Vietnam is on the cusp of a significant political transition as the ruling Communist Party prepares for its 14th five-yearly congress, set to take place from 19 to 25 January 2024. About 1,600 delegates will gather to select top officials and lay out key policy and economic objectives for the next five years.
Key Leadership Candidates
Currently, To Lam, the party chief and the most powerful position in the country, is seeking a second term. Lam ascended to this crucial role after the death of long-time leader Nguyen Phu Trong in July 2024. During his brief tenure, he has implemented sweeping reforms and tightened security.
Delegates will nominate candidates for the four other significant state positions alongside the party chief:
- President
- Prime Minister
- Chairman of Parliament
- Head of the Party’s Secretariat
Economic Goals and Objectives
Vietnam aims to maintain an annual growth rate of at least 10% in the period from 2026 to 2030—even as it grapples with heightened export tariffs from the USA. The nation is shifting towards a model where its private economy will serve as the ‘driving force’, while the state maintains a ‘leading role’.
This approach seeks to reduce dependence on foreign investment, aiming for self-sufficiency while still attracting advanced technology and capital. As part of this strategy, public spending for infrastructure projects is projected to escalate, with anticipated budget deficits rising to about 5% of GDP in the upcoming five years.
Political Stability and Foreign Relations
The Communist Party has been the unchallenged political force in Vietnam since Ho Chi Minh founded it in 1930. The upcoming congress is crucial not just for internal leadership selection but also for setting a stable foreign policy grounded in ‘Bamboo Diplomacy‘, which seeks to balance ties with major powers like China, the US, and Russia—an approach that Lam continues to uphold despite dropping its catchy label.
As Vietnam progresses towards its goal of becoming a high-income economy by 2045, this congress will play a pivotal role in shaping both domestic and foreign policy for the years to come.