As Vietnam marks the 50th anniversary of its reunification, the country reflects on its remarkable economic transformation since the end of the war on April 30, 1975. The journey has been one of overcoming immense challenges and achieving significant milestones that have reshaped the nation.
In 1975, Vietnam was in dire straits. The war had left the economy in ruins, with a GDP per capita of just 232 dong (approximately 80 USD). The nation faced a daunting task of rebuilding its infrastructure and economy. In the years following the war, Vietnam focused on recovery, with the average monthly income for civil servants in the North standing at a mere 27.6 dong, while cooperative members in agriculture earned even less, at 18.6 dong.
Despite these challenges, Vietnam began to lay the groundwork for its future economic policies. The period from 1976 to 1985 saw the implementation of the second and third five-year plans, which aimed to restore the country’s industrial and agricultural sectors. By the end of this phase, the economy had shown signs of recovery, with an annual GDP growth rate of 4.65%. Agriculture became a critical sector, contributing 38.92% to the GDP.
The pivotal moment came in 1986 when the Vietnamese government initiated its "Doi Moi" (Renovation) reforms. These reforms marked a significant shift from a centrally planned economy to a market-oriented one, allowing for greater economic freedom and integration into the global market. Professor Masina Pietro Paolo from the University of Eastern Naples noted that peace was fundamental in shaping Vietnam's potential and status today, while the pride in the nation's history continues to inspire its people.
Between 1986 and 2000, Vietnam's GDP grew at an average annual rate of 6.51%. This growth was remarkable compared to the declining economies of Eastern Europe and the Soviet Union. The agricultural sector thrived, allowing Vietnam to transition from a food-deficient nation to the world's second-largest rice exporter.
By the early 2000s, Vietnam's economic policies focused on international integration and modernization. The country adopted a strategy emphasizing the socialist-oriented market economy, which further propelled its growth. From 2001 to 2020, Vietnam's economy expanded significantly, with GDP in 2019 reaching 476.3 billion USD, placing it among the top 40 largest economies globally.
In recent years, Vietnam has actively engaged in international trade, achieving a trade surplus of 24.77 billion USD in 2024, marking the ninth consecutive year of surplus. The GDP growth for 2024 is estimated at 7.09%, surpassing the National Assembly's target of 6.5% and reflecting the country's resilience in the face of global economic challenges.
Vietnam's success has not gone unnoticed on the world stage. The country has elevated its diplomatic relationships, establishing comprehensive strategic partnerships with nine nations, including major powers such as the United States, Japan, and Australia. This has enhanced Vietnam's international standing and demonstrated its commitment to being a reliable partner in the global community.
Despite the achievements, challenges remain. The country continues to address issues of poverty and inequality, with the multidimensional poverty rate in 2024 estimated at around 2.4%, down from over 70% in the late 1980s. This dramatic reduction in poverty showcases Vietnam's commitment to inclusive growth and development.
As Vietnam celebrates its past victories and looks toward the future, the sentiments expressed by international observers resonate. Cuban journalist Luis Arce emphasized that Vietnam's focus on peace has been essential in overcoming economic stagnation and achieving happiness for its citizens. Similarly, historian Eric Coudray highlighted that the Doi Moi reforms opened Vietnam to trade and modernization, transforming its global image.
In a world still grappling with uncertainty, Vietnam's journey stands as a testament to resilience and strategic vision. The country has not only survived but thrived, emerging as a beacon of hope and progress. As it steps into a new era, Vietnam is poised to continue its ascent, confident in its capabilities and proud of its achievements.
Reflecting on the last 50 years since the victory of April 30, 1975, it is evident that Vietnam has made significant strides across economic, political, cultural, and social fronts. The foundation laid during this time will serve as a vital springboard for future endeavors, ensuring that Vietnam remains a key player on the global stage.
