Vietnam’s Economic Evolution: A Legacy of the Past, a Foundation for the Future
At the GM Vietnam 2025 event held in Hanoi on August 1st, Mr. Nguyen Duy Hung, Chairman of the Board of Directors of SSI Securities Company, delivered a passionate speech. He connected Vietnam’s journey over the past four decades with its aspiration to embrace the world in a new era.
Legacy of the Past, Foundation for the Future
Recalling the historical milestone of 1986, Mr. Hung emphasized the significance of the decision to transition from a centralized planned economy to a socialist-oriented market economy. This pivotal move paved the way for the birth of the Enterprise Law, the stock market, and, most notably, a pioneering generation of entrepreneurs. These trailblazers laid a solid foundation for Vietnam to become a dynamic economy, solidifying its political and economic standing on the global stage.
Mr. Hung proudly asserted, “It was this generation of entrepreneurs who laid the groundwork for the country’s development, transforming it from a poor and lacking nation into a thriving economy that is now asserting its political and economic position in the region.”
Mr. Nguyen Duy Hung, Chairman of the Board of Directors of SSI Securities Company
A New Era and the Rise of Digital Citizens
Citing the orientation of General Secretary To Lam on leading the nation into an era of comprehensive development and deep integration, the Chairman of SSI pointed out that to materialize this aspiration, Vietnam needs a generation of citizens for the new era. This generation comprises younger, more resilient, tech-savvy, and globally-minded entrepreneurs who will serve as the backbone of the economy in the next decade and beyond.
Instead of focusing on already established millionaires and billionaires, Mr. Hung believes that the future shapers could be young coders working tirelessly in 24/7 cafes, entrepreneurs starting up in old cars, or even those still living with their parents.
“They are individuals brimming with passion and determination, ready to face the challenges of the digital age to create unprecedented value,” emphasized Mr. Hung.
In his speech, Mr. Hung expressed his confidence that this younger generation will not only help Vietnam catch up with the world but also create unprecedented achievements, thus realizing the aspiration to become the region’s technology hub.
He also proposed the need for timely and reasonable policies to reorganize resources and attract and promote the role of young people. These new mechanisms should be accompanied by a deep understanding of how the younger generation lives, works, and contributes.
“The world is looking at Vietnam, not just as an emerging market but as a nation poised to lead,” Mr. Hung emphasized at the event.
Vietnam to Have at Least 10 USD Billionaires 
In May 2024, the government issued a resolution on the action program to implement Resolution 41 of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the new era.
Resolution 41, issued in October 2023, sets the goal that by 2030, Vietnam will develop a team of entrepreneurs with scale, capacity, and qualifications; many enterprises will reach the regional and world levels. Among them, a number of large enterprises will play a leading role in key sectors, global value supply chains, and master some civilizational values of agriculture and industry.
The recently issued resolution sets a specific target that by 2030, there will be at least
10 entrepreneurs on the list of world billionaires, and 5 of the most powerful entrepreneurs in Asia
, as voted by reputable organizations.
The next generation of Vietnamese billionaires is expected to emerge from a promising field: Technology.
According to the Prosperity Report published by the real estate consultancy Knight Frank (UK) in March, Vietnam had an estimated 752 ultra-high-net-worth individuals in 2023, a 2.4% increase from 2022.
Knight Frank forecasts that by 2028, Vietnam’s ultra-high-net-worth population will reach 978, an approximate 30% increase from 2023, ranking it among the top five fastest-growing countries in the Asia-Pacific region, ahead of South Korea, Hong Kong, and Singapore.
The potential for Vietnam to produce a new generation of billionaires is very real.
We are maintaining an impressive GDP growth rate, with a target of reaching 8% or higher in 2025. The economy is expected to surpass $500 billion, ranking 30th in the world. This lays a solid foundation for businesses to grow and accumulate wealth.
The potential for producing billionaires from the younger generation and technology is significant. As mentioned in the speech, today’s youth are dynamic, resilient, and globally-minded. They are not just a workforce but pioneers who embrace risks to start new ventures.
- Additionally, Vietnam’s tech startup ecosystem has made significant strides, ranking 56th out of 100 countries. Fields such as financial technology (Fintech), educational technology (Edtech), and especially artificial intelligence (AI) are attracting strong interest and investment.
The world is recognizing us not only as an emerging market but also as a potential regional technology hub, a desirable destination for major investment funds and global tech giants.
Tokenizing Real-World Assets: Dragon Capital Proposes Pilot with ETFs
The Vietnamese economy has witnessed remarkable growth over the past few decades, resulting in a significant surge in household wealth and a heightened demand for more diverse investment options. Notably, digital assets have captured the interest of individual investors seeking to diversify their portfolios and embrace higher risk for maximum asset growth.
The Prime Minister’s Command: ‘Victory is Non-Negotiable’
“In directing the development of Vietnam’s International Financial Center, Prime Minister Pham Minh Chinh emphasized the importance of thinking big, innovating, and harnessing the power of the people and businesses. With a resolute attitude, he asserted, “Our strength lies in our bold vision, our drive for innovation, and the unity of our people and enterprises. When we strive together, victory and success are inevitable.”
The Digital Asset Advantage: Why More Vietnamese Investors are Choosing Crypto Over Stocks
The Vietnamese stock market has witnessed an influx of new investors from 2020 onwards, yet the number of accounts pales in comparison to the digital asset market.
The Top 10 Securities Companies Contributing to Vietnam’s Budget
The top three companies have a significant budget advantage over their competitors.
The King of Fruits: A Tasty Treat at an Unbelievable Price.
With prices as low as 35,000 VND per kilogram, many roadside durian vendors in Ho Chi Minh City attract customers with the promise of “guaranteed satisfaction and exchange.” However, according to the Vietnam Vegetables and Fruits Association, these durians fail to meet quality standards, and their quality is highly unpredictable.
