State Bank of Vietnam publishes General Secretary To Lam’s speech calling for double-digit growth anchored in macro stability and inflation control

The State Bank of Vietnam published the full text of General Secretary To Lam’s closing speech to the second meeting of the 14th Party Central Committee, which set out priority themes for the next period, including pursuit of “double-digit” economic growth alongside macroeconomic stability and inflation control. On growth, the speech framed implementation around four core principles: prioritising “substantive” growth rather than trading off quality and sustainability for headline speed; maintaining macroeconomic stability, controlling inflation and safeguarding key balances through proactive, flexible and closely coordinated fiscal, monetary and other macro policies; using available resources more effectively by prioritising key projects and expanding public–private partnerships; and ensuring high growth translates into improved living standards and social equity. The speech also discussed governance reform under a two-tier local government model, emphasising clearer decentralisation with matching resources and controls, the use of technology and data, and citizen and business satisfaction as an outcome measure, alongside an intensified approach to inspection, power control and anti-corruption. As a next step, the speech called for the Central Committee to build a resolution on a new development model based on science and technology, innovation and digital transformation for consideration and decision at the third meeting of the 14th Central Committee.