{"id":5879,"date":"2026-10-13T13:39:52","date_gmt":"2026-10-13T06:39:52","guid":{"rendered":"https:\/\/dinhhongky.com\/?p=5879"},"modified":"2026-10-13T13:43:12","modified_gmt":"2026-10-13T06:43:12","slug":"tang-truong-hai-con-so-khong-bat-dau-tu-10","status":"publish","type":"post","link":"https:\/\/dinhhongky.com\/en\/articles\/tang-truong-hai-con-so-khong-bat-dau-tu-10\/","title":{"rendered":"Double-Digit Growth Doesn\u2019t Start at 10%"},"content":{"rendered":"

An interview with Mr. Dinh Hong Ky published in Lao Dong Newspaper on October 13, 2026.<\/p><\/blockquote>\n

To sustain double-digit growth, Vietnam needs not only additional resources but, more importantly, to make more efficient use of its existing resources. Lao Dong Newspaper spoke with Mr. Dinh Hong Ky, Chairman of Secoin Company, Chairman of the Ho Chi Minh City Construction and Building Materials Association, Chairman of the Ho Chi Minh City Green Business Association, Vice Chairman of the Ho Chi Minh City Business Federation, and Vice Chairman of the Vietnam Building Materials Association.<\/p>\n

\"\"<\/p>\n

Vietnam has set a target of double-digit economic growth. In your opinion, is the key challenge today to mobilize additional resources or to make more efficient use of existing ones? What bottlenecks need to be removed?<\/p>\n

\u2013 A 10% growth rate should not merely be a target for the economy to chase, but rather the result of more efficient economic operations. If we continue to rely on increased capital investment, further land exploitation, credit expansion, and higher public investment, we may achieve strong growth for a few years, but sustaining it over an entire decade will be difficult. Sustainable double-digit growth must come from accelerating the circulation and improving the productivity of existing resources.<\/p>\n

In my view, there are at least three major resources that remain underutilized.<\/p>\n

First is capital. We cannot allow capital to flow predominantly into assets while manufacturing enterprises with orders, technology, and expansion potential struggle to access long-term financing. The critical question is not how much additional money is injected into the economy, but how much added value each unit of capital generates.<\/p>\n

Second is assets and infrastructure. Industrial land, factories, logistics facilities, seaports, data, laboratories, and research centers can become idle capital if they are fragmented by administrative boundaries or allocated too slowly. Following the expansion of Ho Chi Minh City’s development space, the city now has a distinctive economic structure: a financial, services, and innovation core; a strong industrial manufacturing hub; and a seaport, logistics, and energy hub. The question is no longer whether we lack resources, but whether we can connect these three pillars into a unified economic engine.<\/p>\n

Third, and most importantly, is businesses’ time. A project capable of creating hundreds of jobs may take two years to complete administrative procedures. In such cases, the economy loses not only two years of business activity but also potential output, tax revenue, employment, orders, and market opportunities. I call this a form of “invisible tax”\u2014one that does not appear in any tax schedule but that businesses must pay every day.<\/p>\n

To sustain double-digit growth, Vietnam must shift its mindset from mobilizing additional resources to unlocking and accelerating the productive use of existing ones.<\/p>\n

The first eight months of 2026 showed relatively strong industrial production growth, but the number of enterprises completing dissolution procedures also rose sharply. This suggests that aggregate growth indicators do not necessarily provide a complete picture of the health of the business sector.<\/p>\n

A healthy economy is not simply one in which GDP grows rapidly, but one in which strong businesses can scale up quickly.<\/p>\n

How are businesses in Ho Chi Minh City translating science and technology, innovation, and digital transformation into concrete production and business activities?<\/p>\n

\u2013 I believe there is a fairly common misconception: that purchasing software, using AI, or establishing an R&D department automatically constitutes innovation.<\/p>\n

In my view, technology only creates real value when it changes a business equation: reducing raw material consumption, lowering energy use, minimizing defective products, shortening delivery times, developing new products, or opening new markets.<\/p>\n

Let me use the building materials industry, where I operate, as an example. A factory does not necessarily need to begin its digital transformation with a multimillion-dollar project. It can start by digitizing raw material consumption data for each production batch, using sensors to monitor equipment, digitizing quality control, applying AI to forecast order demand, designing products with digital technologies, and tracking environmental data to meet the requirements of international customers.<\/p>\n

At that point, digital transformation, green transformation, and productivity improvement are not really three separate initiatives. They converge around one essential element: data.<\/p>\n

Without data, businesses cannot identify where resources are being wasted. Without data, they cannot calculate carbon emissions. Without data, even AI can offer only limited benefits. And without reliable data, Vietnamese enterprises will find it extremely difficult to integrate more deeply into international supply chains.<\/p>\n

Ho Chi Minh City has set highly ambitious goals in science and technology, data, AI, IoT, semiconductors, Digital Twins, and the innovation ecosystem. However, I believe success should not be measured by the number of technology conferences held or innovation centers established. Instead, it should be measured by how many real business problems are solved.<\/p>\n

A research institute that develops a solution capable of reducing energy consumption by 15% across a manufacturing industry may generate far greater economic value than numerous research projects that never make it beyond the laboratory.<\/p>\n

From the perspective of the Business Federation, how has the business community changed to adapt to the new growth requirements?<\/p>\n

\u2013 I have observed a very clear shift. In the past, businesses often asked, “How much will the market grow next year?” Today, more and more are asking, “If the market changes completely, what will keep us in business?” That represents a fundamental change in mindset.<\/p>\n

In a BANI world\u2014Brittle, Anxious, Nonlinear, and Incomprehensible\u2014businesses still need a long-term vision, but execution must be flexible: start small, measure quickly, and adjust rapidly.<\/p>\n

I see four major trends.<\/p>\n

First, businesses are increasingly focused on productivity, seeking ways to increase revenue without proportionally increasing their workforce or asset base.<\/p>\n

Second, export markets are compelling businesses to raise their standards. ESG, traceability, carbon emissions, social responsibility, and rules of origin are evolving from mere compliance costs into essential passports for market access. Secoin’s experience demonstrates that international standards and sustainable supply chains can become competitive capabilities that help Vietnamese brands enter global distribution networks.<\/p>\n

Third, businesses must diversify their markets and supply chains. They can no longer depend excessively on a single customer, market, or source of raw materials.<\/p>\n

Fourth, businesses increasingly recognize that transformation cannot happen in isolation. A green factory needs green suppliers. A digitally transformed enterprise needs logistics providers, banks, customs authorities, and regulatory agencies to connect and share data. Therefore, future competition will not simply be between individual businesses, but between entire ecosystems.<\/p>\n

This also presents an opportunity for Ho Chi Minh City. By integrating its financial, technological, and service capabilities with industrial manufacturing, seaports, and logistics into a unified value chain, the city could develop a manufacturing\u2013finance\u2013innovation\u2013logistics ecosystem capable of competing at the regional level.<\/p>\n

What recommendations would you make to create more room for businesses to accelerate their growth in the coming period?<\/p>\n

\u2013 If I had to choose just one word, it would be “headroom.” What businesses need today is more room to move, rather than having the government move on their behalf. I would propose five very specific measures.<\/p>\n

First, establish a “business compliance account.” Each enterprise should have a single digital profile covering taxation, labor, environmental compliance, fire prevention and fighting, insurance, and inspection history. Businesses with strong compliance records should receive favorable legal compliance ratings and face fewer inspections and audits. Resolution 68 has already laid a clear foundation for data-driven and risk-based governance. The challenge now is to translate that direction into a functioning system.<\/p>\n

Second, incorporate the “cost of time” into every administrative reform. Every new procedure should answer three questions: How many hours, how many days, and how much money will businesses need to comply? A regulation that delivers 100 units of administrative benefit but imposes 500 units of compliance costs on society cannot be considered good policy.<\/p>\n

Third, create markets for innovation through public procurement. Vietnamese startups do not merely lack capital; they also lack their first customers. The city faces numerous practical challenges involving flooding, transportation, healthcare, the environment, waste management, energy, and logistics. These challenges should be made public, allowing businesses to test solutions through regulatory sandboxes. The government does not need to decide in advance which technology will succeed. Instead, it should create a level playing field and allow the market to determine the most effective solutions.<\/p>\n

Fourth, transform business associations into the “soft infrastructure” of policymaking. It is difficult for the government to engage directly with every small and medium-sized enterprise (SME). However, business associations can consolidate industry-specific needs, identify common challenges, connect universities with technology providers, financial institutions, and markets, and organize shared platforms. I believe this is a highly important new role for the Business Federation and industry associations.<\/p>\n

Fifth, change how we evaluate the success of economic policies. Beyond GDP, public investment disbursement, or registered investment capital, I would like to see more practical, business-oriented indicators: How long does it take an SME to expand its factory? How much has the logistics cost per product declined? How many domestic enterprises have become Tier 1 suppliers to global corporations? How many university inventions have been successfully commercialized? And how many small enterprises have grown into medium-sized businesses?<\/p>\n

I believe double-digit growth does not begin with the number 10%. It begins when a business can accomplish something faster, more cost-effectively, and better today than it did yesterday.<\/p>\n

If millions of businesses can achieve this, 10% growth will become a natural outcome of productivity and confidence, rather than a target that must be pursued at all costs.<\/p>\n

Thank you for sharing your insights!<\/p>\n

Link to the article: https:\/\/laodong.vn\/kinh-doanh\/tang-truong-hai-con-so-khong-bat-dau-tu-10-1781693.ldo<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An interview with Mr. Dinh Hong Ky published in Lao Dong Newspaper on October 13, 2026. To sustain double-digit growth, Vietnam needs not only additional resources but, more importantly, to make more efficient use of its existing resources. Lao Dong Newspaper spoke with Mr. Dinh Hong Ky, Chairman of Secoin Company, Chairman of the Ho…<\/p>\n","protected":false},"author":3,"featured_media":5881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,47],"tags":[],"class_list":["post-5879","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-bai-bao-en"],"_links":{"self":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts\/5879","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/comments?post=5879"}],"version-history":[{"count":2,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts\/5879\/revisions"}],"predecessor-version":[{"id":5882,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/posts\/5879\/revisions\/5882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/media\/5881"}],"wp:attachment":[{"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/media?parent=5879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/categories?post=5879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinhhongky.com\/en\/wp-json\/wp\/v2\/tags?post=5879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}