Tianjin, June 26, 2025 – The Europe Today: Prime Minister Phạm Minh Chính reaffirmed Việt Nam’s commitment to diversifying markets, supply chains, production models, and goods in pursuit of the country’s long-term development goals, during a policy dialogue with World Economic Forum (WEF) President and CEO Børge Brende on Wednesday.
The session was held on the sidelines of the 16th Annual Meeting of the New Champions 2025 in Tianjin, China, and was attended by over 100 high-level delegates from governments, international organisations, and businesses worldwide.
Addressing the theme of “Vietnam’s New Era: From Vision to Action,” PM Chính stated that despite visible signs of a global economic slowdown, Vietnam is determined to accelerate its path to becoming a high-income, developed nation by 2045. To achieve this vision, the country has set an ambitious growth target of 8% for 2025 and aims for double-digit growth rates in the following years.
He attributed Vietnam’s confidence to the strong leadership of the Communist Party, effective governance by the State, and the support of the people — all underpinned by a rich cultural heritage and a resilient political system.
Vietnam currently ranks as the world’s 32nd-largest economy and is approaching the upper-middle income level. It also stands among the top 20 nations in terms of trade volume and foreign direct investment (FDI) attraction. In 2023, the country’s GDP reached nearly US$500 billion, with a total import-export turnover of US$800 billion.
The Prime Minister emphasized the importance of Vietnam’s 19 free trade agreements, which grant it broad access to global markets, including strategic partners such as China, the United States, the European Union, Japan, and the Republic of Korea.
However, PM Chính acknowledged that even minor external shocks can significantly affect domestic conditions, thus highlighting the need for a balanced, flexible foreign policy amid a complex geopolitical landscape.
He underlined Vietnam’s strategy of maintaining strong, balanced trade relations with major powers — noting that China and the US together account for nearly 50% of Vietnam’s total trade. While the US is Vietnam’s largest export destination, China remains its biggest source of imports.
“Our foreign policy is grounded in independence, self-reliance, diversification, and multilateralism,” he said, adding that Vietnam is committed to being a good friend and reliable partner to all nations, and a responsible member of the international community.
PM Chính reiterated Vietnam’s “four no’s” defence policy: no military alliances; no alignment with one country against another; no foreign military bases or use of Vietnamese territory to harm other countries; and no use or threat of force in international relations.
Responding to questions about how Vietnam maintains economic autonomy while integrating globally, the Prime Minister spoke of the country’s painful wartime history and the resilience that followed — including the lingering impact of Agent Orange and the clearance of unexploded ordnance required for development projects.
He stressed that Vietnam has embraced a market-oriented economy governed by value, supply-demand dynamics, and fair competition, while actively promoting comprehensive global integration.
PM Chính described Vietnam’s development model as one based on internal strengths — including its people, natural resources, and a proud 4,000-year history — complemented by external enablers such as capital, institutional frameworks, technology, human resources, and management expertise.
He outlined Vietnam’s balanced and pragmatic approach to addressing current challenges, emphasizing the revitalization of traditional growth drivers alongside the pursuit of new engines such as science and technology, digital transformation, green development, and the circular economy.
“People must always remain central to our growth strategy,” PM Chính said. “By mobilising the strength of both our citizens and business community, we can innovate, adapt, and seize new opportunities.”
He concluded by underscoring Vietnam’s confidence and resolve to transform adversity into opportunity, saying that even in an uncertain world, the right mindset, adaptive leadership, and innovative action remain the keys to progress.
