In a report released on April 14, the World Bank says Vietnam’s efforts have been a development success story. Economic reforms since the launch of the national renewal in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world's poorest nations to a middle-income economy in one generation.
Vietnam’s new position and strength
After more than 35 years of national renewal, Vietnam’s strength and position have reached new heights. The Resolution of the 13th National Party Congress says Vietnam has achieved major, historic accomplishments, and has developed strongly and comprehensively since the pre-renewal period. The scale and level of the national economy has grown. People’s living conditions have improved significantly both materially and spiritually. The country’s potential, prestige, and international status have increased.
From a poor, backward country, Vietnam has worked to join the group of the world’s 40 largest economies and become one of the world’s 20 leading economies in terms of trade, with a total trade value reaching nearly 670 billion USD in 2021 and GDP per capita of 3,800 USD, 44 times higher than its 86 USD in 1988. From a country once living under embargo, Vietnam has now established diplomatic ties with 189 countries and territories, as well as strategic or comprehensive partnerships with 30 countries. Many countries name Vietnam as a priority in their regional policies.
The Communist Party of Vietnam has established relations with nearly 250 political parties in 111 countries. The Vietnamese National Assembly has relations with parliaments of more than 140 countries while Vietnam’s organizations have relations with thousands of people’s and non-governmental organizations.
Vietnam has trade ties with more than 220 partners and cooperation with 500 international organizations, has signed bilateral trade agreements including nearly 60 investment encouragement and protection agreements and 17 free trade agreements.
Vietnam has signed more than 80 multilateral international treaties, and has joined 70 organizations and multilateral and global forums.
Notably, Vietnam has many times been elected to international organizations, institutions and mechanisms such as a non-permanent member of the United Nations Security Council (2 terms), the UNESCO General Assembly, and the Human Rights Council. Vietnam has several times hosted major international conferences such as APEC, ASEAN, ASEM, the International Francophone Organization; and has been elected to the United Nations Commission on International Trade Law (UNCITRAL). Vietnam has also actively and effectively participated in UN peacekeeping activities and received international praise. In a recent statement, United Nations Secretary-General Antonio Guterres highly appreciated Vietnam's participation in international issues including climate change response and international peacekeeping operations.
Reviewing Vietnam’s new position in its reform and development process and international integration over the past 35 years,
Deputy Prime Minister Pham Binh Minh said: “Vietnam has gained great achievements of historical significance, developed strongly and comprehensively, and increased its position and strength and international prestige which have created important premise and favorable conditions for the country to grow further. The scale and level of the economy have grown. People's lives have improved markedly. Socio-political stability is ensured on the basis of consolidating and strengthening the great national unity bloc under the leadership of the Party. National defense - security is firmly maintained and strengthened. The country integrates deeply into all aspects of international social life and is an active and responsible member in the international community.”
Bright future
With great achievements in Vietnam’s renewal process, Party General Secretary Nguyen Phu Trong has repeatedly affirmed that Vietnam has never had the opportunity, potential, position and international prestige like it has today.
Meanwhile, many international organizations and institutions also said Vietnam has created a solid foundation for strong and stable development in the future. According to the World Bank (WB), Vietnam is currently one of the most dynamic countries in East Asia and the Pacific.
Together with the International Monetary Fund (IMF), the WB is confident that with its solid foundation and proven resilience, Vietnam has great potential for further growth and can recover its pre-pandemic miraculous growth rate of 6-7% from 2022 onwards.
Through an optimistic lens, IHS Markit market forecast company of the UK believes that Vietnam's GDP will reach 433 billion USD in 2025 and 687 billion USD in 2030. This means Vietnam's GDP per capita will increase sharply to 4,280 USD in 2025 and 6,600 USD in 2030. Bloomberg recently published an article titled "Vietnam can become the next startup hub in Asia".
These objective, scientific and practical judgments about Vietnam's bright future by reputable international organizations and institutions demonstrate that Vietnam has pursued correct strategies and orientations. These analyses are also important motivators for Vietnam to confidently move forward on the path to socialism. In the immediate future, Vietnam is focused on realizing the specific goals set out in the Resolution of the 13th National Party Congress to become a developed, high-income country by 2045.