Economic integration builds an independent and self-reliant economy.

In the Party's 13th Congress documents, the building of an independent and self-reliant Vietnamese economy was officially emphasized as an economic task to realize Vietnam's development aspirations in the new context. Along with this, this important task was placed in close connection with enhancing the effectiveness of international economic integration.

Vietnam has become the fourth largest economy in ASEAN and the 40th largest in the world , dynamic and highly open, with international trade ranking among the top 20 globally. (Source: Getty Images)

Over nearly 40 years of Doi Moi (Renovation), reality has proven that Vietnam's strong integration into the international economy has had a profound impact on the process of building an independent and self-reliant national economy.

Accordingly, through each stage of development, the Party's policies and guidelines on building an independent and self-reliant economy associated with international integration have evolved accordingly: from integration to proactive integration; active and proactive integration, to deeper and more comprehensive economic integration with the region and the world...

According to official documents, building an independent and self-reliant economy means, first and foremost, independence and self-reliance in development direction oriented towards socialism; promoting industrialization and modernization, creating sufficient economic, scientific and technological potential, and a strong material and technical infrastructure; having a rational, efficient and competitive economic structure; having a socialist-oriented market economy; maintaining macroeconomic stability; ensuring the economy is strong enough to withstand and respond to complex situations, and effectively fulfilling international commitments...

In a rapidly changing world with many complex and unpredictable developments, from traditional to non-traditional, from strategic competition and geopolitical conflicts to climate change and economic crises, proactive international integration coupled with independence, self-reliance, and self-strengthening has become a top priority, an objective and urgent requirement to help Vietnam seize opportunities and overcome challenges to achieve its goals.

Nearly 40 years of reform have proven that economic independence and self-reliance provide the foundation for effective international integration. Effective international integration has made a significant contribution to building Vietnam's independent and self-reliant economy.

Along this path, Vietnam's strength has been enhanced, and its position and prestige on the international stage have been elevated. In the first six months of 2024, macroeconomic stability continued, GDP recorded a growth rate of 6.42% (much higher than the same period last year, which saw a 3.84% increase), inflation was controlled; export turnover continued to increase strongly, bringing the trade surplus to US$11.63 billion; foreign direct investment into Vietnam reached US$15.19 billion, an increase of 13.1% compared to the same period in 2023… Many leading global organizations such as the World Bank, IMF, HSBC, and EuroCham all agree that the Vietnamese economy has bright prospects and will continue to grow strongly.

We have complete confidence in the Socio-Economic Development Strategy 2021-2030, which continues to clearly define the perspective of building a self-reliant economy based on mastering technology and proactively and actively integrating into the global economy, diversifying markets, and enhancing the economy's adaptability. We must develop a new national production capacity that is self-reliant, effectively participates in and improves our position in the global value chain, and effectively withstands major and unusual external impacts. Leveraging domestic resources is the decisive factor, coupled with external forces and the power of the times.

Comment (0)