Vietnam is considered the fastest growing economy in Southeast Asia.

“During the 80-year journey of national renewal, the Vietnamese economy has achieved great achievements, becoming one of the fastest growing economies in Southeast Asia,” said Professor Carl Thayer, a famous Vietnam researcher at the Australian Defense Force Academy, University of New South Wales, in an interview with a VNA reporter in Australia on the occasion of the 80th anniversary of the National Day of the Socialist Republic of Vietnam (September 2, 1945 - September 2, 2025).

The National Exhibition Center (VEC) officially opened on August 19, becoming the largest exhibition center in Southeast Asia. (Photo: Quoc Khanh/VNA)

According to Professor Carl Thayer, if we look from the “Doi Moi” period to the present, we can see that Vietnam has achieved a fairly high economic growth rate. Although affected during the COVID-19 pandemic, the Vietnamese economy has recovered quickly.

In 2023, Vietnam had a modest GDP growth rate of 5.3%. By 2024, this figure will be nearly 7.1%. Vietnam aims for growth of about 8% in 2025 and will gradually increase the growth rate to double digits in the following years.

Professor Carl Thayer said that Vietnam can achieve that if it pays more attention to leveraging foreign investment and exports, which are considered two of the growth engines of this Southeast Asian economy.

According to Professor Carl Thayer, Vietnam has been very successful in shifting to an export orientation, such as garments, mobile phones, etc. However, in the context of other countries also making similar progress, Vietnam has taken stronger actions to become more competitive, such as promoting the value chain, Vietnamese scientists and engineers starting to adjust and innovate technology, and cooperating with foreign entrepreneurs to support human resource training.

Vietnam is also trying to avoid the middle-income trap by focusing on improving competitiveness, diversifying the economy, developing high-quality human resources, promoting innovation and protecting the environment, aiming to shift from an economy based on cheap labor to industries with higher added value and modern technology. Professor Carl Thayer affirmed that Vietnam is well prepared for this journey.

Since July 1, 2025, the two-tier local government system in 34 provinces and cities has been officially launched. With this historic step of strategic significance in “rearranging the country”, Professor Carl Thayer believes that Vietnam has been very proactive in building units that can use larger resources more effectively and faster. Once it becomes strong and confident, Vietnam will achieve its goals.

Besides, according to Professor Carl Thayer, as a key and responsible member of the Association of Southeast Asian Nations (ASEAN), Vietnam - with increasingly abundant resources - can help promote the growth of this regional bloc, thereby firmly assuming the role of ASEAN leader.

Forecasting the prospects of Vietnam's economy in the coming time, Professor Carl Thayer said that although Vietnam has achieved a relatively high growth rate continuously, Vietnam should also pay attention to the current economic and trade instability in the world because this "S-shaped country" depends on the global economy.

Professor Carl Thayer noted that Vietnam has made great efforts to reform its economy over the past 80 years, such as reforming the domestic market, improving the savings rate, promoting consumption, boosting export markets, etc. However, in the long term, Vietnam needs to diversify and seek new markets, be flexible and cautious in the face of sudden and rapid policy changes globally./.

According to VNA

Source: https://baothanhhoa.vn/viet-nam-duoc-danh-gia-la-nen-kinh-te-phat-trien-nhanh-nhat-dong-nam-a-259022.htm