Sustaining Double-Digit Growth: Building Long-Term Growth Drivers

Achieving double-digit economic growth has never been about short-term figures alone. It must be the outcome of a resilient economy built on high labour productivity, improved growth quality, and sufficiently strong growth drivers capable of sustaining momentum over many years. Following the provincial merger, Phu Tho possesses favourable conditions to achieve this goal, but success will depend on identifying and nurturing the right long-term drivers.

CNCTech Group Joint Stock Company continues to expand its manufacturing operations, creating more jobs for local workers and contributing to higher state budget revenue.

Experience from many successful localities shows that maintaining annual growth of over 10% requires manufacturing, processing industries, and high technology to play a leading role. These sectors not only generate substantial industrial output but also stimulate the development of supporting industries, logistics, finance, education and training, and business services.

This trend is becoming increasingly evident in Phu Tho. During the first six months of 2026, the province’s industrial production index continued to record strong growth. Numerous FDI projects in electronics, components, and high-tech equipment have expanded production, creating new manufacturing capacity and increasing export value. More importantly, the presence of major multinational corporations brings not only investment capital but also growing demand for domestic enterprises to participate in global supply chains.

According to Dr. Nguyen Van Hoi, Director General of the Institute for Industry and Trade Strategy and Policy under the Ministry of Industry and Trade, high economic growth can only be sustained when a locality develops a complete manufacturing ecosystem. He noted that if local enterprises provide only basic services, the value added retained by the local economy will remain limited. However, as domestic companies gradually participate in producing components, spare parts, technical services, and logistics for FDI enterprises, more value will be created and retained locally, laying the foundation for long-term growth.

This explains why the development of supporting industries has become an urgent priority. Every domestic enterprise that successfully joins the supply chain not only increases its own revenue but also contributes to raising localisation rates, reducing production costs, and improving the competitiveness of the manufacturing sector as a whole.

Beyond attracting new investment, Phu Tho also has significant opportunities arising from the expansion plans of businesses already operating successfully in the province. Existing investors represent an especially valuable resource because they are familiar with the local investment environment, have established production systems, and are generally willing to expand further if the province continues to improve infrastructure, workforce quality, and administrative procedures.

According to Nguyen Van Hung, Chairman of the Board of Directors of CNCTech Group Joint Stock Company, “Today, businesses are concerned not only about investment incentives but also about the speed of administrative procedures, the quality of infrastructure, and the availability of skilled workers. When these factors improve in a coordinated manner, enterprises will be more confident in expanding production and investing in new technologies.”

The views shared by the business community demonstrate that sustaining double-digit growth cannot rely solely on attracting new investment projects. Instead, it must also be driven by the continued expansion of enterprises already operating in the province. When businesses have confidence to make long-term investments, expand production, and strengthen linkages with domestic suppliers, the spillover effects become increasingly significant, creating a solid foundation for sustainable economic growth.

If high-tech industry serves as the “locomotive” of the economy, the domestic private sector represents the “train cars” that determine how widely growth can spread. An economy cannot maintain double-digit growth over the long term if it depends solely on FDI without a strong domestic business community capable of participating deeply in value chains.

Politburo Resolution No. 68 on private sector development has opened up new opportunities for Phu Tho to cultivate a stronger private business sector, improve corporate governance, and gradually enable local enterprises to become reliable partners of multinational corporations investing in the province.

Following the merger, Phu Tho’s advantages extend beyond a larger GRDP. The province now benefits from broader development space, an expanding network of industrial parks and industrial clusters, concentrated raw material production areas, logistics centres, and an increasingly integrated regional transport system.

At the same time, accelerating public investment disbursement should remain one of the province’s key growth drivers. Every completed infrastructure project not only enhances production capacity but also creates new opportunities to attract investment, stimulate consumption, generate employment, and strengthen the economy’s overall competitiveness.

According to Le Van Loc, Deputy Director of the Provincial Department of Finance, achieving double-digit growth requires the combined contribution of multiple growth drivers rather than reliance on any single sector. The immediate priority is to continue improving the investment and business environment by removing bottlenecks related to administrative procedures, infrastructure, and human resources, thereby unlocking all available social resources for development.

In particular, Politburo Resolution No. 57 on science and technology development, innovation, and national digital transformation presents an important opportunity for Phu Tho to modernise its growth model. As data becomes a strategic resource, artificial intelligence is increasingly integrated into governance, production, and business operations, while administrative procedures are fully digitalised, operating costs can be reduced, labour productivity improved, and the quality of economic growth significantly enhanced.

Double-digit economic growth should therefore not be viewed as a short-term numerical target. Rather, it should be regarded as the natural outcome of comprehensive reforms, continuous productivity improvement, and the effective mobilisation of all social resources in pursuit of sustainable development.

Quang Nam