He made the remarks during a high-level policy dialogue titled "Vietnam’s New Era: From Vision to Action," held on the sidelines of the 16th Annual Meeting of the World Economic Forum's New Champions in Tianjin, China, on June 25

Speaking at the session moderated by WEF President Børge Brende and attended by policymakers and business leaders from around the world, Chinh expressed his confidence in Vietnam’s capacity to realise its development goals in this new era.

Amid slowing global growth, the Prime Minister noted, Vietnam remains committed to an ambitious growth trajectory, aiming to become a high-income developed country by 2045. This vision includes achieving GDP growth of 8% by 2025 and sustaining double-digit growth in the years beyond.

Chinh pointed to several key enablers of this goal: the leadership of the Communist Party, a resilient and cohesive political system, a vibrant cultural identity, and strong public engagement. Vietnam, now the world’s 32nd largest economy, enjoys upper-middle-income status and ranks among the top 20 economies in trade and foreign direct investment.

With 19 free trade agreements in place, Vietnam has secured access to major global markets, including China, the United States, the European Union, Japan, and the Republic of Korea.

According to the Prime Minister, Vietnam’s economy reached nearly US$500 billion in GDP and US$800 billion in total trade turnover in 2024, demonstrating its high level of openness. However, this also means that even minor external shocks can have outsized impacts on the domestic economy.

To mitigate such risks, Vietnam pursues a foreign policy based on independence, self-reliance, diversification, and multilateralism. Both China and the US together account for nearly half of Vietnam’s trade, making balance essential. The US is its largest export market, while China remains the largest import partner.

It seeks to be a good friend and reliable partner to all countries and a responsible member of the international community, he affirmed.

In addition, he said, Vietnam adheres to a “Four No’s” defence policy: No military alliances; No siding with one country against another; No foreign military bases on Vietnamese territory; and No use or threat of force in international relations.

The PM also stated that Vietnam focuses on diversifying its markets, products, supply chains, and production models. It is a good trading partner of China, the US, the EU, the Republic of Korea, Japan, and other ASEAN countries.

Although maintaining a balanced position, Vietnam remains vigilant and always prepared with calmness, confidence, resilience, perseverance, and steadfastness, he noted.

In response to a question about policies to ensure economic self-reliance amid deeper global integration, Chinh recalled Vietnam’s painful history in the 20th century, saying the country has 3 million people affected by Agent Orange/dioxin and over 300,000 fallen soldiers whose remains have yet to be identified. In the aftermath of the war, the country chose to rise through its own efforts and this unwavering commitment to self-reliance remains at the core of its development strategy today.

Vietnam is building a socialist-oriented market economy that respects market rules such as supply and demand, value, and competition. At the same time, it actively pursues deep international integration.

The PM outlined three pillars for building an independent, self-reliant economy, namely the Vietnamese people, Vietnam’s natural resources and geography, and its over 4,000 years of heroic cultural and historical tradition.

Internal resources are fundamental, strategic, and decisive, while external resources such as capital, technology, market institutions, governance, and talent are important breakthroughs, he stressed.

Alongside traditional drivers such as exports and investment, he said, Vietnam is increasingly focusing on new growth engines including science and technology, digital transformation, green development, and the circular economy.

“Innovation begins with the right mindset. Resources stem from thinking, and momentum arises from renewal,” said the Prime Minister. “We must keep people and development in motion to generate fresh momentum.”

He emphasised that intelligence, timing, and decisiveness will be key to overcoming global and domestic challenges. With the right thinking and tailored solutions suited to each country’s context, effective outcomes are always within reach.

Prime Minister Chinh concluded with a strong message: “The greater the pressure, the greater the effort must be”, that underscores Vietnam’s confidence and readiness to overcome difficulties, transform challenges into opportunities, and sustainably integrate into the global economy.

Business communities seen as key pillar linking Vietnamese and Chinese economies

VOV.VN - Prime Minister Pham Minh Chinh has called on the business communities of Vietnam and China to continue serving as a bridge and a key pillar linking the two economies and nations, contributing to shared interests, development, and mutually beneficial cooperation.