Hanoi (VNA) - “Legendary story”, “Rising star”, and “Asia’s brightest economy” countamong the praise from international organisations in relation to Vietnam’s economicdevelopment over recent years.

Vietnam is said to be a global success story, with economic growth among thehighest worldwide over the last decade.

It has enjoyed important and comprehensive economic achievements across fields,creating breakthroughs in the 2016-2020 period and highlighting the achievementsduring its 35 years of “Doi Moi” (renewal).

The achievements can be attributed to the sound leadership and direction of theParty Central Committee, the Politburo, and the Secretariat and Party Committeesat all levels.

The Party’s leadership during this term has been clearly demonstrated through theprinciples, strategies, and official documents of the 12th National Party Congressas well as a series of other important decisions issued by the Party Central Committeeand the Politburo.

Many important Party Resolutions were issued during the last tenure, with the twomost outstanding relating to developing the private sector into an important drivingforce of the socialist-oriented market economy and to perfecting the socialist-orientedmarket economic institution.

The Politburo also issued three resolutions on building national industrial developmentpolicies to 2030 and a vision to 2045, on a number of guidelines and policies toactively participate in the fourth Industrial Revolution, and on the orientation of the National Energy Development Strategy to 2030 and a visionto 2045.

Among the Government’s priorities to implement the resolution of the 12th National Party Congress, improving the quality of the socialist-oriented marketeconomy institution and promoting administrative procedure reform were placedat the top.
During its five years of implementing the resolution, Vietnam posted a range ofachievements and breakthroughs.

The country’s economicrestructuring and growth model transformation were conducted firmly, with more positiveand practical changes made.

Vietnam basically completed and exceeded its set targets for four consecutive years,from 2016 to 2019, with results improving every year.

It has posted among the highest economic growth in the world and stable macro-economicfactors, and promoted institutional reform. These are attributed to the joint effortsof the entire political system, business community, and people under the leadershipof the Party.

Associate Prof., Dr. Dinh Trong Thinh said that although there were still some shortcomings,the last five years was a period of success for Vietnam’s economic development,with a strong change in the economic structure.

The private economy is gradually becoming a driving force in promoting nationaleconomic growth and now contributes 40 percent to the country’s GDP.

Digital transformationand the application of digital technology in the economy are developing strongly.

Beside its economic achievements, Vietnam also posted commendable results in socio-culturaldevelopment and ensuring social welfare. Living standards have been improving, withaverage per capita income now standing at 2,750 USD.

Vietnam has also recorded outstanding achievements in international integrationover the last five years. It has signed 15 free trade agreements (FTAs) to dateand negotiated two others. Strategic partnerships have been established with 16countries, and comprehensive strategic partnerships with 11 others. It has joinedover 500 bilateral and multilateral agreements across fields. Up to 71 countrieshave recognised Vietnam as a market economy.

International economic integration has helped Vietnam’s international trade activitiesthrive, according to Dr Nguyen Duc Kien, Head of the Prime Minister’s EconomicAdvisory Group.

From an importing country, Vietnam has worked to balance its imports and exportsand now regularly posts a trade surplus, Kien said.

Joining FTAs with major economies has helped it diversify its external economicrelations and build a more reasonable market structure not overly dependent on anyparticular market. This contributes to improving trust among foreign investors inVietnam’s stability and economic potential.

According to the UN Development Programme (UNDP), Vietnam has created a “legendarystory” in poverty reduction, with a human development index (HDI) of 0.63 in 2019,ranking it 118th out of 189 countries and among the group of countrieswith the highest HDI growth.

It was also ranked 8th on a list of the world’s best economies to invest in 2019,up 15 places compared to 2018, while its competitiveness was ranked 67th out of 141 countries and territories by the World Economic Forum, up 10 places comparedto 2018.

According to the UN Sustainable Development Report 2020, Vietnam is the only SoutheastAsian country to achieve five UN action targets.

Amid the “gloom” of the world economy in 2020 due to COVID-19, Vietnam emerged asa remarkable and proud bright spot.

Party General Secretary and State President Nguyen Phu Trong has stressed that “never before has our nation had the fortune, strength,position, and prestige it has today”.

These successes are not accidental, but the result of self-reliance,self-resiliency, flexible policy responses, and tireless efforts bythe Vietnamese Party, Government and State, as well as the entire business communityand the people./.