As 2025 begins, Vietnam stands at a crucial juncture, facing both opportunities and challenges in its quest for long-term success.

Tet is a time to reflect on our roots, cherish family reunions, and celebrate new beginnings with hope and optimism. It is also a moment to look back at past achievements and set the course for future aspirations. As we welcome the Year of the Snake, VietNamNet shares stories about Tet, national standing, and Vietnam’s new era of growth.

Achievements in 2024

Despite global challenges, Vietnam's economy in 2024 showed resilience and strong growth. The total realized social investment capital increased by 7.5%, while foreign direct investment (FDI) reached a record $25.35 billion. Employment improved, with 51.9 million people securing jobs, an increase of 585,100 from 2023. The average monthly income rose to VND 7.7 million, up VND 610,000 from the previous year.

Vietnam’s GDP grew by 7.09%, with agriculture, forestry, and fisheries expanding by 3.27%, industry and construction by 8.24%, and services by 7.38%. International trade flourished, with total import-export turnover reaching $786.29 billion, a 15.4% increase from the previous year.

The trade surplus was maintained for the ninth consecutive year at $24.77 billion. Inflation remained controlled, with the Consumer Price Index (CPI) rising by 3.63%, staying within the National Assembly’s target.

Vietnam's foreign policy of multilateral engagement continues to deliver positive results. The country has diplomatic ties with 194 nations and territories, strengthening strategic partnerships with global powers and international organizations. Tourism saw a strong recovery, with 17.6 million international visitors arriving in Vietnam in 2024, marking a 39.5% increase from the previous year.

Economic growth quality improved, with GDP per capita reaching VND 114 million ($4,700), an increase of $377 from 2023.

Labor productivity rose to VND 221.9 million per worker ($9,182), up $726 from the previous year. Social welfare policies were effectively implemented, reducing the multidimensional poverty rate to about 1.9%.

Vietnam’s global standing

 
In his New Year 2025 address, "Innovation, Acceleration, and Breakthroughs: Leading Vietnam into a New Era of Prosperity," Prime Minister Pham Minh Chinh reaffirmed the country’s progress, positioning Vietnam as a standout economy with one of the highest growth rates in the region and the world.

Vietnam improved its position across several international rankings in 2024:

Sustainable Development Goals (SDGs) Index: Ranked 54th out of 166 countries, up one place from 2023.

Economic Freedom Index: Climbed 13 places to 59th out of 176 economies.

Global Innovation Index: Ranked 44th out of 132 economies, up two places from 2023.

National Brand Value: Reached $507 billion, ranking 32nd out of 193 countries, up one position.

Asia Power Index: Ranked 12th, gaining 1.2 points from 2023.

World Happiness Index: Surged 11 places to 54th out of 143 countries.

These improvements reflect not only economic expansion but also advancements in social development, investment appeal, tourism, and diplomatic influence, signaling Vietnam’s rising global stature.

Determination for a breakthrough

The successes of 2024 provide a strong foundation for Vietnam’s ambitions: becoming an upper-middle-income developing country by 2030 and achieving high-income developed nation status by 2045.

However, challenges remain. Prime Minister Pham Minh Chinh has set an ambitious 2025 target of at least 8% GDP growth, with the goal of double-digit growth from 2026 onward. Macroeconomic concerns include exchange rate management, interest rates, inflation pressures, and external economic shocks. Some sectors still face business difficulties, market demand recovery is slow, and public investment disbursement needs acceleration.

Institutional bottlenecks, described as the "bottleneck of bottlenecks," must be addressed to unlock growth potential. Human capital development is also crucial to achieving long-term economic goals.

Vietnam’s leadership has demonstrated a clear vision for the nation's economic and social development. With strong commitment from the Party, the Government, the National Assembly, and the people, Vietnam is determined to overcome challenges, reach new heights, and strengthen its global position. The nation’s continuous efforts will shape not only 2025 but also its long-term aspirations, transforming Vietnam’s standing by mid-century.

Nguyen Van Dang

PhD in Public Administration and Policy