Vietnam hailed as economic development model amid global uncertainties
Australia’s East Asia Forum commended Vietnam as an economic development model, crediting the new leadership for pushing hi-tech innovation, mega infrastructure and institutional reforms.
At Linh Trung 1 Industrial Park in Ho Chi Minh City (Photo: VNA)
Hanoi (VNA) - Foreign media outlets have cast a positive light on Vi♎etnam’s economic growth, hailing its resilience amid global challenges and strategic vision for future growth.
Australia’s East Asia Forum commended Vietnam as an economic development model, crediting the new leadership for pushing hi-tech innovation, mega infrastructure and institutional reforms. By wooing global tech giants, combating corruption and pursuing tactful diplomacy, Vietnam is well on its way to achieving its goal of becoming a developed, high-income nation by 2045.
The UK's Financial Times has underscored Vietnam's growing global trade networks, which now encompass China, the US, North Asia, the European Union, and ASEAN. Vietnam has outperformed regional countries in foreign direct investment (FDI) attraction, luring capital flows from the Republic of Korea (RoK), Singapore, Japan, Taiwan (China), China and the US.
Meanwhile, France’s economic-research.bnpparibas.com pinpointed several edges driving Vietnam’s economic growth, including booming global demand for electronics, a manufacturing surge fueled by FDI, a rebounding real estate market following 2022-2023 crisis, and potential hikes in private consumption and the government’s spending.
According to the UK's The Globalist, Vietnam's per capita GDP surpassed that of the Philippines and closed in on Indonesia's last year. The country has achieved an impressive annual compound growth rate of 5% in real terms over the past two decades, outpacing the global average by 1.7 times.
Handling cargo for export at Hai Phong port (Photo: VNA)
By 2035, 36 million more Vietnamese will join the consumer class, with cities driving 90% of spending growth. Deep-water ports and regional road links only sweeten the deal, while the ultra-high-net-worth population is set to jump 30% by 2028, only behind that in Malaysia and Indonesia.
The US's investing.com, citing a report by Vietnam Holding investment fund, noted that despite volatility in the Vietnamese securities market in January, the banking and retail sectors remained stable thanks to the government's stimulus packages.
It spotlighted a solid foundation for Vietnam’s growth, with tourism experiencing a positive start in early 2025. Foreign tourist arrivals hit a record 2.5 million in January, surpassing the pre-COVID-19 level and marking a 36.9% year-on-year rise. This tourism boom, paired with rising domestic consumption and a growing middle class, is expected to cushion exports against global trade wobbles./.
Prime Minister Pham Minh Chinh on June 26 met Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum (WEF), on the sidelines of the 15th WEF’s Annual Meeting of the New Champions 2024 in Dalian city, China’s Liaoning province.
In the current economic context, innovating the growth model is an urgent requirement from both micro and macro angles, heard a business forum held in Ho Chi Minh City on August 17.
According to the General Statistics Office (GSO), Vietnam secured 38.23 billion USD in FDI last year, positioning itself among the top 15 developing countries for FDI inflows. Notably, the disbursement of FDI capital hit a record high of 25.35 billion USD, up 9.4% from the previous year. The influx has contributed significantly to Vietnam's position as a regional leader in economic growth.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
Sun PhuQuoc Airways was born as a perfect piece in Sun Group’s strategic vision to build a premium ecosystem of tourism, entertainment, real estate, and aviation. With a pioneering ambition, Sun PhuQuoc Airways is not just an airline, but a symbol of connection – bringing the world to Phu Quoc and taking Phu Quoc to the world.
A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
