Speaking in Hà Nội on the morning of April 13, President Tô Lâm outlined a massive economic transition, stating that Việt Nam’s “new development phase will require about 38 quadrillion đồng (approximately 1.442 trillion in USD—editor’s note).” This figure is roughly three times the country’s GDP in 2025, which stood at $514 billion.
To achieve this, Tô Lâm announced a shift in the government’s economic function, transitioning the state from a direct investor to a facilitator. Out of the required 38 quadrillion đồng, state capital will only account for about 8.5 quadrillion đồng (approximately $323 billion), meaning other sources must mobilize the remainder.
He emphasized: “The state needs to shift from the role of direct investor to that of a designer and creator of an environment where all resources in society can be mobilized and allocated according to market signals…”
He added that “state capital must be properly positioned as seed capital and enabling capital.” He also noted that special importance must be placed on “unlocking capital from the people, viewing this as a strategic breakthrough in the new phase.”
Context: Historically, public investment has served as one of the primary drivers of growth for Việt Nam, heavily funding infrastructure, energy, and key sectors.
- During the 2021–2025 period, public investment accounted for about 17.8% of total social investment and contributed approximately 10.6% to GDP growth.
- Looking ahead to the 2026–2030 period, total public investment is projected to reach 8.22 quadrillion đồng.
- The Communist Party has identified the goal of “double-digit” annual economic growth (10% or higher) as a central policy priority for what it terms a “new era of national rise.” Notably, this level of sustained growth has never been achieved during the Đổi Mới (reform) period.
Thạch Hãn wrote this article in Vietnamese and published it in Luật Khoa Magazine on April 7, 2026. The Vietnamese Magazine has the copyrights of the English translation.
