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Institutional reform has been identified by the Communist Party of Vietnam as a strategic breakthrough to accelerate rapid and sustainable growth. The direction is reflected in key documents, including Resolution 68-NQ/TW on developing the private economy and Conclusion 18-KL/TW dated 2 April 2026, which summarizes the second session of the 14th Central Committee and calls for continued improvement of the institutional framework to enhance governance effectiveness and unlock resources for development.
In line with these orientations, the Government has emphasized a shift from management thinking to development-creating thinking, placing enterprises and people at the center of service delivery and treating administrative reform as a direct lever for growth.
For the first four months of 2026, practical indicators point to positive movement in both enterprise formation and capital mobilization. According to the Ministry of Finance, the number of newly established and reactivated enterprises in the period increased by 33.9%, while total registered capital added to the economy rose by 84.6%.
On average, nearly 30,000 enterprises enter the market each month. About 1.9 quadrillion dong is reported to have been injected into production and business, reflecting improved market confidence.
On the trade side, although Vietnam recorded a trade deficit of about USD 7.11 billion, the import structure shows that nearly 92% relates to machinery, equipment, and materials serving production. The composition suggests an “importing to produce” pattern, indicating preparation for a new growth cycle rather than reliance on consumption.
To implement the Party’s major orientations, the Government has pursued a fast pace of administrative reform. An administrative reform “revolution” is being driven to support the aspiration of two-digit growth for 2026–2030.
In a short period, the Government issued eight resolutions aimed at cutting down and simplifying administrative procedures and business conditions across most areas of state management.
Initial results include the abolition of 184 administrative procedures and the removal of 890 business conditions deemed no longer appropriate. The implementation process is expected to reduce processing time and compliance costs by more than 50% compared with 2024 for affected entities.
The Prime Minister has also stressed that “laws must be accompanied by decrees,” addressing policy delays. Accountability is placed on heads of agencies, and results are publicly disclosed to create real reform pressure across the system.
A central demand across Party documents is to promote the private sector. For 2026–2030, total investment demand is projected at around 38.5 million billion dong, with 80% expected to come from the non-state sector.
This approach underscores that the state cannot “pull” capital through administrative orders, but must instead create a transparent and stable institutional environment so capital can move effectively.
While early results are positive, the article notes that implementation remains the biggest challenge. It highlights the risk of a “hot top, cold bottom” scenario or the emergence of new, subtler barriers that could weaken reform effectiveness. It also emphasizes the need to reform the entire administrative system in connection with digital transformation, transparency, and accountability.
In the context of a volatile global economy, achieving two-digit growth is described as a major challenge. However, the article argues that when institutional reform is positioned as a strategic breakthrough consistent with Party direction, it can function as a growth “switch” by restoring confidence and unlocking resources.
Source: VietnamPlus
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