Speaking at a seminar on Tuesday, Tam remarked that in 2025, Vietnam’s economy witnessed profound changes in its administrative apparatus, mechanisms, and policies.

Many major decisions were implemented within a very short timeframe, such as administrative restructuring and mergers (of cities and provinces), while projects that had been stalled for many years were finally unblocked. These can be described as extraordinary changes, which are gradually becoming the “new normal", he said.

“Never before have investment decisions at ministries, sectors, and localities been implemented so quickly. Accelerating progress is the most effective way to minimize waste. If investment is scattered and wasteful, the consequence will be inflation; but if investment is focused, swift, and efficient, we can both control inflation and promote sustainable economic growth,” he told the forum.

The KBC chairman emphasized the need to further promote localization and increase domestic value-added. When competitiveness is enhanced, Vietnam will capture more tangible material value, laying the foundation for the goal of double-digit growth in the future.

According to Tam, another key factor is Vietnam’s outstanding diplomatic achievements by the state and government, together with the contributions of people-to-people diplomacy. "Vietnam has created a clear distinction compared to the rest of the world. Amid global instability, the country has maintained remarkably strong stability."

The establishment of Comprehensive Strategic Partnerships with most major powers such as Russia, China, the U.S., Japan, South Korea, and India has affirmed the correctness of Vietnam’s “friends with all” foreign policy, he added.

"Vietnam is a reliable partner that supplies goods and delivers harmonious benefits to its partners. This bond, based on shared interests, has ensured stability for the economy."

However, Tam also candidly pointed out existing “bottlenecks.” Vietnam is heavily dependent on exports to the U.S. (reaching $140 billion in 2024 and continuing to grow strongly). To ensure sustainable development, the government has proactively signed multiple free trade agreements (FTAs) to open access to new markets such as the EU and southern Africa.

Vietnam is also in a “golden population” period with a diligent labor force. A noteworthy figure is that remittances amount to around $20 billion per year, while net domestic savings remain modest, he said.

Currently, many aging societies such as those in the Schengen bloc are experiencing severe labor shortages and are willing to accept around 500,000 Vietnamese workers at high wage levels. This represents a major opportunity, as after three years of working abroad, returning workers will become a high-quality labor force, bringing back skills and international mindsets to help build the country, he noted.

“The most important thing right now is the momentum heading into 2026. As Vietnam is entering a new era – the era of national rise, I believe that within the next 10 years, it will potentially rank among the top 10 in the world in terms of GDP,” Tam stated.

He held that while countries such as Japan and South Korea are facing challenges in sustaining growth pace, Vietnam’s momentum is rising strongly. The remaining challenge lies in how effectively it absorbs capital, implements policies, and deploys projects through a unified master plan from the central to the local level.

Kinh Bac City Development Holding Corp is a leading industrial park developer in Vietnam.

Vietnam turns what is ordinary in the world into something extraordinary

Speaking about the “new normal” factors that could create a breakthrough for economic growth in the 2026-2030 period, beginning with double-digit growth in 2026, Associate Professor Dr. Tran Dinh Thien argued that Vietnam has turned what is ordinary in the world into something extraordinary - recognizing the private sector as the most powerful engine of growth.

Vietnam has placed the private sector in its rightful and “normal” role, as the foundation, core, and driving force of the economy. This shift has created something extraordinary, and most importantly, it has built public confidence in the future.

The economist, former director of the Vietnam Institute of Economics, pointed out a significant difference: In the past, Party resolutions were often well-designed and substantively correct, but their effectiveness was limited. Vietnam had resolutions on the private sector, technology, and integration, yet their impact was not truly evident.

This time, the difference lies in the approach. Instead of separate, isolated, and uncoordinated resolutions, Vietnam is adopting a bundled, cluster-based approach such as the “quartet” or “octet” of policies.

This is a comprehensive and systemic approach that does not merely address individual issues but reshapes the entire landscape. “I believe that this consistent foundation, rooted in the mindset and approach to implementing resolutions, will ensure success and allow policies to quickly go into real life,” Thien commented.

Regarding the growth model, he noted that strong momentum is beginning to emerge from recent changes, and if implemented effectively, this could be highly beneficial for Vietnam.

According to Thien, three main factors have driven this growth momentum. First, the private sector has been recognized in a fundamentally different way, in line with its true role.

Second, science and technology have genuinely become both objectives and tools. Previously, technology was often revered or valued in a general sense. This time, resolutions have identified technology as a foundational productive force, and implementation is being accelerated - not only as a goal, but also as a means to achieve that goal.

Third, there is a new approach to foundational infrastructure development. Although current infrastructure is not yet fully satisfactory, a more systematic approach with clear priorities and strong linkages has been adopted. This is a crucial element of the new growth model.

However, the greatest remaining concern is whether Vietnam has sufficient execution capacity to transform these ideas into reality. “With the spirit of the issued resolutions, I believe that if successful, this will ensure that the country develops not only in scale but also in efficiency, optimizing the use of resources,” Thien concluded.

Resolution 68, issued in May by the Politburo, Vietnam's highest decision-making body, is a landmark directive poised to redefine the landscape for private enterprises in the country. The resolution fundamentally elevates the status of the private economic sector, explicitly identifying it as "a most important driving force of the national economy”.

"The core vision of Resolution 68 is to cultivate a fast-developing, sustainable, high-quality, and globally competitive private sector which will not only be an economic powerhouse but also a leader in science, technology, and innovation," VinaCapital wrote.

The goal is to help Vietnam avoid the middle-income trap and achieve its aspiration of becoming a developed, high-income nation by 2045.

A standout feature of Resolution 68 is its goal to develop 20 large private companies by 2030 that are capable of integrating into global value chains and driving industrial growth.