At threshold of a new era: Vietnam accelerates toward breakthroughs

A 40-year legacy of resilience and transformation

As stressed by Party General Secretary To Lam, the 14th National Party Congress signifies the dawn of a new era built on the remarkable success of Vietnam's 40-year renewal journey - a period defined by relentless labour, innovation, and historic achievements.

From a once-poor and underdeveloped country isolated by sanctions, Vietnam has emerged as a dynamic, middle-income nation deeply integrated into the global economy.

In 2023, Vietnam’s economic size was 96 times larger than that in 1986, securing its place among the world’s 40 largest economies. Today, Vietnam maintains diplomatic relations with 194 nations and territories, and has established strategic cooperative and comprehensive strategic partnerships with major global powers.

Prime Minister Pham Minh Chinh highlighted that despite global uncertainties and challenges, Vietnam’s economy in 2024 continued to recover strongly, thanks to the high determination, great efforts, and drastic actions of the entire political system, people, and business community under the CPV’s leadership.

By the end of last year, Vietnam not only met but exceeded all the 15 key targets, achieving remarkable results across multiple sectors, earning recognition from both the public and the global community. As a result, the country’s global standing and influence have been further elevated.

Vietnam remains a shining example of economic growth, ranking among the fastest-growing economies in the region and the world. In 2024, the country’s GDP growth rate reached an impressive 7.09%, with an economic size of about US$470 billion. Economic restructuring continues to advance positively, with improved growth quality and labour productivity rising by 5.7%, surpassing set targets. Vietnam’s index of economic freedom also climbed 13 places, ranking 59th out of 176 countries and territories.

The country has been widely praised for its effective inflation control and macroeconomic stability, even amid global turbulence. This has solidified Vietnam’s reputation as a safe and attractive destination for businesses, investors, and international partners. Notably, Vietnam ranks among the top 15 developing nations in attracting foreign direct investment (FDI), with total FDI inflows reaching US$40 billion, including US$25 billion disbursed.

As one of the world's top 20 economies in terms of trade scale, with 17 free trade agreements (FTAs), Vietnam has become a key link in global and regional supply chains. The country is also undergoing a strong transformation toward a digital economy, green economy, and high-tech, eco-friendly industries. Vietnam has established itself as a crucial player in the global semiconductor industry, attracting major tech giants. In 2024, Vietnam’s national brand value reached US$507 billion, ranking 32nd out of 193 countries, up one place from the previous year.

Strategic breakthroughs have yielded tangible progress, significantly improving the quality of life for 105 million citizens. Poverty rates have sharply declined, and the country has achieved Millennium Development Goals ahead of schedule.

Top priorities in new era

To successfully achieve the 2030 goal of becoming a developing country with a modern industrial base and upper middle-income and the 2045 vision of a high-income developed nation, Lam stressed the need for maximum effort starting in 2025. He called for breakthroughs in investment attraction, a strong push in production, trade and services, and a GDP growth target of at least 8% or higher in 2025. This would lay a solid foundation for double-digit growth from 2026 onward, marking the critical sprint phase for Vietnam until 2030.

Echoing this vision, PM Chinh underscored the importance of reviewing the five-year targets and tasks, building on achieved and exceeded goals, while making stronger efforts to meet remaining targets, ensuring the highest possible completion of the 2021-2025 five-year plan.

Priority must be given to boosting economic growth while ensuring macroeconomic stability, controlling inflation, and maintaining key economic balances, he said, calling for the building of growth scenarios to meet set targets, with a focus on revitalising traditional growth engines, including investment, consumption and exports while simultaneously creating breakthroughs in new growth engines and advanced production forces.

At the same time, the Government will intensify organisational restructuring to achieve an elite, streamlined, strong, efficient, effective and high-performing apparatus. Accelerating three strategic breakthroughs - institutional improvement, infrastructure development, and human resources training - will remain central to Vietnam’s progress, he said.

As Minister of Planning and Investment Nguyen Chi Dung pointed out, sci-tech and innovation are crucial drivers of development in the new era. Vietnam is committed to developing foundational, key, emerging, and supporting industries, aiming for gradual self-reliance and resilience in sci-tech. This will enable the country to proactively and effectively integrate into global value chains.