As roads, airports, and connecting infrastructure projects are completed one after another, expectations go beyond simply adding new facilities. The aim is to expand economic space, reduce costs, and create fresh momentum for development.

As Viet Nam enters a new stage of development to realise its aspirations for higher-income status and avoid the middle-income trap, Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) in Viet Nam, shared his insights with Nhan Dan Newspaper on addressing structural bottlenecks and creating new drivers for sustainable economic growth.

Despite mounting challenges in both the domestic and international business environment, Vietnamese enterprises have continued to demonstrate greater resilience and adaptability, while recording strong growth in numbers.

With GDP expanding by 8.18% in the first half of 2026, Viet Nam’s economy has shown encouraging signs, underpinned by the performance of major economic centres and key sectors. Nevertheless, mounting domestic and international pressures call for flexible and decisive policy responses.

Nguyen Thi Huong, Director General of the National Statistics Office of Viet Nam under the Ministry of Finance, said that the Vietnamese economy is facing a mix of opportunities and challenges in the final six months of 2026.

Party General Secretary and State President To Lam on July 4 urged the Government and local authorities to immediately remove obstacles to policy implementation, describing execution as the "bottleneck of all bottlenecks" at present, to accelerate economic growth and lay a solid foundation for the country's next development phase.

Despite continued growth across many sectors during the first five months of the year, the economy is still expected to face considerable challenges in maintaining sustainable development momentum.

Modern history shows that there has never been a universally successful model that can be applied perfectly to every country. Sustainable development is only possible when a nation finds a path suited to its own historical circumstances, level of development, governance capacity, and national interests.

More than 100 representatives from the private sector attended a conference on May 27, organised by the Central Policy and Strategy Commission (CPSC) in coordination with the Viet Nam Chamber of Commerce and Industry (VCCI), to offer ideas on renewing the country’s development model.

Politburo member, Secretary of the Party Central Committee (PCC) and Head of the PCC’s Commission for Policy and Strategy, Nguyen Thanh Nghi, held a working session with delegations from foreign and domestic business associations and enterprises in Ha Noi on May 13 within the framework of the Viet Nam Connect Forum 2026.

Following a meeting with the State Bank of Viet Nam, commercial banks moved almost immediately to cut deposit interest rates.

Party General Secretary and State President To Lam has urged the central coastal province of Quang Tri to reposition its development space under a “reaching East, spreading West” strategy.

At the second plenum of the 14th Party Central Committee, General Secretary and State President To Lam stressed that “high economic growth must serve the interests of the people, improve their material and spiritual well-being, and ensure social equity”.

In the first quarter of 2026, economic growth across many localities was broadly positive, according to the National Statistics Office (NSO), with Ha Noi and Ho Chi Minh City maintaining their positions as the nation’s economic engines.

Amid complex and unpredictable global economic and political developments, Viet Nam’s economy has been significantly affected by external shocks such as supply chain disruptions, market volatility, tariff pressures, and the rapid reconfiguration of global value chains. These factors have placed the business community and the national economy under considerable pressure.

Entering the 2026–2030 period, the 14th National Party Congress has set an average growth target of 10% or higher. This is not merely an economic indicator, but also a “call of the nation”, requiring the concerted engagement of the entire political system, the business community and society as a whole.

At present, Ho Chi Minh City is not only focusing on the transition of transport vehicles but is also gradually improving its environmental policy framework. These efforts aim to reduce air pollution, encourage the development of clean vehicles, and increase the use of public transport.

Prime Minister Pham Minh Chinh has issued a directive urging ministries, sectors and localities to swiftly resume work after the Lunar New Year (Tet) holiday, focusing on facilitating production and growth, and ensuring stability, security and social welfare amid complex global developments.

Beyond impressive economic growth figures, 2025 also marked major strategic advances in Viet Nam’s external relations, reflecting the country’s new standing in an era of national rise. It marked a decisive shift for Viet Nam — from a country integrating and participating actively to a core role that leads, proactively shapes and contributes to the shared rules of the international community.

Economic growth targets for the 2026-2030 period by province and centrally governed city, as set out in the action programme of the Party Central Committee to implement the Resolution of the 14th National Party Congress.