Vietnam's Next-Phase Growth Model: Prioritizing Digital Transformation and Sustainability

Vietnam is on the cusp of a new growth model, one that prioritizes digital transformation, green transition, and climate change adaptation to ensure rapid, sustainable, and inclusive development. This shift is driven by the need to respond to global uncertainties and leverage science, technology, innovation, and high-quality human resources. The previous growth model, which has contributed significantly to Vietnam's remarkable development over the past three decades, is losing momentum, and the government is directing a shift towards a more sustainable and innovative model.

Key Takeaways:

• Vietnam's next-phase growth model should prioritize digital transformation, green transition, and climate change adaptation to ensure sustainable development.
• The new model must be flexible enough to respond to global uncertainties and leverage science, technology, innovation, and high-quality human resources.
• Vietnam's previous growth model, driven by low-cost labor, large-scale capital investment, and global integration, is losing momentum.
• The government is directing a shift towards a more sustainable and innovative model, with a focus on science and technology, innovation, and digital transformation.
• Improving the investment and business environment, embracing the Fourth Industrial Revolution, and integrating into global production and value chains are key components of this transition.
• Accelerating green and digital transformation will lay the foundation for the new model and ensure growth is balanced with environmental protection and sustainable social development.
• The private sector is expected to be a key growth driver in Vietnam's new growth model.
• Assoc. Prof. Dr. Nguyen Hong Son emphasized the importance of linking growth with environmental protection and sustainable social development.
• Delegates called for the State to complete a modern, consistent, and efficient market economy framework and make the private sector a key growth driver.

Statistics:

• Vietnam has contributed significantly to its remarkable development over the past three decades.
• The new growth model is expected to respond to global uncertainties.
• The previous growth model was driven by low-cost labor and large-scale capital investment.
• Vietnam's GDP growth has been consistently high, with an average growth rate of 6.5% per year between 1991 and 2020.
• Vietnam has identified science and technology, innovation, and digital transformation as key drivers in its transition to a new growth model.

Sources:

• Vietnam News Agency (VOV5), "Vietnam's next-phase growth model should prioritize digital transformation and sustainable development", 15 Jul 2025