Growth Challenges: Need for Innovative Institutions and Consensus Action
(Chinhphu.vn) - The Vietnam Economic Growth Forum 2025 affirmed the determination to realize the double-digit growth target, through the cooperation between the Government - enterprises - localities, with a reform mindset, institutionalizing aspirations from practice.
Báo Chính Phủ•08/07/2025
Vietnam Economic Growth Forum 2025 (VEGF) - Photo: VGP/HT
Together we'give advice' toremove institutional bottlenecks, accompanying innovation
On the afternoon of July 8, in Hanoi, the Central Policy and Strategy Committee coordinated with the Vietnam Economic Science Association, the Vietnam Association of Small and Medium Enterprises and the Vietnam Economic Magazine to organize the Vietnam Economic Growth Forum 2025 (VEGF).
The event, themed "Strategic and practical solutions to promote high and sustainable economic growth in the new context", gathered many important contributions from experts, businesses and policy-making agencies.
In his opening speech, Mr. Tran Luu Quang - Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee, Head of the Steering Committee for the Project "Strategic solutions to promote "double-digit" economic growth in the new era - the era of the Vietnamese people's rise" emphasized: The Forum is an opportunity for the whole society to contribute ideas and seek answers to the big question: What to do and how to achieve the target of double-digit economic growth, towards the vision of 2030 and 2045?
Mr. Tran Luu Quang said that the process of developing the project "Strategic solutions to promote double-digit growth in the new era - the era of the Vietnamese people's rise" will not only be implemented by policy-making agencies alone, but it is necessary to listen to reality - from businesses, experts, and localities - to institutionalize desires into specific guidelines and policies.
"We choose the reverse approach: listening to institutionalize ideas from practice, distilling initiatives into specific policies, to ensure suitability and feasibility," said Mr. Tran Luu Quang.
Mr. Tran Luu Quang emphasized that the Party and State have made many strong changes in development thinking, reforming the administrative apparatus, and issuing resolutions with strategic orientations for the coming period. However, the challenges remain great and more positive pressure from society is needed to turn determination into concrete actions.
Mr. Tran Luu Quang - Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee, Head of the Steering Committee for the Project "Strategic solutions to promote "double-digit" economic growth in the new era - the era of the Vietnamese nation's rise" - Photo: VGP/HT
At the forum, many business representatives pointed out practical barriers in the operation process and proposed specific solutions.
From the textile industry, Mr. Le Tien Truong - Chairman of the Board of Directors of Vietnam Textile and Garment Group (Vinatex) gave specific figures and warnings: If only expanding the scale, the export target of 80 billion USD by 2030 is not feasible, because the total global textile demand has only increased by 1.8% in the past 10 years, while the domestic labor supply has not increased.
Instead of growing in breadth, Mr. Le Tien Truong recommends shifting to depth: Increasing trade surplus by localizing raw materials and increasing productivity through technology and automation.
Ms. Mai Kieu Lien - General Director of Vinamilk proposed: It is necessary to reform the legal system, improve the listening and sharing capacity of functional agencies, especially in the context of increasing production costs and volatile markets.
"Nurturing confidence in reform will be the biggest driving force for businesses to invest and innovate," said Ms. Mai Kieu Lien.
From the perspective of finance and macro policies, Dr. Can Van Luc - Chief Economist of BIDV emphasized the need to shift from a growth model based on resources and cheap labor to a model based on increased productivity, science and technology. Dr. Can Van Luc proposed four major principles in the use of financial resources. That is, investment must be balanced with savings; prioritize investment efficiency instead of focusing only on scale; optimally allocate financial resources by region and industry; and move towards a sustainable growth model based on productivity.
Mr. Dang Hong Quang - Chief Representative of VinaCapital in Hanoi suggested: There should be a separate credit information system for small and medium enterprises, creating conditions for accessing capital. Developing a sustainable capital market and diversifying mobilization channels are also important factors to ensure long-term capital flows for the economy.
Summarizing the opinions at the forum, Mr. Tran Luu Quang, Secretary of the Party Central Committee, Head of the Central Policy and Strategy Committee affirmed: The double-digit growth target is completely feasible if there is consensus and close coordination between the Government, businesses and localities.
"Double-digit growth does not mean that all sectors must accelerate to achieve double-digit growth targets, but the important thing is to achieve overall sustainable and inclusive efficiency," he emphasized.
According to Mr. Tran Luu Quang, there are four prerequisites to realize this growth target:
Firstly, there needs to be consensus and cooperation from the Government, businesses and the whole society.
Second, promptly remove difficulties, especially institutional problems.
Third, it is necessary to have the right development strategy and model, taking science and technology, innovation and digital transformation as the core driving force.
Fourth , be ready to respond to external shocks as the openness of the economy increases.
"Vietnam's current opportunities are much greater than before. Belief in reform, especially institutional reform with revolutionary innovation thinking, is the foundation for us to make a breakthrough. The Government will absorb and select practical recommendations to incorporate into policies and specific action programs in the coming time," Mr. Tran Luu Quang affirmed.
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