This moment may well constitute a historic opportunity for the country to advance towards high-income status.

Vietnam at a decisive juncture

According to Nguyen Viet Hung, former dean of the faculty of party building and Ho Chi Minh ideology at the Ho Chi Minh City Cadre Academy, the nearly four decades since the Doi Moi (renewal) have delivered remarkable economic achievements. Vietnam has not only emerged from socio-economic crisis but has also established itself as one of the most dynamic economies in Asia and indeed globally. Despite periods of severe global economic downturn, the country has consistently maintained positive growth, at times achieving prolonged phases of rapid expansion while preserving the vitality of its economy.

Today, Vietnam has developed an increasingly modern, balanced economic structure spanning industry, services, and agriculture. It has begun to adopt new development models aligned with advanced industrialisation and is making significant strides in the global digital transformation. These advances, underpinned by innovation and new sources of capital, are the result of a long process of accumulation and development, positioning Vietnam to seize opportunities as the world enters a new era.

Hung said it is a pivotal moment for Vietnam to transition from quantitative growth to qualitative advancement, building momentum for the next two decades and striving towards its long-term centenary goals of becoming a prosperous and powerful nation.

Echoing this view, Tran Quang Thang, Director of the Ho Chi Minh City Institute of Economics and Management, underscored that this may represent a unique window of opportunity.

In his view, Vietnam’s golden population structure, characterised by a large, youthful workforce, offers a competitive edge over ageing economies such as Japan and the Republic of Korea. However, this demographic advantage will not last indefinitely.

Similarly, the current window for global supply chain realignment is likely to be short-lived. Vietnam’s favourable geopolitical position is rare, particularly amid intensifying regional competition. Failure to capitalise on these advantages could see other nations surge ahead, widening the development gap.

Laying foundations for comprehensive strength

Hung further argued that Vietnam is now well-positioned to achieve its ambitions, citing key factors such as the Party’s leadership, national unity, and the alignment of favourable timing.

He noted that the country has made substantial institutional preparations, including a series of seven major resolutions addressing innovation, science and technology, private sector development, energy, social welfare, and breakthroughs in education and training.

Thang added that the Politburo’s so-called “four-pillar” resolutions are not merely strategic guidelines but are actively generating new engines of growth. These reforms are enabling more substantive and higher-quality economic expansion through concrete mechanisms.

For instance, Resolution 68 marks a significant shift in thinking on the private sector, notably by explicitly recognising the role of entrepreneurs in national governance, an unprecedented step in Vietnam’s policy framework.

Confidence, action and aspiration to shape the future

According to Vo Dai Luoc, former Director of the Institute of Vietnam and World Economy, the country still possesses considerable room for growth despite existing challenges.

Crucially, the country has identified institutional constraints as the principal bottleneck to breakthrough development. With reform-oriented leadership under Party General Secretary To Lam, it now has a significant opportunity to undertake far-reaching institutional reforms. Removing entrenched barriers would enable all sectors of the economy to flourish, unlocking what may be the most critical source of sustained high growth in the years ahead.

Sharing a similar opinion, Thang underlined that steadfast leadership provides powerful momentum not only for the economy but for the nation as a whole. Broad social consensus, meanwhile, is facilitating the mobilisation of maximum resources in pursuit of shared national objectives./.