Despite skeptical views that double-digit growth targets are unrealistic and out of reach, the economic picture for the first nine months of 2026, with GDP reaching 9.01%, is the most convincing affirmation of Vietnam's resilience and strong growth potential.
This positive transformation did not come from luck or sheer willpower, but is the result of the government's decisive action in flipping the institutional "switch," thoroughly removing "bottlenecks" to unlock resources.
GDP growth in the third quarter reached 9.95%, bringing the average growth for the first nine months to 9.01%, an impressive result amidst the complex developments in the global economy. The noteworthy aspect lies not only in the absolute figures, but also in the continuous high growth rate across each quarter: Q1 increased by 8.15%, Q2 by 8.81%, and Q3 nearly reached double digits at 9.95%. This spiraling upward trend reflects strong internal momentum, multiple driving forces activated, and a cyclical recovery rather than a temporary surge.
However, to fully understand the significance of this result, it needs to be placed within the larger requirements established by the Central Committee at the beginning of the term. Conclusion No. 18-KL/TW of the 2nd Conference of the 14th Central Committee of the Communist Party of Vietnam (Conclusion 18) sets the goal of striving for "double-digit" growth in the 2026-2030 period, while emphasizing that this is a "key political task" that must be concretized into tasks, results, and products for each sector, agency, and locality, linked to the responsibility of the head of each organization.
From that goal, a shift in mindset in governance has also been clearly defined. At a meeting with the Central Policy and Strategy Committee on assessing national development resources linked to achieving double-digit economic growth and establishing a new growth model on May 20, 2026, General Secretary and President To Lam emphasized: "Double-digit growth cannot be the result of extending the old growth model." The requirement is not only to mobilize more resources, but also to change the way resources are organized, allocated, and used, promote science and technology, innovation, digital transformation , and improve productivity.
From a strategic goal and specific directions, the more important requirement is to transform that goal into a concrete action program. To quickly put Conclusion 18 into practice, the Government promptly issued Resolution 109/NQ-CP dated April 16, 2026, on the action program to implement the Resolution of the 14th National Congress and the conclusions of the Central Committee, followed by Resolution 169/NQ-CP dated June 27, 2026, which assigns specific growth targets to each locality. This approach shows that the growth target is not set at the central level in a general way, but is being transformed into more specific tasks and objectives at each level and in each locality.
More importantly, the key factor is groundbreaking institutional reforms, amending and enacting specific policies to thoroughly remove institutional and administrative bottlenecks and unlock development resources. On April 29, 2026, the Government issued eight resolutions on reducing, decentralizing, and simplifying administrative procedures and business conditions.
The resolutions set clear targets of reducing compliance time and costs for businesses and citizens by over 50%. They emphasize strengthening decentralization and delegation of authority to all levels of government; reviewing and streamlining all processes and procedures for specialized inspections, construction permits, fire safety, environmental protection, and investment procedures in industrial zones.
Furthermore, to address the "bottleneck" in public investment disbursement and infrastructure connectivity – a key driver of growth – the Government has decisively directed the implementation of directives focusing on shortening investment preparation procedures, land clearance, and planning; and flexibly transferring capital from slow-progress projects to projects with good capital absorption capacity. As a result, public investment disbursement in the first nine months of 2026 reached approximately VND 643 trillion (an increase of 12.9% compared to the same period). The Government also issued decisions to remove obstacles related to construction materials and land clearance for strategic infrastructure projects such as the North-South high-speed railway, inter-regional expressway systems, seaport infrastructure, airports, logistics, digital infrastructure, data centers, and artificial intelligence (AI).
It is clear that the role of macroeconomic management lies not in a single decision but in the ability to coordinate multiple policies simultaneously. The government both promotes public investment and supports production and business, maintaining fiscal and monetary policies that support growth while ensuring the stability of major balances.
The aforementioned policies, decisions, and resolutions are the most vivid evidence that the Government has not stopped at "political will" but has proactively used institutional and policy tools to remove bottlenecks, unlock capital and resources from the entire society, and create a solid foundation towards achieving double-digit growth.
From the central government, pressure to implement policies is also being shifted down to each locality. In the first nine months, 12 out of 34 localities achieved double-digit growth; some localities had high growth rates such as Quang Ninh, Bac Ninh, and Da Nang. Hanoi, although its growth in the first nine months was 8.85%, reached 10.02% in the third quarter alone, showing the potential to generate further growth momentum in the remaining months of the year. The differing results among localities also highlight the need to avoid applying a single formula, and instead to correctly identify the advantages, bottlenecks, and development potential of each area.
It is at this implementation level that the quality of governance will largely determine the outcome of the final push. On July 8, 2026, during a meeting with Hanoi, General Secretary and President To Lam requested the city to rebuild its growth scenarios for each industry, sector, and major project, while emphasizing the goal of high growth but "not pursuing growth at all costs." This message shows that growth must go hand in hand with quality, efficiency, and sustainability, instead of just chasing a final year-end figure.
Despite achieving very positive results, we must also frankly acknowledge that the pressure in the last three months of the year remains very high in the context of a global economy that is still subject to many unpredictable changes.
At the regular government meeting on October 3, 2026, Prime Minister Le Minh Hung identified the last three months of the year as a "crunch time," with immense pressure and challenges, and requested ministries, sectors, and localities to clearly define their determination, roadmap, and tasks to achieve the goals for the fourth quarter and the entire year.
The Prime Minister requested that from now until the end of the year, each ministry, sector, and locality should specifically identify the important tasks that need to be completed each month; clearly define the output results, and which agency, individual, or group is responsible for leading and directing the implementation.
Therefore, the requirement for the fourth quarter is not just to "accelerate," but to accelerate in the right places. Looking purely at the numbers, the gap between the 9.01% growth after nine months and the double-digit growth target for the whole year is significant. But what is more noteworthy is that the economy has concrete drivers to continue its upward trend: strong recovery in industrial production; increased social investment; increased FDI; expanding trade; thriving tourism; and boosted public investment. The remaining issue is the ability to release the currently stagnant resources and translate those opportunities into tangible results in a very short time.
The 9.01% growth rate over the past nine months is not a stopping point, but a springboard. It confirms that the skeptical and dismissive views about Vietnam's ability to achieve double-digit growth are completely unrealistic and lack scientific basis.
Although the fourth quarter presents many challenges, with what has been achieved and the increasingly positive trend, we have sufficient grounds, confidence, and resources to overcome bottlenecks and bring the economy to the target of double-digit growth. This is not just about growth in numbers, but also a testament to a Vietnam that is strongly transforming into a new growth model: more qualitative, more efficient, and more sustainable.
Source: https://www.vietnamplus.vn/bat-cong-tac-the-che-khoi-thong-nguon-luc-cho-tang-truong-hai-con-so-post1139849.vnp
