Spectacularly solving all thorns
The thorns before Doi Moi have been resolved and transformed into development motivation by a strong change in thinking.
In the first 10 years after national reunification, Vietnam's average income per capita only reached about 125 - 200 USD/year. This thorn was resolved by unprecedented determination and high consensus "Party's will, people's hearts", shifting from a centralized planning mechanism to a socialist-oriented market economy. Protecting and encouraging economic sectors to develop, mobilizing the highest resources and development momentum.
Foreign affairs thorns" regarding in-kind trade and "small-scale" investment with socialist countries at that time. These thorns were resolved by proactively and actively opening up, actively and deeply integrating with the motto "Vietnam is a friend, reliable partner and responsible member in the international community". International resources in terms of markets, investment capital, and services are effectively exploited. The momentum of the era is attracted and promoted.
In the last 10 years (2016 - 2025), the country's economy has had positive and comprehensive changes in many fields. Macroeconomic stability, inflation is always controlled at a low level; major balances of the economy are basically ensured; public debt is reduced, bad debt is controlled. Our country has also promoted comprehensive integration when it has signed and implemented 17 free trade agreements, including the new generation free trade agreement EVFTA, CPTPP, RCEP, creating momentum to continuously expand trade and investment.
In 2025, Vietnam's GDP at current prices reached about 514 billion USD, ranking 32nd in the world and 4th in ASEAN. Average GDP per capita reached 5,026 USD (about 125.5 million VND), exceeding the 5,000 USD mark, bringing Vietnam out of the group of low-income countries, becoming a developing country with high middle and high incomes.
Switching from growth model to development model
After 40 years of renovation, Vietnam has accumulated many development resources. However, the model based on resources and cheap labor is no longer suitable, requiring a shift to growth based on science and technology, innovation and digital transformation according to the "1-2-3-4-5" orientation.
Number 1 is to control inflation and deposit interest rates at a one-digit level, in order to ensure economic stability and encourage investment. Number 2 is to maintain double-digit GDP growth in the period 2026 - 2030 and subsequent periods. Number 3 is to develop economic groups with total assets of 100 billion USD or more. Number 4 is to bring GDP scale to at least 1,000 billion USD by 2030. Number 5 is to strive for GDP per capita to reach at least 10,000 USD by 2030.
That economic goal requires Vietnam to establish a new development model with 6 main characteristics. First, ensuring the system of all-people ownership of land and other types of public assets. This is a fundamental characteristic, reflecting the unique nature of the socialist-oriented market economy model in Vietnam.
Second, it is necessary to strive to maintain the average GDP growth rate at a double-digit level to soon make Vietnam a high-middle-income country by 2030 and a high-income industrial country by 2045. To achieve this goal, the new growth model must mobilize and effectively use resources for development.
Third, shift the economic structure towards industrialization and modernization. To achieve double-digit GDP growth, industry and services need to grow faster than agriculture, both creating growth momentum and promoting structural shifts. Accordingly, if agriculture increases by about 4 - 4.5%/year, industry and services need to achieve an average of at least 14 - 15%/year.
Fourth, develop science and technology, innovation and digital transformation to create new impetus for investment, consumption and production; and at the same time promote business model innovation and change market structure.
Fifth, maximize the constructive development role of the Government associated with decentralization and delegation of power to localities. Thereby, improve efficiency, effectiveness, and efficiency of management; improve institutions, reduce overlap and waste of resources.
Finally, strictly adhere to international commitments on sustainable development, demonstrate proactive role in integration and be a reliable partner, responsible member of the international community. The new development model needs to aim for net zero emissions by 2050, promote green transformation, circular economy and implement the United Nations sustainable development goals, with the principle of "no one is left behind", putting people at the center.
