The Vietnamese economy and the challenges ahead
VIETNAM is widely regarded as one of Asia’s great economic success stories of the past four decades. From the launch of Đổi Mới in 1986, the country has transformed itself from a war-scarred, isolated, centrally planned economy into a major manufactu...
Vietnam has emerged as a remarkable economic success story, transforming from a war-torn, centrally planned economy into a major manufacturing and export platform integrated into global value chains since the introduction of Đổi Mới in 1986. Rapid growth has lifted millions out of poverty and positioned Vietnam as a strategic partner for competing powers, as well as a preferred destination for firms seeking alternatives to China.
However, as success has changed the question, Vietnam now faces the challenge of constructing a new development model based on domestic productive capability, technological learning, institutional reform, private-sector dynamism, and social upgrading. Despite ranking fourth in ASEAN by GDP, Vietnam still lags behind higher-income countries in terms of GDP per capita and faces significant rural-urban and regional disparities in income.
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