Double-digit Growth Is Within Reach
On the afternoon of February 14, during a group discussion, Mr. Trần Lưu Quang, Head of the Central Policy and Strategy Commission, stated that setting an 8% growth target for 2025 serves as a practice run toward achieving continuous double-digit growth in the coming years.
According to Mr. Quang, aiming for double-digit growth is essential to becoming a high-income developed nation by 2045. By working backward from this goal, we realize that double-digit growth is necessary. This objective is embedded within the resolution, so we must strive for it.
Additionally, Mr. Quang highlighted another reason: escaping the middle-income trap. Globally, only about 5-7 countries have successfully done so, including Japan, China, and South Korea.
Without transformative changes like adopting advanced science and technology, escaping the middle-income trap will be impossible, he emphasized.
“The average per capita income in Vietnam is currently over $4,000. We must surpass this threshold,” stressed the Head of the Central Policy and Strategy Commission.
To achieve these goals, Mr. Quang explained that we need clear strategies, streamlined institutions, and full implementation of Resolution 57-NQ/TW, which focuses on breakthroughs in science, technology, innovation, and national digital transformation. Removing institutional barriers is also critical.
Discussing Resolution 57, Mr. Quang described it as the shortest path to a bright future for the country.
Drawing from global examples, particularly China’s success with rapid advancements in science and technology (e.g., Deepseek), Mr. Quang noted that achieving double-digit growth “is not far-fetched at all.” Success hinges on three key breakthroughs: institutions, resources, and infrastructure.
Mobilizing Resources from the People Is Essential
Speaking at the session, Mr. Lê Tiến Châu, Secretary of the Hải Phòng Municipal Party Committee, affirmed that adjusting the growth target above 8% is necessary. The central leadership has shown determination; without this adjustment, the goals set by the 13th National Congress would remain unattainable.
The question remains: what resources and driving forces will help realize this target? Mr. Châu asked.
Secretary Châu emphasized that special policies and mechanisms are vital resources for boosting growth. Ten localities already benefit from such policies, and once they take effect, they create strong momentum for development.
As an example, Mr. Châu mentioned Hải Phòng’s five special mechanisms. Despite challenges like natural disasters and pandemics, the city achieved double-digit growth. “We need to expand these special policies,” he proposed.
At the upcoming May session, Hải Phòng will submit a new resolution to replace Resolution 35 on special mechanisms and policies. Successful measures will be retained, ineffective ones removed, and new policies studied further.
Regarding financial resources, Secretary Châu argued that borrowing and domestic resources are crucial. However, their flexible application—where, when, and how—must be clearly defined.
For localities capable of balancing their budgets and self-funding, borrowing limits should be lowered. If limits are too high, borrowing becomes impossible, leaving no resources, he illustrated.
Moreover, the Secretary affirmed that significant resources remain untapped among the population, mostly deposited in banks for interest. Mobilizing these resources into active use could yield much higher efficiency.
