As Vietnam celebrates the 80th anniversary of National Day and looks toward the 40th anniversary of its Doi Moi (Renovation) reform, Deputy Prime Minister Nguyen Chi Dung has called for a ‘new thinking, new vision, and new mindset’ to guide the nation's next stage of development.
Vietnam's success, according to the Deputy Prime Minister, is a direct result of its strategic shift from a centrally planned economy to an open, socialist-oriented market economy deeply integrated into the global system. This ‘breakthrough in mindset’, as he called it, has propelled the country to rank 33rd globally in economic size and among the top 20 countries in trade and foreign direct investment (FDI) attraction.
With a GDP per capita reaching over $4,700 in 2024, Vietnam is on the cusp of becoming an upper-middle-income country. Once a war-torn nation, the Southeast Asian country is now celebrated as a model for post-conflict recovery and a responsible member of the international community.
However, the Deputy Prime Minister acknowledged significant challenges ahead. The country’s highly open economy is vulnerable to global shocks, including geopolitical instability, technological disruption, and economic fragmentation. Domestically, the greatest challenge is institutional, particularly the ability to effectively and creatively mobilize resources. While progress has been made in decentralization and administrative reform, he emphasized that further breakthroughs are crucial.
Mr. Dung stated that to achieve fast and sustainable growth, Vietnam must proactively shape its future and engage in new economic orders. This requires decisive action, bold reform, and the highest political determination.
The Deputy Prime Minister's message is a call to action, prompting the nation to embrace change and chart a new course continued toward prosperity.
Furthermore, Deputy Prime Minister Nguyen Chi Dung also underscored that new growth momentum must come from changes in mindset, the unlocking of resources, and the unleashing of creativity:
Mobilizing resources: All social resources must be harnessed, with public investment serving as the catalyst to stimulate private sector investment. The private economy is the most important driver of the national economy and the vanguard in science, technology, innovation, and digital transformation.
Innovation and technology: The key factor is to maximize new growth drivers, especially by combining Vietnamese creativity with global technological advances. Science, technology, innovation, digital transformation, semiconductors, artificial intelligence, quantum technology, robotics, and aerospace are strategic fields that can restructure the economy, establish new growth models, and create qualitative breakthroughs.
New economic models: Parallel efforts should focus on developing free trade zones, financial centers, and high-quality human resources. The Deputy Prime Minister stressed that if the country still sticks to the old path, it will finish last. To break through, the Government must forge its own path, take bold steps ahead, and set ambitious goals beyond our current capacity.
Last but not least, looking toward the goal of becoming a developed and high-income nation by 2045, the Deputy Prime Minister highlighted priority areas for strategic breakthroughs:
Institutional reform: The top priority is improving the legal framework, ensuring transparency, stability, and alignment with international standards. Laws governing critical sectors such as land, minerals, and planning must be revised, and bottlenecks hindering thousands of projects must be removed to unlock resources.
Technological capacity: Vietnam must advance toward mastery in key technologies and encourage innovation.
Infrastructure and energy: Accelerating the development of modern, synchronized infrastructure and completing national priority projects is essential. At the same time, expanding renewable and new energy sources will ensure long-term energy security.
Human capital: Strengthening education and training to leverage Vietnam’s demographic dividend will be key to future growth.
Balanced economic structure: The combined strength of state-owned enterprises, private businesses, and FDI enterprises must be harnessed in a complementary manner to create an efficient and sustainable economy.
Substantive international integration: Integration must be deep and practical, with domestic strength as the decisive factor and external resources as important supplements. The guiding principle is to engage broadly while safeguarding independence, self-reliance, and resilience.
Additionally, being a member of the Steering Committee for the 40-year Doi moi review, Deputy Prime Minister Nguyen Chi Dung called on investors, local governments, and especially the younger generation to unite with the Government in realizing national development goals. The youth of today are the future of the country, the ones who will continue to write the golden pages of the nation’s history, he said.
With national solidarity, resilience, and aspiration, under the Party’s leadership and the Government’s effective governance, Vietnam will achieve strong breakthroughs, affirming its position and prestige on the international stage, he believed.
