Thu Lam has been re-elected as the top leader of Vietnam's ruling Communist Party for another five years. He was unanimously re-elected by the party's Central Committee on Friday. He has pledged to strengthen reforms and boost growth in the export-led economy in his new term.
The position of Communist General Secretary is the most powerful position in one-party state Vietnam. The newly formed Central Committee elects a new party chief at the end of the party congress held every five years. This time, all 180 members of the committee voted for the 68-year-old To Lam.
After being elected, Lam presented herself as a reformist leader and said, "More reforms are needed within the party as well as within the state system. My goal is to build a governance system based on honesty, talent, courage and skill."
Earlier this week, in a speech to the party congress, Lam announced a target of economic growth of more than 10 percent per year for the current decade. Today, that target was included in the party's proposal.
Questions about ambitious goals
But investors and diplomats say Lam's growth targets are too ambitious. Craig Martin, chairman of Vietnam-based fund manager Dynam Capital, said the target was "very ambitious." But he praised Lam's business-friendly approach.
The World Bank has forecast Vietnam's average growth rate to be 6.5 percent this year and next. Last year, the country's main stock market index rose about 40 percent. So far this year, it has risen 5.5 percent. But today it has slowed slightly.
Growth has picked up under Lam since she took over as party chief in mid-2024. Many have praised her administrative reforms and efforts to reduce bureaucratic red tape. However, many have criticized her initiatives, which have resulted in thousands of civil servants losing their jobs.
Several officials familiar with the matter said that Lam, sensing the discontent, had secured the support of various influential factions in the party, including the military, in advance.
In her re-election speech, Lam promised to maintain party unity. At the same time, she is also trying to become the country's president. The position is currently held by an army general. A decision on this matter may come soon.
After Lam's re-election, Chinese President Xi Jinping congratulated her and called the two countries "partners with a shared future."
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