Prime Minister Le Minh Hung points out 3 major challenges and 3 strategic decisions of Vietnam

Within the framework of the 2026 Autumn Economic Forum, the Dialogue Session with the Prime Minister of Vietnam took place on the morning of October 28 with special attention from domestic and international delegates.

At the dialogue session, Politburo Member, Prime Minister Le Minh Hung acknowledged the shifts in global order, geo-economic fragmentation, technology competition and supply chain reshaping, and assessed the impact on Vietnam's development trajectory.

The Prime Minister said that global and regional economic developments are entering a period of very deep fluctuations and transformations. The balance of power in the world continues to shift towards multipolarity and multi-center; strategic competition between major countries is increasing and expanding into fields such as economy, data technology, energy, trade standards, investment, environment and governance standards.

The trend of globalization continues but takes place in a new, more fragmented trend and increasingly demands security, self-reliance and resilience. Along with that, science and technology and artificial intelligence are developing very rapidly, fundamentally changing production methods, governance and resource allocation.

From those profound changes, the Prime Minister pointed out 3 major challenges closely related to each other posed to Vietnam and countries around the world.

First, common mechanisms and laws globally must be innovated and adjusted. Faced with the development trend and very rapid fluctuations of the global context, international institutions have not kept up and need to make appropriate changes.

Second, the growth model based on traditional drivers, especially for developing countries like Vietnam, has revealed limitations, forcing the search for new development and growth models.

Third, strategic trust is declining due to increased competition, requiring innovation and reorganization of investment cooperation and coordination models and methods to build and strengthen trust.

The Prime Minister emphasized that the development capacity of each country is not only determined by the scale or available advantages, but also by resilience, level of strategic autonomy and the ability to create new growth drivers and resources. This requires diversifying markets, partners, supply sources, changing growth models, taking science and technology, innovation and digital transformation as the foundation. At the same time, Vietnam is adjusting and perfecting the national governance model from central to local levels to reduce time, compliance costs and improve the quality of service to people and businesses.

Proactively facing those challenges, Prime Minister Le Minh Hung said that Vietnam has self-planned policies and strategic guidelines, determined to enter a new stage of development through three strategic decisions:

First, focus on strengthening and consolidating strategic autonomy associated with proactive, active, comprehensive, deep, synchronous and effective international integration.

Second, conduct fundamental and comprehensive innovation of the country's development model, in which taking science and technology, innovation, and national digital transformation as the top important breakthroughs and the main driving force for developing modern production forces, improving productivity, quality, efficiency and competitiveness of the economy.

Third, put in the center and breakthrough institutional reform associated with improving national governance capacity.

Affirming that Vietnam is very proactive in adapting to the rapid changes taking place in the international and regional arena, the Prime Minister emphasized his desire for development cooperation, strongly supporting efforts to promote globalization, multilateralization and innovation of institutions and methods of global governance cooperation.

For the common good and the more volatile the situation, the more countries, including Vietnam, must be proactive in strategy, in consolidating internal strength, in autonomy and expanding cooperation. Vietnam affirms a message: Vietnam will continue to be a friend, a reliable partner and a responsible member of the international community, and at the same time a stable and safe destination for partners and investors," Prime Minister Le Minh Hung emphasized.

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