In the early days of 2026, the Government issued Resolution 01/NQ-CP, sending a strong message about maintaining the macroeconomic foundation and creating momentum for double-digit growth targets.

Resolution 01/NQ-CP of 2026 was issued in the context of a global economy still facing many unpredictable variables, from inflation and exchange rates to disruptions in global supply chains. In Viet Nam, the pressure to shift the growth model from extensive to intensive is becoming more urgent than ever, requiring a comprehensive change from management thinking to practical action.

Economists and the business community alike agree that Resolution 01 is not merely an annual socio-economic management plan, but also a firm commitment from the Government to transparent, disciplined, and efficient governance, prioritizing sustainable development over short-term gains. The introductory paragraph of this article needs to be concise to highlight this decisive action by the political system right from the start of the new year.

Shifting the focus of growth

A groundbreaking new feature in this year's Resolution 01 is the shift in thinking about the drivers of development. Instead of relying too heavily on expanding the scale of raw investment capital or exploiting cheap labor as in previous periods, the Government has identified institutional reform, innovation, and digital transformation as the core "engines" driving the economy forward. This demonstrates a strategic vision in building a knowledge-based economy, where added value is created from intellect and technology, not just from natural resources or unskilled labor.

Commenting on this leadership spirit, Dr. Nguyen Van Hien, former Vice Rector of the University of Finance and Marketing, noted that from the very beginning of the year, the Government acted very quickly to issue a resolution, conveying a very clear and decisive message. According to him, the central goal is to maintain macroeconomic stability and create stronger growth momentum in a sustainable direction, aiming for double-digit growth in 2026 and subsequent years.

Sharing the view that a new impetus is needed for the economy, Dr. Nguyen Tri Hieu, an economic expert, stated: "In the context of 2026, we cannot simply rely on superficial support measures. To achieve breakthrough growth, the Government needs to pay special attention to unblocking credit flows and lowering lending interest rates more effectively. The steadfast commitment to macroeconomic stability as stipulated in Resolution 01 is a necessary condition, but the sufficient condition must be the economy's ability to absorb capital. I highly appreciate the Government's emphasis on digital transformation, as this is the key to reducing transaction costs and increasing transparency in the financial market."

In particular, Dr. Nguyen Van Hien emphasized his support for the government's stance of resolutely refusing to sacrifice macroeconomic stability for short-term growth. In a world full of uncertainty, where inflation and capital costs always pose significant shocks, the government's prioritization of stability is a way to protect the foundation of market confidence. When businesses feel secure about the macroeconomic environment, they will have the courage to undertake long-term investments, thereby ensuring the health of the economy not only in the present but also in the distant future.

On the business community's side, Dr. To Hoai Nam, Permanent Vice President and General Secretary of the Viet Nam Association of Small and Medium Enterprises, shared: "Resolution 01 brings a new lease of life to businesses. We are particularly interested in the commitment to institutional reform and reduction of compliance costs. For small and medium-sized enterprises, macroeconomic stability is not just about statistics, but about ensuring that input material prices do not fluctuate too sharply and that administrative procedures are simplified. We expect that the spirit of Resolution 01 will be thoroughly implemented by localities, avoiding the situation of 'hot at the top, cold at the bottom,' creating a fair and open business environment."

In reality, high growth is only truly meaningful when it is accompanied by quality and social harmony. Focusing on total factor productivity and the technological content of each export product will help Viet Nam escape the middle-income trap, a major challenge for developing countries. Notably, economic experts believe that the government's priority on macroeconomic stability creates a safe "filter," allowing the business community to confidently plan their business strategies without fear of sudden policy changes or extreme market price fluctuations.

Fiscal discipline and the challenge of effective public investment.

One of the most important pillars throughout Resolution 01 is the management of fiscal policy coupled with budgetary discipline. The government has set a requirement to achieve a dual objective: supporting strong economic recovery while maintaining public debt within acceptable limits. This is a complex problem, requiring skillful coordination between loosening monetary policy where necessary to stimulate production and tightening it at the right time to avoid wasting national resources.

Analyzing this aspect further, Dr. Nguyen Van Hien pointed out that, in the context of Viet Nam entering a phase requiring accelerated growth, budgetary space is not unlimited. Therefore, setting requirements for budgetary discipline is key to ensuring sustainability. Fiscal policy at this time needs to be proactive but focused. Instead of focusing solely on increasing total investment spending, Resolution 01 has shifted the focus to accelerating the disbursement process and improving its quality.

Adding to this point, Dr. Nguyen Tri Hieu analyzed: "Implementing fiscal discipline in 2026 must go hand in hand with managing bad debt risks and controlling inflation below the target. I believe that fiscal policy should focus on directly supporting key industries and businesses with high export potential. This will not only help increase budget revenue sustainably but also create a ripple effect throughout the entire economy. If we do a good job of combining stimulating domestic consumption and supporting production through reasonable tax and fee incentives, the goal of breakthrough growth is entirely feasible."

Furthermore, Dr. Nguyen Van Hien analyzed that if administrative procedures remain slow and projects are implemented inefficiently, then no matter how much budget is disbursed, it cannot generate real growth. In fact, massive disbursements into ineffective projects increase debt pressure and cause serious waste. Regarding public debt, he affirmed that the essence of debt lies not in the amount borrowed, but in the purpose of borrowing and the ability to repay it. If borrowed capital is invested in key infrastructure projects, integrated logistics systems, digital transformation, or education and healthcare, it will create long-term growth momentum and increase budget revenue in the future. Conversely, scattered investments in impractical projects will only increase the burden of public debt.

According to Dr. To Hoai Nam, public investment in 2026 needs to be seed capital to attract private investment. The business community hopes to see more decisive action in removing bottlenecks in transportation and logistics infrastructure as stated in the Resolution. When public investment is effective, the logistics costs of businesses will decrease, thereby enhancing international competitiveness. The association also hopes that the Government will continue to maintain flexible tax deferral and postponement policies so that businesses have more financial resources to reinvest in technology and human resource training.

Besides fiscal policy, harmonious coordination with monetary policy is also a decisive factor in the success or failure of the 2026 plan. Dr. Nguyen Van Hien likened these two policies to the "accelerator" and "brake" of a car. One side strives to boost aggregate demand and social welfare, while the other must focus on controlling inflation and stabilizing the exchange rate. Without synchronized coordination, these policies could negate each other's effectiveness. The biggest challenge now is overcoming the "policy lag" and the differences in priority objectives of each sector to create the strongest possible synergy.

To successfully implement Resolution 01, not only decisive action from the central government is needed, but also substantive progress from local authorities. Reforming administrative procedures and reducing compliance costs must be considered vital tasks to foster sustainable revenue sources. 2026 is expected to be a pivotal year for Viet Nam, not only to achieve impressive growth figures but also to establish a new position on the regional economic map, with a resilient economic foundation and readiness to adapt to any global scenario.

Source: VTV