PM Pham Minh Chinh and President Brende discussed Vietnam’s new development vision and its experience in building an independent, self-reliant and globally-integrated economy, and navigating global instability through pro-active diplomacy. Brende, clearly impressed, called Vietnam a standout success story for its resilience and relentless growth in a sea of global volatility.
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Prime Minister Pham Minh Chinh (left) and President and CEO of the World Economic Forum (WEF) Borge Brende at the event |
When pressed on what’s fueling Vietnam’s momentum, PM Pham Minh Chinh outlined the country’s vision to become a high-income developed country by 2045, a goal underpinned by an ambitious target of 8% GDP growth in 2025, with double-digit growth projected thereafter.
Vietnam has every basis of achieve this goal, he said, pointing to a development path grounded in Marxism-Leninism and President Ho Chi Minh’s ideology, and a rich cultural heritage, all backed by a political system led by the Communist Party of Vietnam and a state “of the people, by the people, for the people”.
Such has propelled Vietnam to the third largest economy in Southeast Asia, nearing upper-middle-income status. With 17 Free Trade Agreements (FTAs) spanning 60 economies and a spot among the world’s top 20 trading economies, Vietnam’s high level of economic openness and crisis-hardened savvy position it well for continued growth, he said.
The dialogue also spotlighted Vietnam’s foreign policy, which Brende praised for balancing ties with major powers like China and the U.S., its two largest trade partners, accounting for half of its total trade. PM Pham Minh Chinh reaffirmed Vietnam’s foreign policy of independence, self-reliance, multilateralism, and diversification that positions the country as a trusted partner and a responsible member of the global community. Economically, he said, Vietnam is diversifying markets, products, and supply chains to remain agile amid global shifts.
On the building of a socialist-oriented market economy, the Government leader reiterated Vietnam’s determination to build an independent, self-reliant economy. “Internal resources remain the fundamental, strategic, long-term driver of growth, while external resources play a breakthrough role,” he noted.
Addressing global challenges, he urged unity and adaptability, framing crises as opportunities for nations with the right mindset and strategies.
The session wrapped up with a lively Q&A, where the Government leader fielded questions from international scholars and delegates, expounding on Vietnam’s recent reforms. He detailed overhauls in mechanisms, infrastructure, and human capital, alongside streamlined administrative procedures, decentralized governance, and a restructured political system with a two-tier local governance model.
Source: VNA