Vietnam's impressive development journey and vision after 50 years of unification

Vietnam's economy has undergone a strong transformation, enhancing its position in the global supply chain.

I have had the opportunity to witness the remarkable transformation of Vietnam since 2007. Economic growth has been impressive. The government has set a target of 8% growth by 2025 and aims for double digits in the following years. This optimism is based on strong momentum in manufacturing and trade, along with strategic reform policies. The $20 billion economic stimulus package and extensive structural reforms are significant efforts that have contributed to enhancing Vietnam’s position in the global supply chain.

However, Vietnam is also facing some new challenges. The US proposal to impose reciprocal tariffs on Vietnamese goods could affect export competitiveness and reduce the attractiveness of FDI inflows. However, this is also an opportunity for Vietnam to restructure its growth model, shift to higher value-added industries and apply fair economic practices, thereby improving competitiveness and increasing attractiveness to foreign investors.

In the face of these developments, Vietnam has demonstrated its ability to respond flexibly. Bilateral diplomacy has been promoted to ease trade tensions. Domestically, public investment has been increased, along with preferential credit packages to support infrastructure development, technology and domestic consumption, helping to maintain growth momentum.

Another bright spot is the adjustment of the legal framework for the digital asset sector. The Government has issued Resolution No. 27/NQ-CP, guiding the development of a legal framework for virtual asset management - a strategic step in the context of the growing development of fintech and blockchain. As a law firm with expertise in this field, we recognize that clear regulations will be a key factor in minimizing risks, while promoting innovation and attracting stronger investment in the digital sector.

The regulatory approach allows testing of new financial products and services in a controlled environment, facilitating innovation, especially when the International Finance Centre (IFC) is set to be established in Ho Chi Minh City.

To maintain sustainable growth, Vietnam needs to focus on key areas such as simplifying laws, streamlining administrative procedures and investing heavily in education. High-quality human resources are a vital factor in the context of increasingly deep global integration.

In particular, the European Union (EU) can be an ideal partner to support Vietnam in developing human resources, through training programs, knowledge transfer and narrowing the cultural-economic gap, towards a generation of globally competitive workers.

At the same time, streamlining the legal system and ensuring regulatory stability are important factors in maintaining and attracting investment. Recently, the visit of Chinese President Xi Jinping emphasized Vietnam's strategic role in the regional geopolitical context. The two countries have signed many cooperation agreements in areas such as railway infrastructure and digital economy, contributing to promoting supply chains and expanding markets.

Vietnam enters the 50th anniversary of national reunification in the spirit of a country on a journey of strong development. The ability to proactively adapt to global fluctuations shows that Vietnam is ready for the next stage of development.

With its strategic geographical location, an increasingly improving business environment and a potential digital asset market, Vietnam continues to be an attractive destination for international investors and businesses.

In the coming years, adaptability and innovation will be key to Vietnam’s development journey. Strong FDI inflows, especially in manufacturing and high-tech, are positive signs of economic resilience. Meanwhile, infrastructure development and digital transformation will be the pillars that help Vietnam maintain its growth momentum.

With a strategy of removing legal barriers, investing in education and leveraging the strengths of digital assets, Vietnam can absolutely reach new heights in its development journey.

Source: https://baodautu.vn/hanh-trinh-phat-trien-an-tuong-cua-viet-nam-va-tam-nhin-sau-50-nam-thong-nhat-d275109.html