40 Years of Renovation - Impressive Achievements

The reform process initiated and led by our Party is a historical choice, a great creative undertaking of historical significance, with immense importance, in line with the realities of Vietnam and the general laws and trends of the times.

The Political Report presented to the 14th National Congress of the Party and the Report summarizing some theoretical and practical issues on the reform process over the past 40 years clearly state that: after 40 years of reform, Vietnam's foundation, potential, position, and international prestige have been elevated to a new level, creating an important premise for the country to confidently move into a new era - an era of striving for development.

Vietnam moved out of the low-income group in 2008 and into the Top 40 leading economies .

High growth and deep integration

Through a comprehensive review of both theory and practice, the report shows the remarkable growth of the country in many aspects, from economics, politics, culture and society to national defense, security and foreign relations.

After the war, the country was severely devastated, and the economy fell into a prolonged crisis. In the first 10 years after reunification, per capita income was only about 125-200 USD/year, placing Vietnam among the poorest countries in the world. Particularly, inflation at the end of 1986 reached 774%, reflecting the serious imbalances in the economy. This reality created an urgent need for a change in thinking and a reform of the development model.

The Sixth National Congress of the Party courageously confronted the truth, clearly identifying serious mistakes in policies, strategic guidance, and organizational implementation, thereby initiating the comprehensive national reform. This historic decision demonstrated the political acumen, open-mindedness, and self-correcting capacity of the ruling Party.

The period from 1996 to 2005 marked a significant shift in the country's "stance and strength." From a situation of severe goods shortages, domestic production capacity gradually met the essential needs of society. Exports grew strongly, building national reserves and creating a foundation for long-term growth. The country maintained political and social stability, and the people's trust in the Party and the State continued to be strengthened. This was an important prerequisite for Vietnam to enter a higher stage of development in the context of increasingly deep international integration.

From 2006 to 2015, Vietnam officially became a lower-middle-income developing country. During the first 30 years of the Doi Moi (Renovation) period, the average economic growth rate reached nearly 7% per year – an impressive figure given its low starting point and volatile international conditions. Between 1991 and 2016, exports increased 60-fold and imports increased 80-fold, reflecting the rapid expansion of the economy and Vietnam's increasingly deep participation in global value chains.

From 2016 to the present, despite the rapidly changing, complex, and unpredictable international environment, which has had many impacts on the country, the economy has still achieved high growth.

Economic growth during the 2021-2025 period is projected to average approximately 6.3% per year, placing Vietnam among the high-growth countries in the region and the world. GDP in 2025 is estimated to exceed US$510 billion, 1.47 times higher than in 2020, ranking 32nd globally. GDP per capita is projected to reach approximately US$5,000, joining the group of upper-middle-income countries, a target highly regarded by many prestigious international organizations.

International press conference on the 14th National Congress of the Party.

Perfecting the thinking on a socialist-oriented market economy and enhancing the country's position.

One of the key highlights of the 40-year review of the Doi Moi (Renovation) period is the development and refinement of theoretical understanding, especially the understanding of the socialist-oriented market economy. The 13th National Congress of the Communist Party of Vietnam identified the socialist-oriented market economy as the general economic model of Vietnam during the transitional period, with various forms of ownership and economic sectors developing together, in which the state economy plays a leading role, and the private economy is an important driving force.

Resolution 68 of the Politburo emphasizes that the private sector is one of the most important driving forces of the national economy, demonstrating consistency and increasing openness in development thinking.

After 40 years of Doi Moi (Renovation), Vietnam has not only achieved impressive economic successes but also significantly enhanced its potential and international standing. The country has established trade relations with over 230 countries and territories, signed 17 free trade agreements with more than 60 partners, and strongly attracted FDI and ODA. Human Development Index (HDI) and Happiness Index have improved; the middle class is expanding, reflecting the quality of growth and social progress.

Along with the economy, the fields of culture, education, science, national defense and security, and foreign affairs have also achieved many important accomplishments. National defense and security have been maintained; independent, self-reliant, multilateral, and diversified foreign relations continue to be promoted, contributing to maintaining a peaceful and stable environment for development.

However, the report also frankly points out major limitations and challenges. The risk of falling behind and getting into the middle-income trap still exists; development is not truly sustainable; labor productivity and competitiveness remain low. The economic system still has overlapping regulations; the leading role of the state economy has not been fully realized; the private economy has not developed to its full potential;...

Looking back at the results of 40 years of Doi Moi (Renovation), it is clear that Vietnam has gone through a long and arduous journey, yet one filled with pride. From a backward country plagued by chronic food shortages, we have risen above poverty and underdevelopment to become a developing country with a middle-income level. The material and spiritual lives of the people have improved significantly. Our country has never before possessed such strength, potential, position, and international prestige as it does today. This is a source of pride, a driving force, a crucial resource, and a source of confidence for the entire Party, the entire people, and the entire army to overcome all difficulties and challenges, and to continue steadily on the path of comprehensive and synchronized renovation; and to achieve rapid and sustainable national development.

Jade

Source: https://baotuyenquang.com.vn/thoi-su-chinh-polit/tin-tuc/202601/40-nam-doi-moi-nhung-thanh-tuu-an-tuong-3814d3e/