Việt Nam focuses on diversification to ensure growth targets: PM

Prime Minister Phạm Minh Chính made the remarks about Việt Nam’s economic and foreign policies at the 16th Annual Meeting of the New Champions 2025 in Tianjin, China.

Prime Minister Phạm Minh Chính and World Economic Forum President and CEO Børge Brende at the policy dialogue in Tianjin, China on Wednesday. — VNA/VNS Photo Dương Giang

TIANJIN — Việt Nam is focused on diversifying markets, supply chains, production models and goods to reach its ambitious development targets, said Prime Minister Phạm Minh Chính during a policy dialogue with World Economic Forum (WEF) President and CEO Børge Brende on Wednesday.

The session, part of the 16th Annual Meeting of the New Champions 2025 in Tianjin, China, was attended by more than 100 delegates representing governments, organisations and businesses around the world.

Responding to questions on the foundation of Việt Nam’s new era of growth, PM Chính said that while the global economy shows clear signs of a slowdown, Việt Nam is determined to accelerate its progress to become a high-income, developed country by 2045.

To reach this goal, the country has set an 8 per cent growth rate target for 2025, with a double-digit growth rate target over the next few years.

Despite challenges, Việt Nam is capable of achieving its goal, with the Party’s policies and the strength of its rich cultural heritage as a foundation, said the Vietnamese leader as he explained that Việt Nam benefits from a political system led by the Party, managed by the State, and participated in by the people.

The country is currently the world’s 32nd-largest economy, with an income per capita near the upper-middle income level. It also ranks among the top 20 nations in trade volume and foreign direct investment attraction.

Việt Nam also enjoys robust international support, with 19 free trade agreements and access to global markets, including major partners such as China, the US, the EU, Japan, and the Republic of Korea.

PM Chính also noted that the country has emerged stronger from many crises over the years, building a solid foundation to sustain high growth in the future.

Last year, Việt Nam’s gross domestic product reached nearly US$500 billion, while its total import-export turnover stood at $800 billion.

However, even minor external shocks can have significant domestic repercussions, he noted, underscoring the need for a flexible and balanced foreign policy in a tense geopolitical environment.

Addressing questions about how Việt Nam navigates great-power competition and the impacts of geopolitical complexities, PM Chính noted that Việt Nam maintains strong trade relationships with China, the US, the EU, the Republic of Korea, Japan and ASEAN countries.

It remains vigilant in a balanced position while ensuring consistency, confidence and resilience in its approach, he said.

“China and the US together account for nearly 50 per cent of Việt Nam’s total import-export turnover,” he said. “The US is our largest export market, while China is our largest import market. That’s why Việt Nam must maintain a balanced approach, guided by its independent and self-reliant foreign policy, while also pursuing diversification and multilateralism.”

Positioning itself as a good friend and a reliable partner to all countries as well as a responsible member of the international community, Việt Nam maintains a “four no’s” defence policy: no military alliances; no siding with one country against another; no foreign military bases or use of the Vietnamese territory to oppose other countries; and no threatening or using military force in international relations.

In response to questions about key policy priorities to ensure economic autonomy amid global integration, PM Chính said that after undergoing a war-devastated chapter in the 20th century, Việt Nam is now home to three million victims of Agent Orange.

About 300,000 martyrs’ whereabouts remain unknown. Meanwhile, clearance of unexploded ordnance is required for every major development project.

After wartime, Việt Nam has promoted a market economy governed by the laws of value, supply and demand and competition, while actively pursuing comprehensive global integration.

The nation’s approach is to build an independent, self-reliant economy rooted in its people, natural resources and proud 4,000-year cultural and historical legacy, said PM Chính.

“We consider internal resources to be fundamental, strategic and decisive in the long term, while external resources are vital for breakthroughs – they are capital, market economy institutions, technology, management and human resources,” he said.

Việt Nam focuses on a balanced, practical and efficient response to challenges, revitalising traditional growth drivers while also focusing on new growth engines.

“Science and technology, digital transformation, green transition and the circular economy open up vast, limitless new frontiers,” said the PM.

“We must constantly place people and progress in motion to innovate and drive growth. The power lies in mobilising both the people and the business community to overcome difficulties.”

Regardless of global uncertainty in the coming decades, he noted, the right mindset, innovative adaptation to each country’s conditions and international context will always offer the best pathways forward.

PM Chính also highlighted the country’s readiness to face challenges, as well as its confidence, mindset, intelligence and determination to turn adversity into opportunity.

Source: VNS