A strategic roadmap for Vietnam’s next stage of development

After four decades of economic reform, widely known as Đổi mới (Renewal), Vietnam is now entering a new phase that requires a transformation of its development model in line with domestic realities and global trends.

The Party Congress set ambitious goals for the coming decades: by 2030, Vietnam aims to become a developing country with modern industry and upper-middle income status, while realising the long-term vision of becoming a high-income developed country by 2045. To achieve these targets, the country is striving for an average annual growth rate of at least 10% during the 2026–2030 period.

According to economist Dinh Trong Thinh, meeting these goals will not be easy but remains achievable given Vietnam’s untapped potential and emerging growth drivers.

He noted that unlocking these drivers will require urgent efforts to remove bottlenecks in institutions, infrastructure and resources. Equally important is a shift in implementation approaches, ensuring consistent and coordinated policy execution from the central to local levels.

If guided effectively, high economic growth would expand the scale of the national economy, stimulate production and business activities among citizens and enterprises, and increase resources for long-term development investment, he said.

Institutional reform as the key breakthrough

Institutional reform has been identified as a central priority, often described as the “bottleneck of bottlenecks” in Vietnam’s development process.

The 14th Party Congress therefore called for comprehensive and synchronised improvements to the institutional framework, encouraging a renewed policy mindset and strategic breakthroughs aimed at creating a new development ecosystem in which growth and stability reinforce one another.

According to Dang Hong Anh, chairman of the Vietnam Young Entrepreneurs Association, the country’s business community represents one of the most important internal sources of economic dynamism.

However, for businesses to fully realise their potential, institutional reforms must go further than simply removing administrative obstacles, he said. Over recent years, reforms have focused mainly on simplifying procedures and reducing regulatory burdens, but deeper challenges remain.

Businesses need both legal certainty and room for innovation, Dang noted. Investment decisions often span 10 to 20 years, and sudden regulatory changes or overlapping legal provisions can create significant uncertainty for investors.

Legal stability, he said, gives enterprises the confidence to invest and innovate, while regulatory “sandboxes” for new technologies and business models could create the space needed for companies to experiment and pursue breakthroughs without excessive risk.

Translating orientations into policy decisions

Many experts view the vision outlined at the 14th Party Congress as representing a new stage of national transformation, sometimes described as a “second wave of reform” aimed at removing the remaining barriers to development.

Vietnam now stands at the beginning of a new development journey, facing both challenges and opportunities. In this context, the strategic orientations set by the Party Congress are expected to guide policymaking and national decision-making in the years ahead.

According to Tran Van Khai, deputy chairman of the National Assembly Committee on Science, Technology and Environment, achieving the economic goals set by the Party Congress requires a modern and stable legal system.

He stressed that institutional breakthroughs must be the top priority, as transparent and open legal frameworks can unlock resources across society and drive sustainable growth.

In the coming legislative term, the National Assembly of Vietnam is expected to focus on refining the economic institutional framework in line with market principles and deeper international integration, while promoting new growth drivers.

This will involve further reforms in legislative thinking, including the adoption of forward-looking laws designed to create favourable conditions for development and establish a strong legal foundation for an independent and resilient economy.

The National Assembly is also expected to strengthen oversight of the implementation of key policy resolutions, including those on scientific and technological development, innovation, digital transformation and private sector growth.

Priority will be given to amending laws related to business, investment and competition, reducing administrative procedures, simplifying business conditions and eliminating overlapping or conflicting regulations that may hinder innovation.

A vision of national aspiration

Perhaps the most notable feature of the 14th Party Congress is the shift from strategic orientation to a stronger focus on action and implementation.

Beyond affirming political determination, the Congress emphasised the creation of concrete institutional mechanisms and policies capable of translating national aspirations into tangible results.

In this sense, the Congress has helped ignite a renewed vision for Vietnam’s future, one built on independence, resilience and sustainable development. That vision is reflected in the country’s strategic goals, policy directions and long-term development outlook for the decades ahead.

Party chief sets agenda for implementing 14th Congress Resolution

VOV.VN - Party General Secretary To Lam on February 23 outlined key priorities for implementing the 14th National Party Congress Resolution, calling for an immediate start to the new development phase for 2026–2030.