Vietnam’s To Lam pledges growth above 10% despite global challenges

HANOI - Vietnam’s top leader To Lam on Jan 20 pledged an annual economic growth of more than 10 per cent for the remainder of the decade despite global disruptions, as he addressed delegates at the Communist Party congress that will decide his political future.

The week-long event, which convenes every five years and started on Jan 19 in Hanoi,

will select the party chief

, the most powerful position in the single-party country, and set economic goals up to 2030.

The congress is taking place amid “many overlapping difficulties and challenges, from natural disasters, storms and floods to epidemics, security risks, fierce strategic competition, and major disruptions in energy and food supply chains,” Mr Lam told the nearly 1,600 delegates to the congress at the start of his speech.

Mr Lam, a former head of state security, is seeking to retain his role as party chief and possibly take on the state presidency.

He has promised greater governmental reforms after he launched the bureaucracy’s most significant overhaul in decades during his brief tenure as party chief.

A party document submitted to the congress and reviewed by Reuters set the annual growth goal at no less than 10 per cent until 2030, above a missed target of 6.5 per cent to 7.0 per cent for the first half of the decade.

Mr Lam is widely viewed as a risk-taker who has been praised by foreign investors for his ambitious reforms, though he has stirred criticism as tens of thousands of civil servants have lost their jobs.

He has also strengthened state security, giving police more powers to vet laws and control businesses, while ramping up a rivalry with the army, which oversees its own vast economic interests.

Lam pledges less red tape, more trade

Under strict security arrangements, Mr Lam delivered a 40-minute speech in a red-carpeted hall where delegates sat on red-upholstered seats facing a towering statue of party founder Ho Chi Minh – under the images of Karl Marx and Vladimir Lenin.

He was preceded by President Luong Cuong, an army general, who spoke for about 10 minutes.

It may have been his final opening speech at a congress if Mr Lam is successful in taking over his job.

Mr Lam, 68, said Vietnam needs to cut red tape and expand global trade to protect its independence and national interests.

The 20 per cent tariffs imposed on Vietnam in August by the Trump administration have not restrained the growth of Vietnamese exports to the United States, leading to a record trade surplus with Washington in 2025.

But Vietnam is seeking to boost trade ties with other partners, as the impact of US duties will likely be felt in the coming months.

Infrastructure splurge to go on

Vietnam’s party chief promised to continue the fight against corruption, although during his tenure, the anti-bribe drive launched by his late predecessor Nguyen Phu Trong has abated, as Mr Lam sought to speed up project approvals to boost growth.

“Infrastructure must be developed to adapt to climate change and ensure strong regional, inter-regional, and global connectivity,” Mr Lam also said.

He has presided over a splurge in infrastructure projects, which has supported economic growth, but has also raised concerns about favouritism and waste.

Vietnam wants to build new rail links to China and is planning to build a nationwide high-speed train network with an estimated cost of nearly US$70 billion (S$89.9 billion).

It is also constructing new airports close to major cities, even though existing international terminals lack rail links to urban centres.

As minister of public security, Mr Lam – a lover of classical music – oversaw approval of a large new opera house, Hanoi’s second, which opened in 2023.

A third, designed by Italian architect Renzo Piano, is under construction. REUTERS