Gross domestic product (GDP) grew 8.18% in the first 6 months, the highest first-half growth rate recorded in the past 15 years. This resulted from the effectiveness of Government measures, the robust recovery of key growth drivers, and the impact of institutional reforms.
What distinguished Vietnam's economic performance, however, is that it was driven by new, more sustainable engines rather than relying on expanding investment or exploiting traditional comparative advantages.
Institutions no longer the bottleneck
Institutional constraints were once regarded as the major obstacle to Vietnam’s development. But major reforms have been introduced, including improvements to the legal framework, greater decentralization, stronger support for the private sector, and policies promoting science, technology, and digital transformation. The problem is no longer a lack of policy mechanisms, but ensuring their effective implementation.
Party General Secretary and State President To Lam says institutional barriers have largely been removed, and the priority now is to translate policies into concrete action.
Mr. Lam said: "We have addressed institutional bottlenecks by focusing on the allocation of financial, human, and land resources. The Party Central Committee has resolved these issues. At the same time, we’re addressing infrastructure, market development, and policy reform, including policies concerning public officials. If we fail to act, we’ll miss valuable opportunities. Delays would mean failing to seize the opportunities before us."
Mr. Lam’s message underscores the responsibility of the entire system. The Government is shifting from process-based administration to results-oriented governance, with greater accountability placed on agency heads for project implementation and public investment disbursement.
Mr. Tran Minh Phuong, Director of the Planning and Finance Department of the Ministry of Construction, says achieving double-digit growth will require ministries, sectors, and localities to adopt a new mindset, accelerate implementation, and take full responsibility for outcomes.
Mr. Phuong said: "Project owners and management boards will be fully accountable to the Minister if they fail to meet disbursement targets or allow waste and losses. All projects must be reviewed to ensure that allocated 2026 capital can be fully disbursed. Projects falling behind schedule will not have their annual investment plans adjusted downward. Disbursement performance will be a key criterion in evaluating the performance of both organizations and individuals."
Significant room for growth
Vietnam still has substantial growth potential. Public investment continues to be a key driver as many major infrastructure projects enter an accelerated disbursement phase, generating positive spillover effects across the economy.
Domestic consumption also offers considerable opportunities. With a market of 110 million people, household spending is expected to remain a growth pillar amid continued global economic uncertainty.
Mr. Tran Huu Linh, Director of the Agency for Domestic Market Management and Development of the Ministry of Industry and Trade, said the Government is stepping up measures to stimulate domestic demand in the remaining months of the year.
"We’re helping businesses adapt to the rapidly growing trend of omnichannel commerce. In addition to traditional distribution methods, enterprises are encouraged to make greater use of digital platforms, e-commerce, livestream sales and other online channels to reach consumers more effectively. Support programs are focused on enhancing business capabilities, from packaging design and product development to brand building, promotion, and market connectivity," said Mr. Linh.
Science, technology, innovation, and digital transformation are emerging as new engines of growth, improving productivity, reducing costs, and strengthening the economy's competitiveness.
Prime Minister Le Minh Hung says these areas must deliver tangible breakthroughs.
"We must create breakthroughs in new growth drivers by promoting scientific research, technological application, innovation, and digital transformation. I urge relevant agencies to promptly implement the National Digital Architecture Framework, complete the development and standardization of national and sectoral databases, and integrate them with the National Data Center. This will enable seamless administrative services through the National Public Service Portal, reducing compliance costs and saving time and money for citizens and businesses. This year we must produce significant results," said the PM.
Achieving Vietnam's ambitious growth target for 2026 will ultimately depend on translating policies into effective action, unlocking all available resources, and fully harnessing new growth drivers. This will help Vietnam meet its economic goals this year and lay the groundwork for faster, more sustainable, higher-quality growth in the years ahead.
