Vietnam’s global role, growth renewal in spotlight at VNEF 2025

Vietnam is on the threshold of becoming a developed nation, Deputy Prime Minister Ho Duc Phoc has said, stressing the importance of renewing the growth model, fostering new drivers of growth, and building a resilient, sustainable economy capable of withstanding global fluctuations.

Speaking at the Vietnam New Economy Forum (VNEF) 2025 on October 2, the Deputy PM noted that the Politburo has recently issued four crucial resolutions which lay the foundation and driving force for national development. These serve as a compass for Vietnam in the new era of transformation, aiming to build a fast-growing, independent, self-reliant, and innovative economy that proactively engages in deep international integration.

To realise this vision, he underlined, Vietnam must secure raw material supplies, master technology, develop high-quality human resources, and diversify markets. More importantly, the country must firmly embed itself into global value chains, adopt modern governance models, and make effective use of domestic potential and resources.

Given the fast-changing and complex global landscape, he said, it is essential for Vietnam to strengthen integration, harness internal strengths, and enhance its role and value within global value chains to consolidate the economy’s resilience.

Deputy Prime Minister Ho Duc Phoc speaks at the Vietnam New Economy Forum (VNEF) 2025. (Photo: VNA)

The Deputy PM also expressed hope for candid, objective, and insightful recommendations from experts, scholars, and policymakers at home and abroad to help improve the State’s mechanisms, policies, and solutions in a practical and effective way.

Nguyen Thanh Nghi, Head of the Party Central Committee’s Policy and Strategy Commission, stressed that after nearly 40 years of “Doi moi” (Renewal), Vietnam has made historic achievements, becoming a dynamic economy while improving people’s material and spiritual lives. To meet future development requirements and achieve strategic goals, he said, it is necessary to build a new growth model based on knowledge, science and technology, and innovation.

He proposed that the forum focus discussions on refreshing traditional growth drivers; enhancing the efficiency of exports, public investment, and selective FDI attraction; expanding the domestic market; and identifying solutions to create new growth momentum, according to VNA.

VNEF 2025 centered on three main topics: the new economic context and its urgent requirements; renewing the export growth model and Vietnam’s position in global value chains; and strengthening internal capacity while fostering linkages between economic sectors and business communities.

Science, technology, and innovation to shape Vietnam’s future: WB Country Director

Science, technology, and innovation will shape Vietnam’s future, its standing in the world and the lives of its people for decades to come, told World Bank (WB) Division Director for Vietnam, Cambodia and Lao PDR Mariam J. Sherman.

The WB official highlighted the above information while addressing the forum on promoting innovation and developing strategic technology sectors which took place in Ha Noi on October 2.

Sherman said, landmark reforms, particularly Resolution No. 57, have shown the country's commitment and determination to fostering the development of science, technology and innovation.

Vietnam has real advantages, a young, talented workforce, macroeconomic stability, a strategic location in Asia's growth corridor and a proven ability to learn and adapt.

She proposed a simple "three-plus-one" formula – as detailed in the WB's latest and first-of-a-kind report on talent and innovation for Vietnam's semiconductor industry.

The formula rests on three core pillars, including skilled workforce and top tech talent, an innovation ecosystem that brings together academia, Vietnamese and FDI firms, and the government, and deepening supply chain linkages between domestic and FDI firms, cited VGP.

World Bank (WB) Division Director for Viet Nam, Cambodia and Lao PDR Mariam J. Sherman - Photo: VGP/Quang Thuong

According to Sherman, Vietnam has laid important groundwork. In 2025, it ranks 44th out of 139 economieson the Global Innovation Index-among the fastest climbers for its income level and Ho Chi Minh City is already one of Southeast Asia's most dynamic innovation hubs.

"We are here today, in the Hoa Lac High Tech Park. Imagine it 10 years from now as the center of an innovation cluster for advanced manufacturing-semiconductors, advanced biomedicine, robotics and automation", she told.

The cluster could bring together research institutes, universities, technology and training providers, as well as factories of the future in one ecosystem. From training, R&D, initial prototyping to full-scale production, the complete manufacturing journey would be possible right here, underlined the WB Director.

Such clusters are powerful magnets for talent and ideas. They inspire young people in Vietnam to pursue careers in science and technology, and they attract more of the Vietnamese diaspora to bring their skills and networks back home.

This journey requires a whole-of-nation effort, in which government, businesses, academia, and international partnerseach play a vital role. The government sets the vision, creates enabling policies, and provides seed-funding; universities work with industry to train the workforce and conduct R&D; and international partners bring global expertise and financing.

The WB is actively aligning its support to the priorities to help Vietnam unlock its tremendous high-tech potential, Sherman emphasized.

Vietnam braces for new tropical storm - Matmo

The National Center for Hydro-Meteorological Forecasting (NCHMF) has issued warnings of heavy rain, strong winds, and high waves as a tropical depression strengthened into a storm early on October 2, with the potential to make landfall in mainland Vietnam.

As of 7:00 a.m. on October 2, the system in the eastern waters of the Philippines intensified into a tropical storm, internationally named Matmo. The storm was packing maximum sustained winds of 62–74 km/h, gusting up to 102km/h.

Matmo is currently moving west-northwest at a speed of 15–20 km/h and is expected to enter the East Sea late on October 3, becoming the 11th storm of the year in the regional waters, reported VOV.

Tropical storm Matmo is heading toward the mainland of Vietnam. (Photo: VNDMS)

Due to the storm’s influence, from the afternoon of October 3, the eastern part of the northern East Sea will experience increasing winds of 39-61km/h, intensifying to 62-74km/h and reaching 75-102km/h near its center. Waves could rise between 4 to 6 meters, causing very rough seas.

Between October 4 and 5, strong winds of 103-149km/h may affect the northern part of the East Sea, including the Hoang Sa (Paracel Islands) of Vietnam. All vessels operating in the affected areas are at risk of encountering thunderstorms, waterspouts, strong winds, and large waves.

Storm Matmo is anticipated to affect Vietnam’s mainland. Between October 5 and 7, widespread heavy rainfall is expected across the northern and north-central provinces.

The National Steering Committee for Civil Defense has issued a directive requesting local authorities from Quang Ninh to Lam Dong to closely monitor weather forecasts and storm developments, proactively implement preparedness measures, and adjust production plans to ensure safety for people and property.

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