Nikkei Asia on May 5 published a mega story by journalist Atsushi Tomiyama, analysing the impressive economic growth that Vietnam has achieved thanks to its renovation efforts.

The article on Nikkei Asia.

The article cited data from the International Monetary Fund (IMF) showing that Vietnam's gross domestic product, in local currency terms, was 51 times larger in 2024 than in 1994, the highest growth rate among ASEAN members.

Vietnam's economic success is attributed mainly to the “Doi Moi” (Renewal) policy launched at the 6th National Party Congress in 1986. The article said that these renovation efforts began to generate positive results in the second half of the 1990s.

The article cited Party General Secretary To Lam’s address at the grand celebration of the 50th anniversary of the liberation of the South and the national reunification (May 30, 1975-2025).

Specifically, Lam called on Vietnamese people to build upon the spirit of the great victory in the spring of 1975, and the values and triumphs over the past 40 years under 'Doi Moi' to reap greater triumphs and forge new miracles in the new era.

With the policy, Vietnam has witnessed a number of other important events in recent decades such as obtaining the US lifting of economic sanctions against Vietnam in 1994, opening the door to trade and investment from Western countries; joining ASEAN in 1995; joining the World Trade Organisation (WTO) in 2007; and the opening of Samsung's large-scale mobile phone factory in 2009.

Nikkei Asia also highlighted the impressive results that foreign companies have achieved when investing in Vietnam.

Samsung – a corporation with registered capital of 23.2 billion USD in Vietnam – has become the largest foreign investor in the country.

In 2024, Samsung Vietnam recorded revenue of 62.5 billion USD, including 54.4 billion USD from exports. This figure accounted for 13.4% of Vietnam's total export turnover.

Since the 2010s, Vietnam has reaped the benefits of being at the forefront of the manufacturing shift, epitomised by Apple, the article said.

According to a list the tech giant began publishing in 2012, the company’s suppliers in Vietnam grew from 12 in 2015 to 35 in 2024, the largest in Southeast Asia. Thailand came second with 24 suppliers.

A cluster of related industries has emerged, with electronic components now leading Vietnam’s exports. The article argues that Vietnam is certain to become richer in the medium to long term, citing IMF data as saying that Vietnam's GDP per capita was 4,535 USD in 2024.

The Government aims to achieve over 7,500 USD in GDP per capita by 2030 and become a high-income country by 2045.

The author commented that after overcoming the painful war, Vietnam is learning from the past and looking towards the future.

At the reunification celebration on April 30, the Party chief called for "closing the past, respecting differences, and looking forward to the future", the Nikkei Asia reported.

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