Abstract

The research is based on a theoretical overview of economic growth models to explain the original and fundamental drivers sourse of growth. Applying an interpretive qualitative research method of deductive and inductive method to create a new growth model for Vietnam based on the roles of knowledge, technological and institutional factors. The proposed model is closely associated with Resolution No.57-NQ/TW on breakthroughs in science and technology development, innovation and national digital transformation, which serves as an important policy orientation for Vietnam's future development. The proposed framework provides a systematic perspective on how knowledge, technology, and institutional quality jointly influence economic growth and reinforce one another in supporting Vietnam's long-term development strategy under the context of rapid technological change and digital transformation. The article's contributions include (i) adding institutional factor to the new growth model, thereby enriching the theoretical framework for analyzing the determinants of economic growth; (ii) warning of the risk of Vietnam falling into the "middle-income trap"; (iii) providing implication policy  to transform the new economic growth model that includes knowledge, technology and institutional factors; with particular emphasis on financial measures, including increasing investment in science and technology to approximately 3% of GDP, expanding the Triple Helix collaboration model among government, universities, and enterprises, and promoting public–private partnership (PPP) investment in science and technology. These policy recommendations are expected to facilitate Vietnam's transition toward a new growth model, thereby helping the country escape the middle-income trap and achieve its development goals in the coming years.