Vietnam sets a goal to grow 10% in the next five years

Bangkok.- Vietnam's top leader, To Lam, emphasized on Tuesday the country's goal, one of Asia's most dynamic economies, of achieving 10% growth in its gross domestic product (GDP) in the next five years, during a key meeting of the ruling Communist Party. In a speech to the nearly 1,600 delegates of the training, Lam urged to achieve 10% growth in the 2026-2030 period, and to "make the vision of becoming a developed country with high income by 2045" a reality, according to the Vietnamese state press.

Read more: Vietnam and the US hold a new meeting on their trade negotiations

The Communist Party of Vietnam (CPV) is holding its 14th National Congress from yesterday until January 25 in Hanoi, in closed-door meetings to elect the leaders of the one-party country for the next five years, with Lam positioned to predictably remain in charge. "Our economy has overcome many difficulties and challenges, has maintained macroeconomic stability and has sustained relatively strong growth," said Lam, who emphasized the impetus of public-private business alliances. According to estimates from the Vietnamese government this month, the country's GDP expanded by 8.02% year-on-year in 2025. Meanwhile, the International Monetary Fund (IMF) projects a 5.6% increase for 2026, according to an October forecast, amid geopolitical and trade uncertainty due to Washington's policies. Vietnam reached an agreement last July with the U.S. by which tariffs on the Asian nation were set at 20%, rising to 40% in the case of shipments originally from third countries, in reference to China. Lam pointed out today that Vietnam must establish a "new growth model" and simultaneously implement "digital, green, and energy transformation," so that they are the "main engines of growth" of the country. Considered one of the most influential figures in Vietnam in decades, the leader has held the position of General Secretary of the CPV - the one that grants the most power in the country - since August 2024 and aims to maintain his position and possibly expand his power, also taking over the presidency, according to analysts. If this were to happen, Vietnam would move towards a power model similar to China's, with more centralized command under Xi Jinping, also head of the Armed Forces.