue, productivity, quality, and competitiveness.

To Lam also stressed the need to clearly define the conditions required for achieving double digit growth and to establish a new growth model alongside implementation mechanisms.

The new model, he said, must rely more heavily on productivity, science and technology, innovation, digital transformation, and data.

“These must become real growth drivers, not slogans,” he said.

The model must also strengthen the role of Vietnamese enterprises.

The private sector, he noted, is among the country’s most important growth engines.

State owned enterprises should focus on key sectors, strategic infrastructure, and leading large scale investments.

Foreign direct investment, meanwhile, should shift from quantity driven attraction toward quality, technology transfer, and stronger domestic linkages.

Regarding key tasks and solutions, To Lam called for the development of an institutional reform package aimed at unlocking resources.

He urged policymakers to abandon the mindset of “if it cannot be controlled, then ban it.”

“One issue, one content area should be regulated by only one law,” he said, while also calling for maximum administrative reform, a stronger shift from pre inspection to controlled post inspection mechanisms, and transparent, consistent, stable laws with long term vision.

He also ordered authorities to inventory, digitize, and free up trapped resources, while concentrating investment in growth poles, major projects, and industries with strong spillover effects rather than distributing resources evenly.

He concluded by emphasizing productivity, science and technology, data, and high quality human resources as the country’s primary development drivers.

Science and technology, he said, must focus on solving major national and sectoral challenges while preparing strategic human resources in fields including artificial intelligence, semiconductors, data science, cybersecurity, logistics, new energy, green hydrogen, nuclear power, biotechnology, new materials, high speed rail, and modern finance.

Tran Thuong