The Latest on Southeast Asia: Vietnam’s Second CPV Plenum

On March 23, Vietnam held the second plenum of its 14^th Central Committee of the Communist Party of Viet Nam (CPV) in Hanoi. The second plenum focused on translating the country’s long term development goals into tangible initiatives as CPV leadership aspires to elevate Vietnam to high-income nation status by 2045, the centenary of its independence. As part of further developing Vietnam’s strategic vision, the CPV deliberated functions of state agencies, anti-corruption efforts, economic development, and public investment from 2026-2031. 

Plenary sessions are meant to consolidate “a high-level of consensus” on major issues and develop a plan to ensure Vietnam’s growth is not only sustainable, but more resistant to external factors. The first plenum, held in January, elected new Politburo members and reappointed To Lam to a new five-year term as CPV general secretary. The plenum also introduced a new, more pro-investment growth model for Vietnam’s economy, focused on tech-driven innovation, elevating the private sector, and deepening its integration with the global economy. Under this model, the country wants to achieve a 10 percent annual growth rate over the next five years. Vietnam’s current growth rate is not far off – in 2025, its economy grew by more than 8 percent, higher than initial estimates.

Vietnam is entering an era of political centralization and economic ambition. Since 2024, To Lam has implemented sweeping economic and administrative reforms, including downsizing government agencies, weeding out corruption, and increasing investments in innovation and sustainable development. He has sought to further consolidate power and accelerate decision-making by pursuing both the party chief position and the presidency. Assuming both positions would enable him to play a larger role in shaping domestic and international policy, including balancing engagements with both the United States, Vietnam’s largest export market, and China, its largest trading partner. Final announcements on leadership are expected by April 6.

While Vietnam’s rapid growth offers new opportunities, global crises complicate the feasibility in sustaining such ambitious levels of growth long-term. Ongoing energy crisis triggered by the conflict in Iran has severely impacted global investment flows, trade, and consumption. Vietnam’s trade surplus with the United States, the largest in the world, also leaves the country vulnerable to the possibility of greater scrutiny and pushback from Washington. Hanoi seems undeterred about Vietnam’s continued growth, doubling down on the CPV’s 10 percent growth goal despite these challenges.

Lois Ramilo is a Research Intern for the Southeast Asia Program at the Center for Strategic and International Studies (CSIS) in Washington, D.C. Japhet Quitzon is an Associate Fellow for the Southeast Asia Program at CSIS. 

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