The economy grew rapidly in speed, scale and quality.
Before the 1986 renovation period, Vietnam was an economy that relied mainly on agriculture with low productivity. However, after nearly 40 years of renovation, the position and potential of the Vietnamese economy in the international arena have undergone many major changes.
Speaking with Lao Dong, Associate Professor Dr. Nguyen Thuong Lang - Senior Lecturer at the Institute of International Trade and Economics, National Economics University - assessed that in 2023, the scale of Vietnam's economy will reach about 430 billion USD in 2023, ranking 35th in the world, an increase of more than 95 times compared to 1986. The macroeconomic foundation and major balance of the economy are stable.
In particular, Vietnam has controlled inflation, unemployment rate at stable levels, fiscal and monetary policies operate effectively. Economic policies such as trade, fiscal, monetary, and investment policies are coordinated synchronously, contributing to creating a solid foundation for the economy.
The openness of Vietnam's economy is very large, accounting for about 200% of GDP, but still maintains stable growth. In the 11 months of 2024, FDI attraction reached 31 billion USD, realized FDI capital reached 20.4 billion USD, up 7%, the highest in many years. FDI attraction is a bright spot and is in the group of 15 developing countries attracting the largest FDI in the world.
From a very small exporting country, not in the top 15 largest exporting partners in the world before 2013, by 2023, Vietnam had risen to 11th place in the ranking of the 15 largest exporting countries in the world. Vietnam is considered a surprise factor in world trade. As one of the 4 countries with the fastest average annual export growth in the 2019-2023 period in the world.
High-tech products such as phones and electronic components account for a large proportion, up to 45-50% of total export turnover. Agricultural products such as rice, vegetables, seafood, and wooden products also have strong export turnover thanks to improved quality and compliance with international standards. Many new products such as coconut, durian, and passion fruit also have good export prospects.
In particular, since 2017, Vietnam's innovation index has continuously increased. According to the World Intellectual Property Organization (WIPO)'s 2024 Innovation Index Report, Vietnam is ranked 44/133 countries and economies, up 2 places compared to 2023. In the ASEAN region, Vietnam ranks 4th (after Singapore, Malaysia and Thailand).
“With positive economic indicators, the domestic and foreign business community believes in and highly appreciates Vietnam's growth prospects, commits to long-term investment and commitment, and accompanies the development of the Vietnamese economy. A typical example is the signing event between the Government and NVIDIA Corporation in early December,” said Associate Professor, Dr. Nguyen Thuong Lang.
Vietnam integrates deeply and responsibly
Regarding the growth rate of Vietnam's economy from 2021 to present, Mr. Vu Tuan Anh - Chairman of JCI Vietnam 2022 emphasized: From about 200 USD/year, Vietnam's per capita income increased to over 4,000 USD in 2024, showing remarkable growth, although during the integration period, Vietnam was also greatly affected by the global economic crisis.
Regarding the economic achievements in recent times, Mr. Vu Tuan Anh especially appreciated the great impacts of the Free Trade Agreements (FTAs) that Vietnam has signed, especially the new generation FTAs, notably the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Free Trade Agreement between Vietnam and the European Union (EU) - EVFTA.
"Vietnam has deeply integrated into global trade, signed many new generation FTAs, joined RCEP, and established comprehensive strategic partnerships. FTAs expand markets, increase import and export turnover, consolidate traditional markets and exploit potential, affirming Vietnam's responsibility to the world economy," said Mr. Vu Tuan Anh.
* In Resolution No. 16/2021/QH15 on the 5-year Socio-Economic Development Plan 2021 - 2025, the National Assembly set the target: Average GDP growth rate for 5 years is about 6.5-7%; GDP per capita by 2025 will reach about 4,700-5,000 USD...; the goal by 2025 is to be a developing country with a modern industrial base, surpassing the low-middle income level.
* Mr. Nguyen Ba Hung (ADB) commented that Vietnam's international integration is clear, its trade value is double its GDP, it attracts strong foreign investment, and businesses actively participate in the global supply chain, creating momentum for rapid development.
