Viettel and Petrovietnam chairmen propose plan for two-digit economic growth

During the morning session of April 10, 2026, the National Assembly debated in committees the results and status of implementing the socio-economic development plan in the early months of 2026. Delegates also discussed the five-year socio-economic development plan for 2026-2030, the mid-term public investment plan, and the five-year national financial plan for 2026-2030.

Focus on achieving two-digit growth

In Group 2 (Ho Chi Minh City delegation), delegates discussed actively and proposed solutions to support economic and social development and to achieve two-digit growth or higher.

Expanding international market space

Chairman and General Director of Viettel Tao Duc Thang argued that expanding economic space—especially into international markets—is a key solution to reach two-digit growth. He cited Viettel’s overseas performance and noted that, in recent times, Viettel’s growth has come primarily from international markets, accounting for about 60-70%.

Mr. Thang said experiences from other groups such as Petrovietnam, FPT, and Vingroup also show that investing abroad helps enterprises access larger markets and build long-term growth momentum. He proposed that the government build a structured outward-investment program with three pillars: an outward-facing foreign policy (“open the door”), proactively seeking markets aligned with strengths, and creating an investment ecosystem led by leading enterprises.

He referenced Politburo Resolutions 68 and 79, which set the goal of having enterprises among the top in Southeast Asia and the world, and said achieving this requires a sufficiently large international market.

Improving public investment efficiency

On public investment, Mr. Thang highlighted the difference between public investment and corporate investment. He said companies must consider cash disbursement speed and the return of cash flow and revenue; without these, projects can lead to losses or even bankruptcy. By contrast, public investment projects may be criticized if delayed for several years, but such delays do not threaten the organization’s survival in the same way.

He also pointed out that enterprises typically seek high utilization efficiency—such as 70%, 80%, or 90%—to ensure cash flow returns and the project remains viable. He questioned how to measure effectiveness for public investment under similar utilization-efficiency expectations.

To improve public investment efficiency, Mr. Thang proposed evaluating public investment projects using corporate-style criteria linked to cash flow and payback, tightening appraisal and timelines, avoiding planning horizons of 3-5 years that are shortened in practice, and establishing concrete, measurable KPIs—especially post-investment utilization efficiency.

Clarifying growth targets and capital efficiency

Chairman of the Board of Members of Petrovietnam Le Ngoc Son said the 10% per year growth target for 2026-2030 is ambitious and needs clearer execution. He noted that Vietnam’s ICOR (incremental capital-output ratio) is currently around 6.4, which is significantly higher than regional economies such as Korea and Taiwan (about 3-4). He said this indicates limited capital-use efficiency.

Without improving ICOR, he warned that total social investment demand could reach 33-35% of GDP, creating pressure in the coming period.

Mr. Son proposed adding growth-quality indicators such as TFP and ICOR by sector, as well as clearly defining contributions from science, technology, and innovation. He also said the target for the digital economy to account for 30% by 2030 is appropriate, but requires concrete steps, including investment in digital infrastructure, data, and mechanisms that enable all economic components to participate.

Financial and monetary recommendations

Issuing international bonds for investment needs

Deputy Truong Minh Huy Vu (Ho Chi Minh City) discussed macro stability and issued warnings and recommendations. He said energy-related effects have a lag and that inflation is likely to rise in Q2 or Q3, affecting growth.

He stated that from now until the end of the year, it would be “very hard” for energy prices to stay below 85 USD per barrel. He recommended that the government and Parliament monitor consumer prices and apply different measures to support input prices such as gasoline and public transport that uses gasoline. He also said electricity input prices should be recalibrated accordingly.

Regarding capital absorption, Mr. Vu proposed a five-year plan to mobilize resources and suggested that Ho Chi Minh City issue international bonds, including project bonds for metro projects, under specific financial and legal frameworks, while not affecting the debt ceiling.

Stabilizing interest rates and managing exchange-rate pressure

Representative Tran Anh Tuan (Ho Chi Minh City) proposed that the government develop tools—especially through the State Bank—to stabilize interest rates to encourage business activity and stimulate the economy. He also suggested issuing instruments with value in credit institutions to help stabilize lending rates.

On exchange-rate pressure, he said the State Bank should adopt stabilization policies to boost production for enterprises that depend on imported inputs, prioritizing sectors with major investment focus.