Despite the COVID-19 pandemic wreaking havoc on the global economy, Vietnam’s average GDP growth from 2016 to 2020 still reached 5.9% per year. GDP in 2020 hit nearly 270 billion USD, while GDP per capita was estimated at some 2,750 USD per year. Workplace productivity increased from 4.3% each year during the 2011-2015 period to 5.8% each year in 2016-2020.
The approval of several new-generation free trade agreements, including the EU-Vietnam Free Trade Agreement and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, confirms the prestige and position Vietnam now holds in the world. Party General Secretary and State President Nguyen Phu Trong has stressed several times that “in all humility, we can be proud that our country now has its best-ever wealth, potential, position, and prestige.”
𒆙 Given the major post-pandemic challenges, in order for the country to rebound the whole political system must exert every effort in the coming five years to continue reforming the country./.
