Vietnam’s economy is witnessing a remarkable recovery and growth, expected to achieve GDP growth rates of 6.8 to 7% by 2024, propelled by decisive government action and dynamic policy implementations. According to Prof. Chu Hoang Long, Director of the Vietnam Policy Research Centre at the Australian National University, Vietnam stands as one of the strongest-growing economies within the Asia-Pacific region and leads Southeast Asia’s economic resurgence.
The government’s strategic focus has shifted toward promoting cultural exchanges and trade partnerships, especially with overseas Vietnamese. Recently, delegates from the Vietnamese Embassy, led by Ambassador Nguyen Manh Cuong, visited Bangladesh, engaging with local government entities and businesses to strengthen bilateral ties. During meetings with the Sylhet city administration, both parties highlighted the importance of enhancing tourism, agriculture, and natural gas sectors.
At these meetings, Muhammad Sher Mahbub Murad, head of the Sylhet city administration, noted, “Sylhet is currently one of the fastest-growing cities... with strengths in tourism, agricultural production, and natural gas extraction.” He also indicated the local government’s interest in learning from Vietnam’s strategies to combat climate change and environmental pollution, which have affected the region with extreme weather patterns.
Ambassador Cuong expressed optimism about Sylhet’s potential to evolve as a major economic hub. He stated, “I am confident Sylhet will soon become... a smart tourism city.” The discussions highlighted avenues for collaboration on agricultural practices, particularly high-tech initiatives aimed at improving food security and sustaining export capabilities.
Beyond tourism and agriculture, Ho Chi Minh City is identified as having the potential to become the region’s service hub. The service sector consistently accounts for over 60% of the city’s Gross Regional Domestic Product (GRDP). A recent conference emphasized the need for Ho Chi Minh City to identify and develop key industries, such as finance, technology, and logistics, to align with global trends.
Bui Dao Thai Truong, CEO of Roland Berger Consultants, stated, “Lessons from leading service hubs... can provide important strategies for Ho Chi Minh City.” He underscored the necessity of establishing connections between specified sectors to leverage resources effectively and create greater economic value.
While the service sector has seen growth, experts believe more needs to be done. Vice Chairman of the municipal People’s Committee, Nguyen Van Dung, remarked on the importance of comprehensive sector research to target future areas of growth sustainably. He emphasized the need for policies to adapt to new market demands to realize the city’s potential fully.
Prof. Long highlighted the government’s commitment to enhancing infrastructure as part of its strategic breakthrough, iteratively reminding the importance of addressing macroeconomic stability and controlling inflation. With international tourism showing growth rates of 40% compared to the previous year, long-term prospects seem promising.
Infrastructure developments are key as the government actively oversees significant projects to fulfill developmental needs. Prof. Long emphasized the government’s plans to streamline its political apparatus—considered the largest reform initiative since the “Doi moi” (renewal) reform, introduced back in 1986. This effort aims to sustain high economic growth through improved institutions.
Strengthening relationships with international partners is also pivotal. Vietnam's diplomatic relationships, especially those with Australia, France, and Malaysia, are being redefined to support economic growth through combined efforts and mutual knowledge transfer. “Vietnam currently has dynamic diplomatic activities... maintaining a 'dynamic balance' and creating opportunities,” noted Long.
The meetings between Vietnamese delegates and their Bangladeshi counterparts primarily focused on closing the gap between local economic capabilities and international standards through mutual exchanges and trade cooperation. Initiatives were discussed about agricultural exports from Vietnam to Bangladesh, tapping markets for frozen food and other key products. The delegation also visited established businesses, such as the Paragon Group, highlighting the interest of Vietnamese enterprises to explore trade opportunities.
With rising concerns surrounding climate changes affecting agriculture and tourism, Venturing forward, experts are optimistic about establishing networks where mutual benefits could be achieved through increased investments. The Vietnamese government’s actions and strategic focus on high-quality human resources and attracting innovative investments indicate the strong foundation upon which the country can build sustainable growth.
Vietnam's economy, with its dynamic workforce and proactive governance, appears well-positioned to sustain its high growth momentum. Continuing to attract investment and sharing developmental experience at all levels will be key as the country endeavors to maintain its status as a hub for growth globally.
