Despite various travails, Vietnam can look back on the key 2021-2025 period as one of significant progress.

The 2021-2025 period is now drawing to a close, leaving behind a term marked
by unprecedented challenges. Amid this harsh landscape, under the decisive leadership
of the Party Central Committee and the government, ministries and localities implemented
bold and flexible measures, turning crises into opportunities. The economy steadily
progressed month-after-month and quarter-after-quarter, laying a stronger macro-economic
foundation, maintaining growth and controlling inflation.

Rising through challenges

At the recent “Vietnam Socio-Economy
2021-2025: Resilience and Breakthrough” seminar, experts agreed that despite facing
global shocks and domestic hurdles from 2021 to 2025, Vietnam demonstrated remarkable
resilience and a capacity for breakthroughs.

Ms. Ramla Khalidi,
United Nations Development Programme (UNDP) Resident Representative in Vietnam,
highlighted the country’s achievements in economic growth and human development.
“The country has turned crises into opportunities, maintaining strong economic growth
above 7 per cent and steadily improving its Human Development Index,” she said,
while also praising Vietnam’s strong leadership and strategic vision that enabled
the government to implement policies effectively, adapt to climate risks, and prepare
for a new era focused on innovation, green growth, and inclusivity.

Echoing this, Dr. Phan Duc Hieu, Standing
Member of the National Assembly’s Economic and Financial Committee,
emphasized the economy’s resilience. “Vietnam’s growth has been sustainable because
domestic capacity in the economy has strengthened significantly,” he believes. GDP
growth is projected to average 6.3 per cent over the period, despite the unprecedented
obstacles. The economy’s scale has also expanded, trade and foreign reserves have
improved, and key macro-economic indicators remain well controlled.

Dr. Hieu cited several major shocks Vietnam has successfully navigated: the
Covid-19 pandemic, reshoring trends affecting foreign investment, and US trade policies
under the Trump administration. “In each case, Vietnam responded decisively,” he
noted, pointing to social support programs, foreign investment inflows, and continued
trade growth as evidence of the country’s ability to adapt.

Meanwhile, Professor Vu Minh Khuong,
Practice Professor at the Lee Kuan Yew School of Public Policy at the National University
of Singapore, described the 2020-2025 period as extraordinary. He highlighted three
qualities driving Vietnam’s progress: courage, decisiveness, and selflessness.
“These traits, combined with strong macro-economic fundamentals, have fostered a
sense of aspiration and momentum, preparing Vietnam for a respected role on the
international stage over the next two decades.”

He also noted the rapid advancement of digital technology, the emergence of
skilled talent, and the growth of industries like plastics, which are increasingly
integrated into global markets. “Vietnam has adapted well to the AI era, and economic
growth has been accompanied by care for workers, especially women,” he added.

In addition to its economic achievements and notable social progress, Vietnam
has also made strong headway on the United Nations Sustainable Development Goals
(SDGs).

Ms. Khalidi highlighted
the country’s poverty reduction as a key milestone, falling from 9 per cent to 4
per cent between 2016 and 2022. Health insurance now covers 94 per cent of the population,
and school enrollments from pre-school through high school continues to rise. “These
social indicators reflect Vietnam’s tangible progress on the SDGs,” Ms. Khalidi
said. “The country has built a solid foundation and now needs to accelerate the
digital shift to sustain and expand these achievements.”

Challenges remain, however. Inequality persists between urban and rural communities,
between ethnic minorities and the majority Kinh population, and between men and
women. Gaps in digital access also risk leaving some groups behind, limiting their
ability to participate equally in Vietnam’s development. Regarding gender equality,
Ms. Khalidi noted a concerning decline in female leadership at the provincial level,
highlighting the importance of maintaining hard-won gains.

Environmental issues also demand attention. “Climate change alone costs Vietnam
billions of dollars each year,” she emphasized, calling for both mitigation and
strong investment in adaptation.

Looking ahead, she outlined three priorities: promoting innovation and green
transformation to drive sustainable growth; investing in human capital to address
inequalities and ensure inclusive development; and continuing institutional and
administrative reforms to enhance coordination across sectors and build supportive
alliances. Vietnam, Ms. Khalidi added, is well-positioned to maintain its SDG trajectory,
turning social progress into lasting, inclusive development.

Turning lessons into future momentum

The past five years have tested Vietnam’s resilience, revealing lessons that
will shape its path forward.

Dr. Hieu highlighted three strategic lessons. First, new challenges emerge
as growth targets rise, requiring constant adaptation. Second, the quality and sustainability of growth
are as important as scale. And third, maintaining reform momentum is critical, not only
acting decisively today but ensuring the drive continues tomorrow.

He pointed to the government’s proactive
approach to crises as a key lesson. During Covid-19, the National
Assembly and government quickly enacted special resolutions, shifting strategies
from purely pandemic control to a dual focus on public health and economic growth.
Legislative agility was also evident: laws and policies were fast-tracked, including
unprecedented moves to institutionalize Politburo Resolution No. 68, on promoting
the private sector, in just 12 days. He also stressed the importance of citizen engagement: people should not
only benefit from policies but actively participate in their design and implementation.

Dr. Khuong added an
international perspective. Vietnam has turned external shocks into opportunities,
exemplified by the swift negotiations with the US during tariff disputes. He emphasized
two lessons for future development: shifting from mere growth to strategic evolution, which combines scale
with foresight and systemic integration, and focusing on systemic vulnerabilities, addressing
critical pressure points to create breakthroughs.

He also highlighted the importance of holistic, synergistic development: aligning resources, investment,
and incentives across sectors and regions to achieve “1 plus 1 equals 11”. Strategic
investment in global cities like Hanoi, Ho Chi Minh City, and Da Nang, paired with
enhanced State capacity and human capital, will be pivotal for Vietnam’s next stage
of growth.

Meanwhile, Ms. Khalidi
underscored governance and sustainability as central to achieving Vietnam’s long-term
ambitions, including net-zero emissions and double-digit economic growth by 2050.
Success depends on strong strategic planning, intersectoral coordination, innovation-friendly
policies, and evidence-based decision-making.
Future crises, particularly climate-related, are inevitable, and adaptation strategies
must be dynamic, data-driven, and inclusive.

She also emphasized that citizens must remain partners, not just beneficiaries, in
development. Listening to people’s needs, perspectives, and experiences is critical
to building an inclusive, sustainable path forward.

Catalyst for inclusive development

Vietnam’s leaders
have set their sights on a bold goal: sustaining double-digit growth over consecutive
years. Yet experts emphasize that growth alone is not enough; it must be sustainable,
inclusive, and rooted in strong institutions.

Dr. Khuong noted
that, internationally, economic expansion is always the product of structural reforms.
Ambitious targets could propel Vietnam rapidly towards global benchmarks like Singapore
or South Korea, but achieving 10-12 per cent growth depends on international conditions
and must rest on a solid foundation rather than chasing short-term gains at the
expense of institutional stability.

Ms. Khalidi added
that the question is less about hitting double-digit growth and more about ensuring
all communities benefit from development. She stressed the importance of implementing
Vietnam’s policy and strategic frameworks with flexibility, adaptability, and innovation.

For his part, Dr.
Bui Sy Loi, former Vice Chairman of the National Assembly’s Social Affairs Committee,
underscored that rapid growth must be supported by a strong social foundation, reflecting
the principle of “the Party’s direction, the people’s support.” Inclusive development
should be human-centered, guaranteeing fairness and progress across all policies.
In this new era, green, innovative, and humanistic growth, supported by skilled
workers and digital capacity, will determine Vietnam’s economic resilience.

Experts agree that
opportunities lie within challenges. Institutional reform, carefully designed and
internationally informed, is critical. Vietnam must move beyond raw export volumes
to generate higher value-added products and deepen strategic partnerships with key
global markets. At the same time, developing human capital and fostering creativity
will allow cities like Hanoi, Ho Chi Minh City, and Da Nang to become hubs for global
talent and innovation. Together, these elements create a foundation not just for
high growth but for a Vietnam that is sustainable, inclusive, and prepared to lead
in the decades ahead.

VET-Linh Tong