Growth target of 8.3-8.5%: Not impossible!

The growth target was adjusted from 8% to 8.3–8.5%, showing stronger and more specific determination. (Source: VGP)

In just half a month, two national online conferences were held (July 5 and 16) to review the situation, develop growth scenarios and action solutions. Notably, the growth target was adjusted from 8% to 8.3-8.5%, showing a stronger and more specific determination.

The Ministry of Finance also identified this as the “main target”, aiming for double-digit growth in the 2026-2030 period. To achieve the target, the third and fourth quarters need to grow by 8.9-9.5% - a big challenge but not without foundation, when GDP in the first half of the year increased by 7.52%, the highest level in the past 14 years, thanks to strong recovery of exports, FDI and consumption.

The Government has clearly identified the key drivers for growth: Investment, consumption, export and innovation. Total social investment capital in the last six months of the year is expected to reach 111 billion USD, higher than the previous scenario, along with the target of increasing retail sales and consumer service revenue by over 13%. Leading localities such as Hanoi, Ho Chi Minh City, Quang Ninh, and Thai Nguyen are assigned higher growth targets, playing the role of "locomotives" of the economy .

In particular, the role of public investment is placed at the center. The goal of disbursing 100% of public investment capital, equivalent to nearly 1 quadrillion VND, is a move to stimulate infrastructure, unblock private capital flows and FDI. In addition, large-scale credit packages for infrastructure, digital technology and social housing are also deployed to create a "spillover effect".

Clearly, the target of 8.3-8.5% requires extraordinary efforts. Pressure comes from the uncertainty of the world economy, trade competition, raw material prices and inflationary pressures. However, as Prime Minister Pham Minh Chinh emphasized, this is “an inevitable and not an impossible target”. The Government is determined not only to achieve short-term goals, but also to create a foundation for long-term goals of 100 years, towards a prosperous Vietnam.

Political consensus, discipline and creativity of each ministry and enterprise will be the decisive factors. “Outsourcing growth” to localities and large corporations is not only a management measure but also a way to promote the sense of responsibility and initiative of each unit.

Optimistic forecasts from international organizations such as CitiGroup, Maybank and UOB, when raising the forecast for Vietnam's GDP growth to 7-7.3%, show confidence in the resilience and potential of the economy. Along with institutional reforms and efforts to "untie" resources, Vietnam is effectively taking advantage of opportunities from integration and the trend of shifting global supply chains.

Of course, the road to the goal is not paved with roses. But the important thing is that from the central to local levels, there is a unified message - growth is not just a number, nor is it the final destination, but the belief and motivation for Vietnam to move towards a more sustainable and prosperous era in the future.