“Legendary story”, “Rising star”, and “Asia’s brightest economy” count among the praise from international organisations in relation to Vietnam’s economic development over recent years.
Producing rolled steel for export in JFE Shoji Steel Co., Ltd in Hai Phong (Photo: VNA)
- “Legendary story”, “Rising star”, and “Asia’s brightest economy” count
among the praise from international organisations in relation to Vietnam’s economic
development over recent years.
Vietnam is said to be a global success story, with economic growth among the
highest worldwide over the last decade.
It has enjoyed important and comprehensive economic achievements across fields,
creating breakthroughs in the 2016-2020 period and highlighting the achievements
during its 35 years of “Doi Moi” (renewal).
The achievements can be attributed to the sound leadership and direction of the
Party Central Committee, the Politburo, and the Secretariat and Party Committees
at all levels.
The Party’s leadership during this term has been clearly demonstrated through the
principles, strategies, and official documents of the 12th National Party Congress
as well as a series of other important decisions issued by the Party Central Committee
and the Politburo.
Many important Party Resolutions were issued during the last tenure, with the two
most outstanding relating to developing the private sector into an important driving
force of the socialist-oriented market economy and to perfecting the socialist-oriented
market economic institution.
The Politburo also issued three resolutions on building national industrial development
policies to 2030 and a vision to 2045, on a number of guidelines and policies to
actively participate in the fourth Industrial Revolution, and on the orientation of the National Energy Development Strategy to 2030 and a vision
Among the Government’s priorities to implement the resolution of the 12th National Party Congress, improving the quality of the socialist-oriented market
economy institution and promoting administrative procedure reform were placed
at the top.
The country’s economic restructuring and growth model transformation are conducted firmly, with more positive and practical changes made. - Illustrative image (Photo: VNA)
During its five years of implementing the resolution, Vietnam posted a range of
achievements and breakthroughs.
The country’s economic
restructuring and growth model transformation were conducted firmly, with more positive
and practical changes made.
Vietnam basically completed and exceeded its set targets for four consecutive years,
from 2016 to 2019, with results improving every year.
It has posted among the highest economic growth in the world and stable macro-economic
factors, and promoted institutional reform. These are attributed to the joint efforts
of the entire political system, business community, and people under the leadership
of the Party.
Associate Prof., Dr. Dinh Trong Thinh said that although there were still some shortcomings,
the last five years was a period of success for Vietnam’s economic development,
with a strong change in the economic structure.
The private economy is gradually becoming a driving force in promoting national
economic growth and now contributes 40 percent to the country’s GDP.
and the application of digital technology in the economy are developing strongly.
Beside its economic achievements, Vietnam also posted commendable results in socio-cultural
development and ensuring social welfare. Living standards have been improving, with
average per capita income now standing at 2,750 USD.
Vietnam has also recorded outstanding achievements in international integration
over the last five years. It has signed 15 free trade agreements (FTAs) to date
and negotiated two others. Strategic partnerships have been established with 16
countries, and comprehensive strategic partnerships with 11 others. It has joined
over 500 bilateral and multilateral agreements across fields. Up to 71 countries
have recognised Vietnam as a market economy.
International economic integration has helped Vietnam’s international trade activities
thrive, according to Dr Nguyen Duc Kien, Head of the Prime Minister’s Economic
Processing shrimps for export (Photo: VNA)
From an importing country, Vietnam has worked to balance its imports and exports
and now regularly posts a trade surplus, Kien said.
Joining FTAs with major economies has helped it diversify its external economic
relations and build a more reasonable market structure not overly dependent on any
particular market. This contributes to improving trust among foreign investors in
Vietnam’s stability and economic potential.
According to the UN Development Programme (UNDP), Vietnam has created a “legendary
story” in poverty reduction, with a human development index (HDI) of 0.63 in 2019,
ranking it 118th out of 189 countries and among the group of countries
with the highest HDI growth.
It was also ranked 8th on a list of the world’s best economies to invest in 2019,
up 15 places compared to 2018, while its competitiveness was ranked 67th out of 141 countries and territories by the World Economic Forum, up 10 places compared
According to the UN Sustainable Development Report 2020, Vietnam is the only Southeast
Asian country to achieve five UN action targets.
Amid the “gloom” of the world economy in 2020 due to COVID-19, Vietnam emerged as
a remarkable and proud bright spot.
Party General Secretary and State President Nguyen Phu Trong has stressed that “never before has our nation had the fortune, strength,
position, and prestige it has today”.
These successes are not accidental, but the result of self-reliance,
self-resiliency, flexible policy responses, and tireless efforts by
the Vietnamese Party, Government and State, as well as the entire business community
and the people./.