Vietnam’s Economic Journey: A Story of Resilience and Growth
In a recent report by TTXVN, Dr. Nguyen Thi Huong, Director of the General Statistics Office (Ministry of Finance), reflected on Vietnam’s economic journey since 1975. At that time, the country’s economy was nearly destroyed, with a per capita GDP of just $80. The subsequent period of centralized planning (1976-1985) saw some recovery, but it wasn’t enough to create a breakthrough, leaving the country mired in economic and social crises.
Dr. Huong highlighted the remarkable growth in GDP from 1986 to 1990, increasing by 73 times. This included a 74-fold increase in the agriculture, forestry, and fisheries sector; a 53-fold increase in the industry and construction sector; and a remarkable 88-fold surge in the services sector. As a result, Vietnam achieved an average annual GDP growth rate of nearly 5%.
According to Dr. Huong, the Vietnamese economy has grown nearly 106-fold, from $4.5 billion in 1986 to $476.3 billion in 2024. Consequently, per capita GDP has increased from $74 to $4,700, a more than 63-fold rise.
Vietnam also graduated from the group of low-income countries in 2008. From 1987 to 2024, the country achieved an average economic growth rate of about 6.67%, ranking among the highest in the region and the world. This remarkable progress has propelled Vietnam to the forefront of growth within the ASEAN-6 group.
Meanwhile, the International Monetary Fund (IMF) forecasts that Vietnam’s economy will reach $491 billion in 2025, ranking 34th globally and 5th in Southeast Asia.
This prediction is based on Vietnam’s 2024 performance, where its GDP reached $476.3 billion, making it the 4th largest economy in Southeast Asia, surpassing the Philippines ($462 billion) and Malaysia ($422 billion).
Globally, Vietnam is the 34th largest economy. IMF estimates that by 2029, Vietnam’s economy will reach $627 billion, surpassing Thailand ($616 billion) to become the 32nd largest economy in the world and the 4th largest in Southeast Asia.
Vietnam is expected to maintain this ranking in 2030, with a projected economy of $666.5 billion.
Earlier this month, the government issued Resolution No. 226, setting growth targets for various sectors, fields, and localities, along with key tasks and solutions to ensure the country’s overall growth reaches 8.3% – 8.5% this year.
Additionally, the resolution aims to keep the average CPI increase for 2025 below 4.5%. Other targets include an 11% – 12% rise in total social investment this year, and the mobilization and implementation of about VND 2.8 quadrillion in investment capital in the last six months of the year…
To achieve these goals, the government has outlined several key tasks and solutions, including:
- Boosting growth drivers in investment, consumption, and export
- Developing new growth drivers
- Ensuring effective local government operations
- Creating growth scenarios for the remaining months of the year
The Ambitious Development Plans of Vietnam: A Thai Perspective
The Nation Thailand has dubbed this an ambitious national development plan, aiming to propel Vietnam as Asia’s “new tiger” and a high-income nation by 2045.
The Future of Innovation: InnoEx 2025 Unites the Global Creativity and Innovation Community
The International Forum and Exhibition on Innovation – InnoEx 2025, themed “Shaping the Future Economy: From Data to Digital Assets,” serves as a testament to Vietnam’s growing prominence in the global innovation landscape. This prestigious event convenes a diverse array of domestic and international businesses, investors, experts, and startups, fostering a dynamic environment that ignites groundbreaking ideas and propels Vietnam’s innovative spirit on the world stage.
The Rising Star of Vietnam’s Economy: Outpacing Thailand?
“The Nation” highlights Vietnam’s emergence as Asia’s new manufacturing powerhouse, attributing it to the country’s impressive pace of reform and growth. While Thailand, slow to innovate, risks falling behind its dynamic neighbor. The article emphasizes Vietnam’s rapid ascent and the potential consequences for the region’s economic landscape.
“The Festival City: A Visionary Urban Model by Hoang Huy Group at the 2025 National Exhibition”
As part of the National Exhibition celebrating 80 years of Vietnam’s socio-economic achievements, Hai Phong will showcase its new urban planning direction. A key representative of this vision is the Hoang Huy New City project – a urban development model that aspires to become the new center for events and services along the Cam River.
Dragon Capital: Sensitivity to Negative Factors May Heighten
The Vietnamese economy continued its stellar performance in July, with a slew of macroeconomic indicators reaching record highs and a booming stock market. This reflects a heightened confidence in the country’s growth prospects, leading the Government to raise its growth forecast to 8.3-8.5% for 2025.
