Curving along the eastern edge of the Indochina Peninsula, Vietnam is a country filled with captivating natural beauty and tranquil village life. With a population of almost 100 million people and an area of 331,210 square kilometers, the country is known for its scenic landscapes, rich culture, and warm hospitality making it an increasingly popular destination for visitors worldwide.
Its highlands and rainforest regions continue to yield new species and team with exotic wildlife. Its islands and beaches are among the finest in all of Southeast Asia, and its cuisine is very possibly one among the most delicious you will ever find.
With the spirit of “Nothing is more precious than Independence and Freedom”, the Vietnamese people have protected and rebuilt Vietnam from ashes after going through wars of aggression, turning a new page in its development journey.
2nd September holds a special place in Vietnam’s history, marking the declaration of its independence after years of colonization and occupation. In a speech on this day in 1945, President Ho Chi Minh established the Democratic Republic of Vietnam and laid the foundations for the modern Vietnam – the Socialist Republic of Vietnam.
Throughout its history, the Vietnamese people have displayed unrivaled tenacity and steadfastness in standing against foreign invasions. Vietnamese resilience is underscored by their ability to withstand adversities and emerge stronger than ever.
Nearly 5 decades since the end of the war, Vietnam is emerging as a rising nation at the heart of the
Indo-Pacific region. The country embarked on a new development journey focused on rebuilding the
nation’s infrastructure, fostering economic growth while maintaining political stability.
One of the most significant milestones in Vietnam’s resurgence is the Doi Moi reforms of 1986,
which introduced market-oriented policies as part of a broad economic renovation. These reforms
have helped propel Vietnam’s growth into new strata, encouraging foreign investment, improving
living standards, with increased trade. Once been one of the world’s poorest and most isolated
countries, Vietnam is now a middle-income country with a dynamic, young population and a
promising future. It remains committed to seeking opportunities for growth by implementing
forward-looking strategies and inclusive policy frameworks.
Vietnam is favorably located in the most economically dynamic region in the world with abundant
natural resources, solid infrastructure coupled with a large low-wage, young workforce. Transport,
logistics, and networks have been improved to meet the requirements of internal connections
between regions for economic development and the country’s deep integration and engagement with
the outside world.
This diverse Southeast Asian nation continues transforming into a modern and innovative hub while
maintaining deep-rooted cultural values. In recent years, Vietnam has made significant strides in
various sectors including agriculture, technology, trade, tourism, culture and heritage preservation,
and international relations
seeding period.
Agriculture remains a critical component of Vietnam’s economy, with advancements in farming
techniques paving the way for increased productivity and sustainability. The government’s focus on
modernizing the agricultural sector includes investments in high-tech farming and irrigation systems,
promoting the use of organic fertilizers, and fostering research on new resilient crop varieties.
As a result of these efforts, Vietnam has bolstered its position as a global leader in agricultural
products. Accordingly, the country is one among the world’s top exporters for rice, coffee, and
seafood. During the first half of 2023, seven groups of agricultural products including coffee, rubber,
rice, vegetables, cashew nuts, shrimp, and wood products, recorded an export turnover of over 1
billion USD.
Technological advancements have contributed to the growth of industries such as manufacturing,
information technology, and renewable energy. The nation has become an emerging hotspot for tech
startups as local firms are making waves internationally by providing competitive digital solutions
for communication, data analytics, e-commerce, e-governance and far beyond.
Vietnam’s Information and Communication Technology (ICT) market is expected to grow at an
approximate rate of 8 percent per year from 2022 to 2026, as both the public and private sectors
increase adoption of ICT solutions. The government of Vietnam has identified ICT as a major
industry and socio-economic growth driver and encourages applying advanced ICT solutions
towards the goals of improving operational efficiencies and providing better services.The National
Digital Transformation Program through 2025, with a vision to 2030, will further support the growth
of Vietnam’s ICT market.
The country has also ramped up initiatives to develop smart cities incorporating advanced
technologies such as IoT (Internet of Things), blockchain, and AI (Artificial Intelligence) to add
value to citizens’ lives. Being one of the only domestic producers of 5G technology, Vietnam plans
to expand their product to its neighboring countries such as Myanmar, Laos and Cambodia.
Economically, Vietnam has witnessed impressive growth rates, becoming one of the fastest-growing
economies in the world. In 2020, amid highly unfavorable impacts of the COVID-19 pandemic,
Vietnam was one of the few countries registering positive growth at 2.91%. The economy
experienced a strong rebound, with growth reaching 8.02 percent in 2022.
International trade and inflows of foreign direct investment – mainly into export-oriented
manufacturing – have been the main drivers of Vietnam’s economic growth. The country has been
succeeded in attracting FDI flows and has emerged as a new manufacturing and assembly
powerhouse in the world.
Vietnam’s integration into the global economy has contributed to its development and increased its
competitiveness on the international stage. In 2007, it joined the largest global trade organization;
World Trade Organization (WTO) while establishing strong economic ties with countries around the
globe to maintain global competitiveness.
Further bolstering its economic potential, the country so far, has actively pursued international trade
agreements and Corporative relations in trade and investment with 230 countries, Double Taxation
Avoidance Agreements (DTAA’s) with 80 countries and 16 active Free Trade Agreements (FTA’s)
with 60 countries.
Its economic landscape offers incredible investment opportunities and advantageous positions for
international firms seeking growth.The World Bank recognizes Vietnam as a lower-middle-income
country transitioning to the status of upper middle income in the near future. According to the
Economic Complexity Index (ECI), Vietnam is now the 21st largest export economy and the 83rd
most complex economy in the world.
Tourism in Vietnam is experiencing a boom thanks to its variety of exotic destinations, vibrant culture, warm hospitality and scrumptious food. Reputable travel publications have frequently identified Vietnam as an ideal backpacking, luxury vacation, and adventure getaway spot. According to Google Destination Insights, during the first 6 months of 2023, the number of search volumes for Vietnam tourism continues to be among the top destinations with the fastest growth in the world. Prior to the outbreak of the COVID-19 pandemic, the tourism sector’s contribution to Vietnam’s GDP had been growing annually, reaching a 9.2% share of direct GDP in 2019. Domestic campaigns encourage locals to explore their country and simultaneously stimulate the economy in the postpandemic context.
After closing the country for almost 2 years, Vietnam re-opened for international tourism in new normalcy since March 2022, becoming one of the earliest countries to open up in the region. As a result, the country received 3.4 million total international arrivals in 2022. During the first half of 2023, Vietnam welcomed nearly 5.6 million international visitor arrivals, reaching 69% of the 2023 plan.
Vietnamese culture and heritage are rich and diverse. The country is known for its traditional
festivals, vibrant art scene, and ancient temples. In preserving its rich cultural heritage, Vietnam’s
commitment to restoring and maintaining historical sites has attracted global attention. The country
is home to eight UNESCO World Heritage sites which include Ha Long Bay’s natural beauty, Hoi
An’s ancient town charm, Hue’s Imperial Citadel architectural marvels, and Trang An’s stunning
limestone karst peaks; along with number of intangible cultural heritages such as Worship of Hung
kings in Phu Tho, Practices related to the Viet beliefs in the Mother Goddesses of Three Realms, Art
of Xoe dance of the Thai people in Vietnam, Art of pottery-making of Cham people, and Quan Ho
Bac Ninh folk songs.
Additionally, Vietnam consistently invests funds to preserve its ethnic arts encompassing music
performances, dance traditions, lacquerware craftsmanship as well as silk embroidery.
With a foreign policy aimed to being a “friend, a reliable partner, and an active and responsible
member of all countries in the international community”, the nation has been earning recognition and
respect in the global context over recent decades. Accordingly, Vietnam has set up diplomatic ties
with over 180 out of 193 members of the United Nations and trade ties with nearly 230 countries and
territories worldwide, while holding an active membership in more than 70 regional and international
organizations.
In global diplomacy and international relations, Vietnam played a mediating role in 2019 by hosting
the second Trump-Kim summit in Hanoi. Its participation in international organizations such as the
United Nations (in 1977) and ASEAN (in 1995) showcases Vietnamese leadership on various global
issues including climate change, healthcare cooperation and pandemic response. In 2020, the country
successfully held the chair of the ASEAN and a non-permanent member of the United Nations Security Council. Currently, Vietnam performs its 2nd term as a member of the United Nations Human Rights Council (UNHCR) for the 2023-2025 tenure.
Since Vietnam sent the first personnel to the UN peacekeeping mission in June 2014, its participation
in the UN mission has been highly appreciated by the United Nations and international partners, raising the prestige and position of Vietnam. So far, the country has sent more than 500 military personnel to 3 UN peacekeeping missions in South Sudan, the Central African Republic, and Abyei and the UN headquarters.
Vietnam today, is walking the path of a rising middle nation. Amidst global uncertainties, it has
emerged as an ideal alternative candidate for many multinational companies looking to relocate their
operations. Thereby, the country has been able to secure an important position in the global supply
chain.
According to the World Bank, Vietnam attained the UN’s Millennium Development Goals (MDGs)
on poverty reduction 10 years ahead of schedule. The country was hailed by the UN as one of a few
developing countries successfully fulfilling its commitments to achieve the targets set for the eight
MDGs.
Vietnam has a rather comprehensive policy and legal framework to address environmental
challenges. It has committed to reducing methane emissions by 30 percent and halting deforestation
by 2030 while achieving net zero carbon emissions by 2050. In response to recommendations from
COP21, Vietnam adopted an Action Plan for the implementation of the Paris Agreement on climate
change, becoming one of the first countries to do so.
Looking to the future, Vietnam has set development goals focusing on sustainable economic growth,
social progress, and environmental protection. The country has set goals to become a high-income
country by 2045 by maintaining an annual average growth rate of 5.9% per capita for the next 25
years.
From overcoming historical invasions to embracing reforms and seizing opportunities, Vietnam has
come a long way in its development journey. The country has demonstrated resilience, undergone
significant development, and positioned itself as a shining star in Southeast Asia. With a clear vision
for the future and a focus on key sectors, Vietnam is well on its way to achieving its goals and
further contributing to the world’s peace development and prosperity.
Pics by Vietnam News Agency (VNA)
