Fresh impetus to transform development thinking

A wider door is set to be opened for private enterprises to engage more in the economy with a major change in the state's management mindset in favour of them.

- By Khoi Nguyen

At a hybrid conference on implementing the resolution of the second plenum of the 14^th Party Central Committee organised last week in Hanoi, and attended by millions of Party members nationwide, Party General Secretary and State President To Lam stated that an economy aspiring for rapid growth cannot rely on a single source of resources, nor can it place the entire burden of development on the shoulders of the state.

It is roughly calculated that in the 2026-2030 period, Vietnam will need a gigantic sum of about $1.54 trillion as development investment capital. Only about $340 billion will come from the state budget.

"Thus, the remaining $1.2 trillion will have to be mobilised from other sources. Experience from many previous terms shows that reliance on the state alone was insufficient," the top leader stated.

New Prime Minister Le Minh Hung also said at a National Assembly group-based meeting over a week ago that the state budget can offer just 20 per cent of total needed public investment for 2026-2030.