Việt Nam hailed as economic development model amid global uncertainties

Việt Nam 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.

Transporting export cargo containers at Hải Phòng Port. — VNA/VNS Photo

 Foreign media outlets have cast a positive light on Việt Nam’s economic growth, hailing its resilience amid global challenges and strategic vision for future growth.

Australia’s East Asia Forum commended Việt Nam 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, Việt Nam 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 Việt Nam's growing global trade networks, which now encompass China, the US, North Asia, the European Union, and ASEAN. Việt Nam has outperformed regional countries in foreign direct investment (FDI) attraction, luring capital flows from the Republic of Korea (RoK), Singapore, Japan, Taiwan, mainland China and the US.

Meanwhile, France’s economic-research.bnpparibas.com pinpointed several edges driving Việt Nam’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, Việt Nam'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 per cent in real terms over the past two decades, outpacing the global average by 1.7 times.

By 2035, 36 million more Vietnamese will join the consumer class, with cities driving 90 per cent 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 per cent by 2028, only behind that in Malaysia and Indonesia.

The US's investing.com, citing a report by Việt Nam 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 Việt Nam’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 per cent 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. 

Bizhub