Targeted strategy set out to ensure double-digit growth

The government will continue creating a more favourable investment and business environment

- Nguyen Dat

Vietnam is set to formulate its development path next year, with double-digit economic growth fuelled by a more facilitating business and investment climate.

A directive on formulating Vietnam’s socioeconomic development plan and state budget estimates for 2027 was inked last week by Deputy Prime Minister Nguyen Van Thang.

While the directive acknowledges both global and domestic issues to continue past this year, the socioeconomic development plan is required to focus on achieving “double-digit growth linked closely with macroeconomic stability, controlled inflation, and ensuring of all major balances of the economy”.

The government’s foremost priority is to boost economic growth, it added. Especially, the plan must “establish a new growth model largely propelled by science and technology, innovation, and digital transformation,” stated the directive.

“Such a model will have to be based on enhancement of the economy’s productivity and competitiveness; a boost in strategic breakthroughs; and strengthening of international integration; ensuring of social security; social and cultural development; and safeguarding national security,” it added.

Under the new development model, Vietnam will prioritise the development of sci-tech and innovation. This will be implemented through removing barriers, linking them to outputs and allowing for controlled risk-taking.

Priority is to be given to plans on absorption, transfer, application, and mastery of foundational, strategic, and digital technologies. By 2030, the digital economy is expected to account for around 30 per cent of GDP.

From this year, key priorities will include development of semiconductors, AI, and clean energy; treating data as a strategic resource; and tapping into new growth spaces through inter-regional connectivity. Vietnam will gradually explore development opportunities in outer space, underground space, and maritime space.