40 years of Innovation and the era of growth

Currently, the size of Vietnam's economy has reached nearly 500 billion USD, nearly 100 times higher than in 1986, ranking fourth in Southeast Asia and 34th in the world.

Currently, Vietnam's economic scale ranks 35th and is among the top 20 countries in terms of trade scale in the world .

The 6th Party Congress (1986) initiated the process of Innovation, development and international integration, creating unprecedented power and position for the country.

Solid foundation

After nearly 40 years, overall, Vietnam's economy has overcome many difficulties and challenges, continuously developing in both quantity and quality, becoming more effective and sustainable.

Vietnam's macroeconomic and financial indicators and balances are increasingly improving, and the business environment is increasingly meeting the world's common standards. In 2024, GDP growth will reach 7.09% (exceeding the target of 6 - 6.5%), among the few countries with high growth rates in the region and the world; The economic scale will reach nearly 500 billion USD, nearly 100 times higher than in 1986, ranking fourth in Southeast Asia and 34th in the world; The national brand value in 2024 will reach 507 billion USD, ranking 32/193 globally.

Vietnam has an e-commerce growth rate in the top 10 in the world. According to the report "Southeast Asia Digital Economy 2024" published by Google - Temasek, in 2024, the scale of Vietnam's Internet economy will reach 36 billion USD, an increase of 16% compared to 2023. Total import-export turnover is estimated at about 807.7 billion USD for the whole year of 2024, the highest ever. The trade balance recorded a trade surplus for the 9th consecutive year and at a high level of nearly 25 billion USD. The multidimensional poverty rate is estimated to decrease to below 3%, and the material and spiritual life of the people is increasingly improving.

Vietnam is increasingly proactive in perfecting the institutional framework for developing a market economy and confidently integrating globally more deeply, widely, fully and effectively.

According to the World Intellectual Property Organization (WIPO), in 2022, Vietnam was among the countries that made the greatest progress in the past decade (up 20 places), ranked 48th out of 132 countries in the Global Innovation Index (GII) and ranked third in Southeast Asia; among the group of middle-income economies with the fastest growth in innovation performance. According to the United Nations' survey and assessment, Vietnam's Sustainable Development Index (SDI) has continuously increased from 88th in 2016 to 57th in 2018 and 49th in 2020.

In particular, since 2021, Vietnam has been officially ranked in the group of “Moderately Free” economies, with an overall score of 61.7 points (higher than the regional and world average), ranking 17th out of 40 countries in Asia - Pacific as the freest economy. The 2024 happiness index, according to the United Nations ranking, increased by 11 places, ranking 54th out of 143. Foreign economic relations and international position are constantly consolidated.

By the end of 2024, Vietnam had diplomatic relations with 194 countries in the world (compared to 11 countries in 1954); had trade relations with 230 countries and territories, 72 countries recognized Vietnam as a market economy.

Vietnam is currently in the world's Top 20 in terms of emerging markets and trade scale, with 17 free trade agreements (FTAs) signed and implemented with more than 60 countries and large economies covering 50-60% of global GDP and trade; establishing Comprehensive Partnership, Strategic Partnership, Comprehensive Strategic Partnership with 32 partners, including all countries that are permanent members of the United Nations Security Council and G7 economies.

Vietnam is among the top 15 countries in the world in attracting FDI, with a cumulative total of more than 40,800 active projects to date, with a total registered capital of about 487 billion USD. Notably, the Government and the world's leading technology corporation NVIDIA have just signed an agreement to establish a Research and Development Center and an Artificial Intelligence (AI) Data Center. This is a historic turning point for Vietnam, with the expectation of making our country a leading AI research and development center in Asia.

According to the General Statistics Office, currently, the scale of Vietnam's economy ranks 35th and is among the top 20 countries in terms of trade scale in the world; the state budget deficit, public debt, government debt, and foreign debt of the country are well controlled and prestigious international credit rating organizations continue to maintain Vietnam's national credit with a "Stable" outlook.

According to the International Monetary Fund (IMF), Vietnam is the only Southeast Asian representative in the top 10 with a forecast growth of 6.4% from 2024 to 2029 and will experience a period of strong economic growth, placing the country among the fastest growing emerging economies, opening up great opportunities in attracting FDI and promoting economic development in the region and the world. According to the World Bank (WB), Vietnam is considered a global economic star, with an average annual GDP per capita growth rate of 5.3% over the past 30 years (1990-2021), faster than any economy in the region, except China.

The important, comprehensive, and outstanding results achieved in all fields in the context of more difficulties and challenges than opportunities and advantages in 2024 affirm the outstanding efforts, steadfast will, and iron determination to continue to comprehensively promote the cause of innovation of our entire Party, people, and army. (Source: VGP)

Motivation in the era of growth

The recent 10th Conference of the 13th Central Executive Committee unanimously affirmed that Vietnam has entered an era of national development, with many new motivations and opportunities. General Secretary To Lam emphasized that the 14th National Party Congress will mark the beginning of an era of development for Vietnam, an era of development, prosperity, and prosperity, when all Vietnamese people, hundreds of millions of people as one, under the leadership of the Party, will take full advantage of opportunities and advantages, push back risks and challenges, and bring the country to comprehensive and strong development, breakthroughs and take off, with the goal that by 2030, Vietnam will become a developing country with modern industry and high average income; by 2045, it will become a developed socialist country with high income, all people will have a prosperous and happy life, and will be supported to develop and get rich...

On the basis of the great achievements of 40 years of Doi Moi, the leading driving force for Vietnam to firmly enter the new era is to promote institutional innovations, focusing on organizational innovation, implementing the revolution of streamlining the apparatus, improving the efficiency, effectiveness and efficiency of the entire political system. In addition, the driving force also comes from strengthening trust, improving the position and attractiveness of the investment environment, effectively exploiting investment opportunities brought by the streamlined apparatus, thereby increasing the results of investment expansion of domestic enterprises, attracting FDI and potential resources.

In particular, new motivations and opportunities will be opened up and promoted in direct proportion to clarifying and defining legal status, responsibilities, decentralization, and delegation of powers; resolutely cutting down on cumbersomeness, levels, focal points, and intermediate stages; promoting the spirit of initiative, creativity, and self-management of localities and units, while thoroughly overcoming overlapping situations; enhancing institutional perfection, the Government plays a constructive role and strengthens inspection, supervision, and maximum reform of administrative procedures; creating an open, friendly, convenient, safe, and equal investment environment, minimizing all opportunity costs for entrepreneurs and businesses to develop and contribute; protecting state interests, legitimate and legal rights and interests of organizations and individuals...

At the same time, opportunities for the country in the era of rising up also come from streamlining the payroll, restructuring the staff, standardizing titles and determining job positions; recruiting, training, promoting, appointing, rotating, transferring, and evaluating staff in a practical direction; focusing on using competent people; improving the quality, sense of responsibility and public service discipline, overcoming the situation of avoiding and fearing responsibility...

With the great achievements of 40 years of Renovation, carrying out a revolution to streamline the organizational apparatus of the entire political system, creating excitement and confidence for businesses is both a goal and a task, and a solution to create important institutional motivation and opportunities for Vietnam to firmly step into the era of development.

Source: https://baoquocte.vn/kinh-te-viet-nam-40-nam-doi-moi-va-ky-nguyen-vuon-minh-301983.html