This paper provides a quantitative analysis of the key determinants of Vietnam’s economic growth during the period 2016-2024, with particular emphasis on the role of the private sector and the impact of investment structure. Employing a multiple linear regression model based on secondary data from the General Statistics Office of Vietnam (GSO), the results demonstrate that growth in real private investment and labor productivity exerts a strong, positive, and statistically significant effect on GDP growth. By contrast, the share of state investment in total social investment exhibits a negative correlation with economic growth over the sample period.