The economy sets a series of records, Vietnam enters the phase of ‘dreaming big, doing big’ on the threshold of the “Era of Rising”

At the 10th Central Conference of the 13th term in September 2024, in his opening speech, General Secretary To Lam emphasized: “We identify the 14th Congress as the Congress marking the moment when the country enters a new era – the era of national growth”.

At the 10th Central Conference of the 13th term in September 2024, in his opening speech, General Secretary To Lam emphasized: “We identify the 14th Congress as the Congress marking the moment when the country entered a new era – the era of national growth”.

On that basis, in 2025, the Politburo issued 7 important resolutions such as: Resolution 59 on international integration; Resolution 68 on private economic development; Resolution 71 on educational breakthroughs; Resolution 72 on people’s health care…

On that basis, in 2025, the Politburo issues 7 important resolutions such as: Resolution 59 on international integration; Resolution 68 on private economic development; Resolution 71 on educational breakthroughs; Resolution 72 on people’s health care…

That spirit of “stretching forward” is not only present in the resolution but has gradually become present in Vietnam’s development reality: growth beyond expectations, stable economy, and increasingly high integration position.

The summary report on the implementation results of the socio-economic development plan for 2025 and the 5-year period 2021-2025 submitted by the Government to the National Assembly at the 10th Session said that Vietnam’s economy has affirmed its resilience to external shocks, maintaining a growth rate among the highest in the world. GDP in 2025 is expected to increase by over 8%; the average growth rate in the 2021-2025 period is 6.3%, higher than the previous term (6.2%) (in 2021, due to the impact of the COVID-19 pandemic, growth only reached 2.55%; in the 4-year period 2022-2025, the average growth rate is 7.2%/year, exceeding the target of 6.5-7%).

The economic scale is estimated to reach 510 billion USD in 2025, up from 366 billion USD in 2021. With this figure, Vietnam’s economic scale is expected to increase to 32nd place in the world. In addition, GDP per capita in 2025 is estimated to reach about 5,000 USD, 1.4 times higher than in 2020, entering the upper middle-income group. The economic structure and growth quality have changed positively.

Also in the 2021-2025 period, traditional growth drivers have been effective. Total social investment capital is about 33.2% of GDP, reaching the target of 32-34%. Public investment capital is about 3.4 million billion VND, an increase of nearly 55% (absolute increase of 1.2 million billion VND) compared to the previous term; investment is not spread out, the number of projects using the central budget (NSTW) decreased from 11 thousand (previous term) to 4.6 thousand projects this term.

A series of key projects were deployed, such as 3,245 km of highways, 1,711 km of coastal roads and Long Thanh International Airport (phase 1). Cultural and social infrastructure was heavily invested; public-private partnership built the National Exhibition Center (VEC) in the top 10 in the world. At the same time, 180 laws, ordinances, 820 decrees and more than 4,300 administrative regulations were cut, demonstrating the spirit of “Government of action, creating development”.

Total FDI capital is estimated to reach 185 billion USD in the 2021-2025 period, an increase of nearly 9% compared to the previous term and is among the 15 developing countries attracting the largest FDI in the world. Trade volume has increased sharply, from 545.4 billion USD in 2020 to a record high, estimated at about 900 billion USD in 2025, among the top 20 countries in the world. Tourism has recovered, welcoming about 22-23 million international visitors in 2025, the highest ever. Resolutely prevent and combat smuggling, trade fraud, and violations of intellectual property rights.

Public debt will decrease from 44.3% of GDP in 2020 to about 35-36% in 2025 (limit is 60% of GDP); average state budget deficit will decrease from 3.53% of GDP in the 2016-2020 period to 3.1-3.2% of GDP in the 2021-2025 term. In October 2025, FTSE will upgrade Vietnam’s stock market from frontier to secondary emerging.

Along with economic growth, Vietnam has also achieved many social advances. For example, the multidimensional poverty rate has decreased from 4.4% in 2021 to about 1.3% in 2025. The average monthly income of workers has increased from 5.5 million VND in 2020 to an expected 8.3 million VND in 2025.

Completed the basic goal of eliminating temporary and dilapidated houses 5 years and 4 months early with over 334,000 houses. Implemented the construction of 633,000 social houses, striving to complete 100,000 houses in 2025.

At the 10th Session of the 15th National Assembly, Prime Minister Pham Minh Chinh emphasized that this achievement is very valuable and worthy of pride in the difficult context, along with our self-reliance, self-strengthening, and strategic autonomy, which has created momentum, strength, and confidence for the people and the country to enter a new era – building a rich, civilized, prosperous, happy country, firmly advancing towards Socialism.

“In such conditions, we have been able to do so, it is the great effort of the political system, people and businesses, under the correct leadership of the Party, the direct direction of the Central Committee, the Politburo, the Secretariat and the General Secretary,” said the Prime Minister.

According to the Draft documents submitted to the 14th National Party Congress, the strategic goal has been clearly defined: to turn Vietnam into a high-income developing country, an innovative and modern industrial economy by 2030. In particular, the average growth rate of gross domestic product (GDP) for the period 2026 – 2030 is from 10%/year or more; GDP per capita by 2030 will reach about 8,500 USD.

In the context of Vietnam entering the “Era of Growth”, Mr. Bruno Jaspert – Chairman of EuroCham expressed his agreement and admiration for Vietnam’s aspirational spirit in daring to set a target of zero net emissions by 2050, 8% growth and rising to the top 15 largest economies in the world.

“If any country dares to make such a statement, it is Vietnam. And I believe that the goal of becoming a high-income country by 2040 shows that Vietnam is moving towards a better country for everyone,” the EuroCham Chairman emphasized.

According to Mr. Nguyen Ba Hung – Chief Economist of ADB Bank, if Vietnam wants to go further in the coming period, it needs to be steadfast in its policy and effectively implement deeper and more substantial integration.

“Integration essentially means improving the institutional environment, policies, and laws in line with international standards so that Vietnamese enterprises can get used to global rules of the game right from their ‘home ground’,” Mr. Hung commented.

Based on a transparent and internationally compatible institutional foundation, promoting fair competition, effectively protecting public interests and consumers, Vietnam is both more attractive to foreign investors and helping domestic enterprises mature and become more proficient with international business practices, enhancing competitiveness in the global market. Through 40 years of integration, the Vietnamese economy has demonstrated its dynamism and ability to adapt to international competition to achieve outstanding growth achievements, which is the basis for deeper and more substantial integration.

“Like many economies that have made breakthroughs, the role of the Government is to pave the way, create and ensure a ‘fair playing field’, while businesses actively participate in the game and need to constantly improve their international competitiveness,” said the Chief Economist of the ADB Bank.

Speaking at the 10th Session of the 15th National Assembly, Prime Minister Pham Minh Chinh said that to achieve long-term development goals, the country cannot “grow normally” but must have strategic breakthroughs, based on three major pillars: the strength of the Vietnamese nation and people; natural resources and cultural and historical traditions; and science and technology, innovation and digital transformation.

“We must master these factors to be able to reach out to the ocean, fly high into space and go deep into the earth. All we need now is science and technology, innovation and digital transformation. This has been determined in Resolution 57, along with mobilizing resources and strength from the people and businesses,” the Prime Minister emphasized.

In addition to the three traditional growth drivers (including investment, consumption, and export), the Prime Minister said that good macroeconomic policies are also a growth driver. The country still has great room for growth from the digital economy, green economy, creative economy, and especially harmoniously coordinated fiscal and monetary policies.

“With the current atmosphere of ‘The Party directs, the National Assembly is unified, the Government strives, the people accompany, businesses support, and international friends help’, there is only discussion, not retreat, and I am confident that it can be done,” Prime Minister Pham Minh Chinh emphasized.