Hanoi, October 3, 2025 – The Europe Today: Việtnam is on the threshold of becoming a developed nation, Deputy Prime Minister Hồ Đức Phớc said on Thursday, emphasising the need to renew the growth model, foster new drivers of growth, and build a resilient, sustainable economy capable of withstanding global uncertainties.
Speaking at the Vietnam New Economy Forum (VNEF) 2025 in Hànội, the Deputy PM highlighted that the Politburo has recently issued four key resolutions that lay the foundation and driving force for national development. These resolutions, he said, serve as a compass for Việtnam in its new era of transformation, aiming to establish a fast-growing, independent, self-reliant and innovative economy that actively engages in deep international integration.
To realise this vision, Hồ Đức Phớc stressed the importance of ensuring stable raw material supplies, mastering advanced technologies, developing high-quality human resources, and diversifying markets. He further underlined the need for Việtnam to strengthen its participation in global value chains, apply modern governance models, and effectively leverage domestic resources.
Amid a fast-changing global environment, the Deputy PM noted that enhancing integration, harnessing internal strengths, and consolidating the country’s role and value within global supply chains are critical to fortifying economic resilience. He also called for candid, objective, and practical recommendations from experts, scholars, and policymakers at home and abroad to improve the State’s mechanisms, policies, and solutions.
Addressing the forum, Nguyễn Thanh Nghị, head of the Party Central Committee’s Policy and Strategy Commission, reviewed Việt Nam’s progress since nearly 40 years of Đổi mới (Renewal). He said the country has achieved historic milestones, emerging as a dynamic economy while steadily improving the people’s material and spiritual lives.
Looking ahead, he underscored the necessity of building a new growth model based on knowledge, science and technology, and innovation to meet future development requirements and achieve strategic goals. He proposed that the forum focus on refreshing traditional growth drivers, enhancing the efficiency of exports, public investment, and selective FDI attraction, expanding the domestic market, and identifying solutions to create new momentum for growth.
VNEF 2025 centred on three main themes: the new global economic context and its urgent requirements; renewing the export-led growth model and advancing Việt Nam’s position in global value chains; and strengthening internal capacity while fostering stronger linkages between economic sectors and business communities.
