With the right policy direction maintained, the country’s goal of reaching double-digit growth in the coming years is entirely within reach, according to Alvaro Pereira, Chief Economist of the Organisation for Economic Co-operation and Development (OECD).

Having monitored economies across the globe from Australia to North America, Asia, Africa and Latin America Pereira said that few nations have left as strong an impression as Vietnam. The country is growing at a remarkable pace, with per capita income doubling roughly every decade. This success, he noted, is driven by sound macroeconomic management, effective policymaking, and the strong determination of the Vietnamese people to build a prosperous future.

Since the post-Doi Moi (Renewal) period, Vietnam has become one of the fastest-growing economies in the world. One particularly notable achievement has been its impressive poverty reduction rate, from 50% to below 1%. Such progress, Pereira emphasized, is difficult to accomplish and rarely seen elsewhere.

On the role of the private sector, he hailed Vietnam’s efforts to “roll out the red carpet” for foreign investors and suggested that the same level of support should now be extended to domestic small and medium-sized enterprises (SMEs). Equal opportunity and a level playing field between private companies and state-owned enterprises are essential, he said, to promote productivity and sustain growth.

He also urged the government to open up more sectors such as telecommunications, infrastructure, construction, and distribution to private investment. Doing so would create more jobs and generate broader economic momentum. Supporting SMEs to scale up is equally vital; if they have the capacity, they should be encouraged to expand into larger markets, including international ones.

According to the OECD’s latest Global Economic Outlook, published recently, growth forecasts have been revised downward for most regions due to trade uncertainty. However, Vietnam remains one of the fastest-growing economies globally. The OECD projects Vietnam’s GDP growth at 6.2% this year and 6% next year, with the potential to exceed these figures if the country stays on the right track. Pereira stressed that a 6–7% growth rate is highly impressive by global standards, and with continued reforms, Vietnam could realistically aim for 8% or even double-digit growth. Key areas for reform include education and easing barriers for the private sector in key industries.

In the face of global uncertainties, Pereira believes trade will remain a central growth driver for Vietnam. But in the long term, the domestic market will play an increasingly critical role in maintaining stable growth. To that end, both public and private investment need to be strengthened, especially in infrastructure in underdeveloped areas such as transportation and telecommunications.

Reducing the size of the informal economy is another priority. Education also remains a long-term growth engine. Pereira called for greater investment in primary and secondary education to ensure more children attend school. He praised the Vietnamese government’s decision to waive high school tuition fees and expressed hope that similar support might eventually be extended to higher education.

Overall, he said, Vietnam represents a model of an open economy. To sustain its growth momentum, the country must continue to maintain openness, enhance internal capacity, and pursue international integration in a sustainable manner.

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