Over the past eight decades, under the leadership of the Communist Party of Vietnam (CPV), Vietnam has steadfastly pursued the socialist path, achieving remarkable economic and social progress through reform and opening-up. It is now poised for a new phase of rapid growth, Chinese scholars said.
According to Professor Pan Jin’e, a Vietnam studies expert at the Academy of Marxism under the Chinese Academy of Social Sciences, Vietnam’s success demonstrates the viability of combining socialism with a market economy.
Since initiating the Doi Moi (Renewal) process in 1986, Vietnam has gradually built a socialist-oriented market economy, moving from central planning to an open economic model.
In 2024, Vietnam’s gross domestic product (GDP) reached 476.3 billion USD, with per capita income exceeding 4,700 USD and labour productivity rising to 9,182 USD per worker. The country has also made strong progress in poverty reduction. Thanks to the National Target Programme for Sustainable Poverty Reduction, multidimensional poverty has fallen to 1.93%. The World Bank has recognised Vietnam as a “model of poverty reduction among developing countries.”
Green growth and sustainable development are also high on the agenda, with Vietnam pledging to achieve net-zero emissions by 2050.
Former head of the Department of Western Europe at the International Liaison Department of the Communist Party of China Central Committee Zhang Jianguo noted that the 1986 renewal was a turning point in Vietnam’s development. Vietnam broke free from the rigidities of central planning, embraced the market economy, maintained socialist orientation, and actively integrated internationally. As a result, the country's GDP grew from 24.66 billion USD in 1996 to 408.8 billion USD in 2022, with average annual growth of around 6%, making Vietnam one of Southeast Asia’s key growth engines.
Vietnam’s trade has expanded dramatically. In 2022, Vietnam’s total import-export turnover hit 732.5 billion USD, underlining the country’s deep integration into global markets. Living standards have improved sharply, with poverty falling from over 50% in the early reform years to single digits, alongside stronger education and health systems and a higher life expectancy.
Researcher Weiwei highlighted Vietnam’s sweeping institutional reforms in recent years, including streamlining state agencies, restructuring state-owned enterprises, and accelerating digital transformation to improve governance.
Vietnam’s active international engagement, particularly through agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), has boosted trade. In 2024, trade with CPTPP partners exceeded 102 billion USD, accounting for over 13% of Vietnam’s total trade.
Regarding attracting foreign investment, Vietnam has proactively outlined plans to develop high-tech fields such as semiconductors. Global technology leaders such as Samsung and Intel have expanded operations in Vietnam, fueling the development of a semiconductor ecosystem.
Looking ahead, Vietnam’s growth prospects remain strong, said Pan. In the first half of 2025, its GDP expanded by 7.52%, the highest first-half rate since 2011. she believed that Vietnam is entering a new phase of rapid growth.
Vietnam has set its sights on becoming a developed, high-income nation by 2045. To this end, the Politburo has issued four strategic resolutions described by Party General Secretary To Lam as the “four pillars for national takeoff.” These include breakthroughs in science, technology, innovation and digital transformation (Resolution 57); international integration (Resolution 59); legal and judicial reform (Resolution 66); and private-sector development (Resolution 68).
A historic administrative reform has been conducted. Following restructuring, Vietnam now has 34 provinces and centrally-run cities, down from 63, and 3,321 commune-level units, down from more than 10,000. The district-level administration was abolished nationwide. These changes aim to streamline governance, strengthen accountability, and improve services for citizens and businesses.
At the same time, Vietnam continues to wage a strong anti-corruption campaign, reinforcing political integrity and stability as a foundation for development.
“Vietnam is likely to sustain growth at rates well above the regional average,” said researcher Weiwei. “It is on track to become an upper-middle-income country by 2030 and a high-income developed nation by 2045.”
Professor Pan Jin’e added that the achievements of the past 80 years provide Vietnam with both the material foundation and spiritual strength to advance confidently under the leadership of the CPV and Party General Secretary To Lam. This, she said, will help realise President Ho Chi Minh’s vision of Vietnam standing shoulder to shoulder with the great powers of the world./.
