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The National Exhibition Center (VEC) officially commenced operations on August 19, becoming the largest exhibition center in Southeast Asia. (Photo: Quoc Khanh/VNA)
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“Over the past 80 years of renewal alongside the nation, Vietnam’s economy has achieved great successes and become one of the fastest-growing economies in Southeast Asia,” remarked Professor Carl Thayer, a renowned Vietnam expert from the University of New South Wales’ Australian Defence Force Academy, in an interview with VNA reporters in Australia on the occasion of the 80th anniversary of the August Revolution (August 19) and National Day (September 2).
Observing Vietnam’s economic trajectory since the “Doi Moi” (Renewal) period, Professor Thayer noted that the country has maintained a high economic growth rate. Despite the impacts of the COVID-19 pandemic, the Vietnamese economy has recovered swiftly.
Vietnam recorded a modest GDP growth rate of 5.3% in 2023. This figure rose to 7.1% in 2024. The country aims for an economic growth rate of around 8% in 2025 and targets double-digit growth in subsequent years.
Professor Thayer believes that Vietnam can achieve these goals by paying closer attention to leveraging foreign investment and exports, which are considered key drivers of the country’s economic growth.
According to the professor, Vietnam has been very successful in orienting itself towards exports, particularly in sectors such as garment manufacturing and mobile phones. However, as other countries make similar strides, Vietnam has taken bolder actions to enhance its competitiveness, such as promoting value chains, with Vietnamese scientists and engineers adapting and innovating technologies, and collaborating with foreign entrepreneurs to support human resource development.
Vietnam is also actively avoiding the middle-income trap by focusing on enhancing competitiveness, economic diversification, developing high-quality human resources, fostering innovation, and protecting the environment. The goal is to transition from a labor-intensive economy to one based on higher value-added industries and modern technology. Professor Thayer affirms that Vietnam is well-prepared for this journey.
As of July 1, 2025, the local government apparatus at the provincial and district levels in 34 provinces and cities has been officially operational. With this strategic restructuring, Professor Thayer believes that Vietnam has taken a proactive step in establishing units that can utilize resources more efficiently and quickly. With increased strength and confidence, Vietnam will achieve its set goals.
Additionally, as a pivotal and responsible member of the Association of Southeast Asian Nations (ASEAN), Vietnam, with its growing resources, can contribute to the bloc’s growth and confidently assume its role as a regional leader.
Regarding Vietnam’s economic prospects, Professor Thayer predicts that while the country has consistently achieved high growth rates, it should also remain vigilant about the current economic and trade instability in the world, as the “S-shaped country” is dependent on the global economy.
Professor Thayer acknowledged Vietnam’s efforts in economic reform over the past 80 years, including domestic market reform, improving savings rates, promoting consumption and exports, and more. However, in the long run, Vietnam needs to diversify and seek new markets while remaining agile and cautious about sudden and rapid global policy changes.
Thanh Tu-Van Linh-Le Dat
– 09:47 22/08/2025
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