Hanoi (VNA) – Argentine news website ABC Mundial recently published an article praising Vietnam's economic development achievements over 50 years since the liberation of the South and national reunification (April 30, 1975–2025).
The article, titled "Vietnam strengthens its position to become a high-income economy", noted that in just three decades, Vietnam has significantly narrowed the income gap with regional and global powers. Once among the poorest nations in the world following decades of conflict, Vietnam has now become one of the most remarkable examples of economic transformation in the 21st century.
With sustainable growth, ambitious policies, and a long-term strategic vision, Vietnam is firmly on track to become a high-income economy by 2045. This progress is driven by a GDP growth rate ranging from 6% to 7% annually, even during challenging global periods such as the COVID-19 pandemic. In 2024, Vietnam’s economic growth reached 7.09%. Moreover, the country has demonstrated strength across sectors including manufacturing, technology, services, construction, and exports.
According to ABC Mundial, Vietnam has become a major hub for foreign direct investment (FDI) thanks to its open-door policy, a favourable business environment, and an abundant and competitive labour force. Many multinational corporations have set up factories and technology centres in Vietnam, reinforcing its role in the global value chain. Today, the country ranks among the world's largest exporters of electronics, textiles, footwear, seafood, and agricultural products.
Vietnam has also established strategic alliances through free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), the EU – Vietnam Free Trade Agreement (EVFTA), and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These agreements have played a crucial role in expanding markets and reducing trade barriers, helping Vietnamese businesses grow, improve competitiveness, and increase export volumes.
In addition, the Southeast Asian nation has made remarkable progress in poverty reduction and social welfare. The poverty rate has dropped from over 50% in the 1980s to below 3% today. The United Nations has also recognised the country as a model for sustainable development.
Vietnam aims to maintain a minimum growth rate of 8% this year and achieve double-digit expansion in the next decade. This goal is supported by a comprehensive strategy involving digital transformation, technical education, infrastructure development, innovation, and environmental sustainability. By 2029, Vietnam’s economy is projected to surpass major economies, including Singapore, reaching a GDP of 676 billion USD. The International Monetary Fund (IMF) forecasts that by 2026, Vietnam will rank fourth in per capita GDP within the ASEAN-6 group.
With political determination, social commitment, and a transformative vision, Vietnam is on track to become a regional and global power, redefining the role of emerging economies in the 21st century, ABC Mundial wrote, adding that if Vietnam continues on its current path, it will not only achieve high-income status by 2045 but also serve as a source of inspiration for other developing countries to follow./.
