VIETNAM OPTIMISTIC OF DOUBLE-DIGIT GROWTH AS ‘DOI MOI’ ENTERS NEXT PHASE

By Voon Miaw Ping

KUALA LUMPUR, Nov 3 (Bernama) -- Vietnam is optimistic of achieving 10 per cent economic growth next year, driven by strong macroeconomic stability and sound policies that accelerate growth and long-term expansion. 

Vietnamese Deputy Foreign Minister Dang Hoang Giang said the positive outlook is also spurred by an expected 8 per cent growth rate this year, providing solid foundation for country to reach its targets.

“This is indeed an ambitious target amid a global environment of sluggish growth and multiple headwinds.

“Yet we see this as an opportunity for Vietnam to boldly renew its mindset, approaches, and growth model, with science, technology, innovation, and digital transformation as the key drivers of development,” he said this in a written interview with Bernama during the 47th ASEAN Summit. 

Vietnam’s Prime Minister Pham Minh Chinh recently reaffirmed the country’s target of achieving a GDP growth of at least 10 per cent in 2026.

Next year also marks the 40th year of ‘Doi Moi’ - an economic reform policy that transformed the country from a low-income economy into one of Asia’s fastest growing and most dynamic markets.

From a less developed economy, Vietnam has risen to become the world’s 32nd-largest economy and the 4th-largest in ASEAN, with an estimated GDP of about US$510 billion in 2025 and a per capita income of around US$5,000, officially placing it in the upper-middle-income group.

Giang said to achieve the target and realise the goal of becoming a developed country by 2045, the government is implementing a series of strategic measures.

These include advancing breakthroughs in science, technology, innovation, and digital transformation, developing the private sector into “a most important driver” of the national economy, restructuring and streamlining policy and administrative systems, education and promoting international integration at all levels of open new spaces for national development.

“We are also actively preparing for the 14th National Party Congress (in January 2026), which will adopt major policy decisions across key sectors of the economy.

“These comprehensive and far-reaching reforms will provide the foundation for Vietnam to continue its success story and embark on the next strategic phase of development,” he added.

-- BERNAMA