Vietnam Aims to Form More Large Private Conglomerates to Drive Two-Digit Growth

Vietnam’s National Assembly Chairman, Trần Thanh Mạn, said the country needs a stronger shift in development mindset and a decisive push for concrete outcomes to support double-digit growth targets in 2026 and subsequent years. Speaking during the National Assembly’s group discussions on the supplementary assessment of the 2025 socio-economic development plan and state budget implementation, he emphasized that institutional reforms, lower compliance burdens, and stronger private-sector capacity are key to breaking through bottlenecks.

Cause: Move from management to creation-driven development

In the Ho Chi Minh City group discussion on April 10, Chairman Trần Thanh Mạn said achieving double-digit growth requires moving away from a management mindset toward a creation-driven development mindset to enable breakthroughs. He stressed that while people may have plans and visions, progress depends on action that produces tangible products.

“Everyone has a mindset, everyone has a vision, but if we do not act, there will never be a product.”

Development: Institutional breakthrough, social priorities, and decentralization

The Chairman highlighted that the first enabling solution is a strong institutional breakthrough to remove obstacles for production and business and to mobilize all social resources. He also said economic development goals must be paired with social justice, education, health, vocational training, job creation, and social security.

“If we only focus on the economy and do not care about society, the pressing issues cannot be resolved.”

He further called for sharply cutting compliance costs and expanding the shift from pre-checking to post-checking. The Chairman said leaders must protect officials who dare to think, dare to act, and dare to take responsibility for the common good.

Alongside this, he urged meaningful decentralization and genuine empowerment. Localities should have authority to decide and act with clear responsibility, while the central government focuses on building institutions and strengthening inspection and supervision.

Data/Stats: 2025 plan assessment and 2026 progress focus

The discussion took place as the National Assembly continued reviewing the supplementary assessment of results from implementing the socio-economic development plan and the state budget for 2025, and the progress of implementation in the first months of 2026.

Impact: Private sector as a key driver for double-digit growth

Chairman Trần Thanh Mạn said the private sector is one of the most important driving forces for achieving double-digit growth. He argued that Vietnam needs to continue forming more large private conglomerates with financial capacity, technology, and modern governance, enabling them to participate in national key projects and works.

He noted that, in practice, many large private-sector projects are progressing quickly with good quality, while many public investment projects face lengthy procedures, rising costs, and even negative outcomes. From this, he said creating a favorable environment for the private sector is both an economic requirement and a strategic measure to enhance national competitiveness.

Analysis/Expert Opinion: Flexible macro management and execution discipline

On macroeconomic management, the Chairman called for flexibility paired with a firm stance, including proactive responses to external uncertainties such as conflicts, trade wars, and fluctuations in global financial markets. He said fiscal policy should be broadened with a focused approach—directing resources to large infrastructure projects with rapid spillover effects and avoiding diffuse, small-scale investments.

He also emphasized the need to promptly resolve lingering projects and prioritize flagship projects and model works that can spur regional development and support national integration.

“Organizational execution must be clear for each agency and local unit: who does what, when they will do it, when it will be completed, and what the product will be.”

He added that agencies should avoid ineffective activity and ensure timely delivery, urging that officials do not waste time without tangible outputs and should not allow delays to extend over weeks or a year.

Source: VietNamNet