Vietnam needs drastic reforms for economic growth: experts
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
Vietnam’s economy has a good start with a growth rate of 5.66% in the first quarter of this year, the highest rate since 2020.
However, with a GDP growth rate target set at 7% per year by 2030, the Vietnamese economy needs to expand at 8% per year on average in the next six years, requiring hastened efforts to accelerate business environment reforms to create a firm ground for economic growth.
Insiders said public investment will remain a major growth driver this year.
According to experts, Vietnam should also take the opportunities arising from digital economy, circular economy, green growth, regional linkage, and international integration to promote the economic growth more sustainably.
These new growth drivers could help increase GDP by 0.9-1.4 percentage point in the context of global slowdown./.
Ho Chi Minh City's economic indicators showed decent growth in the first four months, although the disbursement rate of public investment remained low, participants heard at a socio-economic review meeting held by the municipal People's Committee on May 3.
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth this year, despite ongoing uncertainties from the external environment. Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2% in 2025.
The European Chamber of Commerce Vietnam (EuroCham) on April 8 released the Business Confidence Index (BCI) for the first quarter of 2024, saying that the index reached 52.8 points - the highest level since 2022.
Vietnam has introduced its first limited-term visa waiver for high-profile foreigners whose presence benefits the country’s socio-economic development.
The World Police Band Concert – Vietnam 2025 opened on August 9 at Hoan Kiem pedestrian street in Hanoi. The festival aims to foster artistic and cultural exchange, while deepening international appreciation for national identity, societal values and the missions of law enforcement agencies, especially those of the Vietnamese People's Police and their counterparts around the globe.
The Yen Tu-Vinh Nghiem-Con Son- Kiep Bac Complex of Monuments and Landscapes was recently recognised by UNESCO as World Cultural Heritage. Within this complex, the northern province of Bac Ninh claims two heritage sites: Vinh Nghiem Pagoda and Bo Da Pagoda.
Vietnam’s ambition to achieve economic growth exceeding 10% from 2026 to 2030 calls for a comprehensive strategy, deep institutional reforms, and the optimisation of new growth drivers, particularly amid mounting domestic and global challenges, economists asserted.
Mo Muong (Muong soul seeker) is a traditional folk ritual deeply rooted in the spiritual life and beliefs of the Muong ethnic people. It has been recognised as national intangible cultural heritage of Vietnam.
Timely recognition of outstanding achievements and contributions not only honours excellence but also fuels a renewed wave of patriotism and commitment as Vietnam enters a new development era, Prime Minister Pham Minh Chinh stated at the 13th meeting of the Central Emulation and Commendation Council on August 8.
Politburo member, Prime Minister Pham Minh Chinh on August 8 attended the first congress of the Party Organisation of Tay Ho ward of Hanoi for the 2025–2030 term, during which he called for fresh momentum to turn the ward into a model that takes the lead in all fields.
The Ministry of Foreign Affairs held a flag-hoisting ceremony in Hanoi on August 8 to mark the 58th founding anniversary of the Association of Southeast Asian Nations (ASEAN) (August 8, 1967 – 2025).
State President Luong Cuong delivered a keynote policy address, at a special plenary session of the Angolan National Assembly on August 7 afternoon (local time), as part of his state visit to the African country.
State President Luong Cuong held talks with Angolan President, João Manuel Gonçalves Lourenço, in Luanda on August 7 morning (local time), right after an official welcome ceremony held for the Vietnamese leader.
Speaker of the National Assembly of Angola, Carolina Cerqueira, described Vietnam as a friend who is always in the heart of her country, while meeting with Vietnamese President Luong Cuong in Luanda on August 7 (local time).
Vietnam and Angola celebrated the 50th anniversary of their diplomatic relations (November 12, 1975–2025) with a ceremony held in Luanda on August 7 (local time).
Angolan President João Manuel Gonçalves Lourenço and his spouse chaired an official welcome ceremony for visiting Vietnamese State President Luong Cuong and his spouse at the Presidential Palace in Luanda at noon on August 7 (local time), with the highest protocol for a head of state.
Prime Minister Pham Minh Chinh has called on ministries and local authorities to work together to reach an economic growth target of 8.3 - 8.5% in 2025 and double-digit growth in the following period, while cautioning that the challenges ahead will outweigh the opportunities.
The S'tieng Ethnic Culture Preservation Area in Bom Bo hamlet, Bom Bo Commune, Dong Nai Province, is not only a place for preserving historical artifacts, but also a vibrant cultural space.
The Vietnamese Embassy in China hosted an exchange on August 6, welcoming a delegation of Chinese children from across the nation as part of the “witnesses to friendship” programme.
Vietnam recorded 12.2 million international tourist arrivals between January and July, up 22.5% year-on-year, according to the Vietnam National Authority of Tourism (VNAT).
