Vietnam hailed as economic development model amid global uncertainties
Australia’s East Asia Forum has praised Vietnam as a model for economic development, attributing its success to the new leadership’s emphasis on high-tech innovation, large-scale infrastructure projects, and institutional reforms.
Foreign media outlets have highlighted Vietnam’s economic resilience amid global challenges and its strategic vision for future growth. The East Asia Forum specifically commended the country for attracting global tech giants, tackling corruption, and employing effective diplomatic strategies. These efforts position Vietnam well on its path to becoming a developed, high-income nation by 2045.
The UK’s Financial Times has emphasized Vietnam’s expanding global trade networks, which now include China, the US, North Asia, the European Union, and ASEAN. Vietnam has outpaced its regional peers in attracting foreign direct investment (FDI), drawing capital from South Korea, Singapore, Japan, Taiwan (China), China, and the US.
Meanwhile, France’s economic-research.bnpparibas.com has identified key drivers of Vietnam’s economic growth. These include surging global demand for electronics, a manufacturing boom fueled by FDI, a recovering real estate market after the 2022-2023 crisis, and potential increases in both private consumption and government spending.
According to the UK’s The Globalist, Vietnam’s per capita GDP surpassed that of the Philippines last year and is closing in on Indonesia’s. Over the past two decades, the country has maintained an impressive annual compound growth rate of 5% in real terms, exceeding the global average by 1.7 times.
By 2035, an estimated 36 million more Vietnamese are expected to enter the consumer class, with urban areas driving 90% of spending growth. Vietnam’s deep-water ports and regional road links further enhance its economic appeal, while its ultra-high-net-worth population is projected to grow by 30% by 2028, ranking just behind Malaysia and Indonesia.
The US-based Investing.com, citing a report by the Vietnam Holding investment fund, noted that despite market volatility in January, Vietnam’s banking and retail sectors remained stable thanks to government stimulus packages. It also highlighted a strong foundation for economic growth, with the tourism sector off to a strong start in early 2025. Foreign tourist arrivals reached a record 2.5 million in January, surpassing pre-COVID-19 levels and marking a 36.9% year-on-year increase. This tourism boom, coupled with rising domestic consumption and an expanding middle class, is expected to help offset fluctuations in global trade.
