Foundations laid by period of renovation and development
The 6th National Congress of the Communist Party of Vietnam in 1986 marked a historic turning point by launching the country’s Doi Moi (Renovation) policy — a strategic shift aimed at overcoming the socio-economic crisis and setting Vietnam on a path of progress. With the political courage to face reality, respect objective laws, and act in line with the country's specific conditions, a wide range of sound and appropriate policies were adopted across the economy, society, culture, education, science, national defense, security, and foreign affairs — and were promptly put into practice. As a result, within just a decade (1986–1996), Vietnam emerged from crisis and entered a new phase of development, accelerating industrialization and modernization even as socialism collapsed in the Soviet Union and several Eastern European countries. By 2010, with per capita income surpassing US$1,000 per year, Vietnam officially exited the group of underdeveloped countries and joined the ranks of lower-middle-income nations.
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| Operating the solar battery production line at Toyo Solar Co., Ltd. in Cam Khe Industrial Park, Cam Khe District, Phu Tho Province. Photo: VNA |
Today, nearly four decades since the start of Doi Moi, Vietnam has made remarkable strides. As of 2024, the country’s GDP reached nearly US$450 billion — more than 96 times the figure in 1986 — with per capita income exceeding US$4,600. Vietnam now ranks among the world’s top 40 economies by GDP size, and among the 20 largest trading economies, hitting a record US$783 billion in trade turnover in 2024 and attracting some of the highest levels of foreign investment globally. It leads its peer group in Human Development Index (HDI) rankings and innovation capacity. Vietnam maintains diplomatic relations with 194 countries and has established 30 strategic and comprehensive partnerships — including 12 comprehensive strategic partnerships with all major global and regional powers. The country has also achieved the United Nations Millennium Development Goals ahead of schedule and is regarded as a trusted partner and active, responsible member of the international community.
Vietnam’s GDP is projected to grow from US$450 billion in 2024 to US$676 billion by 2029, and to reach US$1.41 trillion by 2039, ranking 25th globally.
Never before has Vietnam possessed such a strong national foundation, potential, global standing, and international prestige. These are the direct foundations and driving forces propelling the country into a new era of national resurgence.
New era – Era of national resurgence
The epoch-making achievements of Vietnam’s eras of independence and freedom, coupled with the historic, transformative accomplishments of its Renovation and development period, have laid a solid foundation for its entry into a new era of national resurgence. The 13th National Congress of the Communist Party of Vietnam in 2021 set a clear goal: by 2045, Vietnam will become a developed, high-income country.
The goal of turning Vietnam into a developed, high-income country by 2045 is fully grounded. It is rooted in the comprehensive national strength built across previous periods, especially throughout the Renovation process. It draws from the experience of predecessor nations, which successfully industrialized within just two to three decades and achieved developed-country status. It also reflects a new global opportunity: the shifting dynamics of the world order now offer latecomers a chance to reach their development goals sooner. Most importantly, it is propelled by the spiritual strength of more than 100 million Vietnamese people, united in their determination to fulfill President Ho Chi Minh’s aspiration for a country that is “more dignified, more splendid” and able to “stand shoulder to shoulder with the great powers of the five continents.”
With clarity in vision and objectives, it is now imperative to promptly develop and effectively implement a strategic roadmap that opens new paths forward.
First and foremost is the strategy of national industrialization and modernization in the context of the Fourth Industrial Revolution and deepening globalization. Industrialization today remains the core of development and modernization, determining a country’s level of progress while providing the material and technical foundation for socialism. The classical theorists of Marxism-Leninism affirmed that socialism can ultimately prevail only through productivity gains and advanced socialization of the productive forces—both outcomes of industrialization.
For various reasons, Vietnam was unable to participate in the first three industrial revolutions. Thus, today’s industrialization and modernization policy must be inclusive, incorporating the requirements of past industrial stages—mechanization, electrification, and computerization—while aligning with the current level of digitalization in modern industry. Furthermore, the boundaries between domestic and global markets have largely dissolved. Traditional models of import-substitution, export-orientation, or mixed strategies are no longer viable. Vietnam must craft a sound strategy that clearly identifies a suitable model of industrialization and modernization and selects the right industrial spearheads for the country.
The second priority is a strategy for the development of science, technology, and innovation. In earlier years, the Party identified the scientific-technological revolution as the central pillar among three revolutionary fronts. Today, science and technology, along with innovation, must become top priorities. No country has ever become developed without high-level science, technology, and innovation. Vietnam must develop certain key scientific and technological capacities, especially in applied science and innovation. Recognizing the critical role of these domains, the Politburo on December 22, 2024, issued Resolution No. 57-NQ/TW on “Breakthrough development of science, technology, innovation, and national digital transformation.” This resolution outlines strategic orientations that have garnered strong consensus among Party members, scientists, and the domestic and international business community.
Third is the strategy for rapid and sustainable development. Rapid development demands high-speed economic growth and production expansion, enabling Vietnam to narrow the development gap with other nations. Sustainable development, meanwhile, requires efficient and productive use of resources, ensuring that increased output and quality do not come at the expense of excessive investment, raw materials, or labor. It also demands that economic growth never sacrifice social equity, progress, or environmental sustainability. Achieving both rapid and sustainable development requires well-defined and harmonized policies that integrate both goals into a unified framework.
Fourth is the strategy to combat and prevent waste. Addressing resource waste is the most urgent requirement. Over nearly 40 years of Renovation, Vietnam has posted strong economic growth—even during times of global downturn and pandemic—but the driving forces of this growth have largely been increases in investment and labor. Vietnam’s Incremental Capital-Output Ratio (ICOR), although improved, remains globally high: 5.13 in 2022 and surging to 6.0 in 2023, levels comparable to 2011–2019, and nearly three times higher than in other developing countries. The imbalance between total development investment and GDP size, the gap between asset accumulation and GDP, and the low total factor productivity (TFP) have long posed risks to macroeconomic stability. The transition from an extensive to an intensive growth model has fallen short, leading to significant resource consumption across society. This weakness stems from the outdated state of national production and sluggish institutional reform—challenges that must be promptly addressed.
There is also waste caused by subjective factors, such as inefficient use of public funds and assets, extravagant consumption, interest group interference in investment allocation, bureaucracy, administrative paperwork, and shirking of responsibilities in public service. These issues squander massive resources and erode public and investor trust. Such waste is truly a form of “internal invasion” in the cause of building and defending a socialist Vietnam.
The fifth strategic priority is the building of the Communist Party of Vietnam in this new era of national resurgence. History has repeatedly shown that the Party’s correct leadership is the most decisive factor in every victory of the Vietnamese revolution since 1930.
During the Renovation period, despite undeniable progress in Party building and rectification, there have still been signs of political, ideological, moral, and lifestyle degradation among some officials and Party members. Addressing and reversing this trend is the top objective in the strategy to build a pure, strong Party that is worthy of its role as the sole ruling Party, leading the working class, the laboring people, and the entire nation in this era of national resurgence.
The second goal is to ensure the Communist Party of Vietnam is truly the vanguard in politics and ideology, guiding the people firmly on the path of national independence and socialism, and genuinely representing the nation’s collective intellect.
The third objective is to ensure that the Communist Party of Vietnam is truly “ethical and civilized,” as frequently emphasized by President Ho Chi Minh. Every Party organization and member, especially those in leadership and management, must serve as role models in integrity, thrift, righteousness, and impartiality, so that the Party remains worthy of its proud title: Our Party—the Party of the Vietnamese people who have placed absolute trust in it, who have fought bravely and sacrificed selflessly under the red banner bearing the hammer and sickle.
Looking back at thousands of years of Vietnamese history—and most recently the revolutionary path under the Party’s leadership since 1930—the Party and people have every reason to take pride in their glorious victories, many of which turned seemingly impossible dreams into reality. Ahead lie both promising opportunities and formidable challenges. But a new era has begun—the era of Vietnam’s national resurgence—on the path toward becoming a developed country, firmly committed to national independence and socialism.
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