HANOI: Vietnam's top leader To Lam was unanimously reappointed on Friday (Jan 23) as head of the ruling Communist Party for the next five years by its central committee, as he pledged reforms to turbocharge growth in the export-reliant nation.
In a largely expected decision, 68-year-old Lam was re-elected to the most powerful job in the one-party state by all 180 members of a newly formed committee at the end of a congress held every five years to set key targets and make leadership decisions, the party said.
Viewed as a bold reformist, Lam told the congress he wants more reforms - including within the party which has ruled Vietnam unopposed for decades - to foster a system based on "integrity, talent, courage, and competence".
Earlier this week, addressing congress delegates in a red-carpeted conference hall under a towering statue of party founder Ho Chi Minh, Lam promised annual growth above 10 per cent through the decade, a goal adopted in a party resolution on Friday.
Lam's 10 per cent growth target 'quite ambitious'
Echoing other investors and diplomats, Craig Martin, chairman of Dynam Capital, which manages a Vietnam-based fund, called the target "quite ambitious", but praised Lam's business-friendly approach.
The World Bank forecasts an average 6.5 per cent yearly expansion this year and next. Vietnam's benchmark stock market index rose nearly 40 per cent last year and is up 5.5 per cent so far this year, though it fell 0.6 per cent on Friday.
Since he took over as party chief in mid-2024, Lam has presided over fast growth underpinned by sweeping reforms and cuts to bureaucracy that won him both support and criticism, as tens of thousands of civil servants lost their jobs.
Aware of the discontent, Lam moved early to secure backing from rival factions within the party, including the powerful military, according to officials familiar with the process.
As concerns mounted about his plans to bolster private conglomerates at the expense of state-owned firms, Lam issued a directive ahead of the party congress underscoring the "leading role" of state enterprises, which include army-controlled telecom and defence giant Viettel.
"He normally meticulously prepares for his moves," said Le Hong Hiep, senior fellow at the ISEAS Yusof Ishak Institute, noting that Lam, as state security minister, had manoeuvred deftly to reach the apex of Vietnam's political system in 2024 when his late predecessor Nguyen Phu Trong was facing prolonged health issues.
Presidential bid
Addressing the congress after his re-election, Lam said he would maintain party unity. He is also seeking to become Vietnam's president, a job currently held by an army general, with a decision expected to be announced later.
Hiep said Lam's re-election as party chief sends a reassuring message to foreign investors who value political stability. However, his bid to combine the top two roles, the way Xi Jinping has done in neighbouring China, could pose risks to Vietnam’s political system, which has traditionally depended on collective leadership and internal checks, he said.
Shortly after Lam's election, Xi sent a congratulatory message describing the two nations as a "community with a shared future".
The party also appointed the 19 members of the Politburo, its decision-making body. Lam, 68, tops the list, published on the government website, followed by the current head of parliament Tran Thanh Man, party heavyweight Tran Cam Tu, and former central bank governor Le Minh Hung, who is seen as a candidate for prime minister.
Lower on the list is army general and Defence Minister Phan Van Giang, viewed as the second-most powerful person in the country, while incumbent Prime Minister Pham Minh Chinh and President Luong Cuong are absent. - Reuters
