Vietnam- from the perspective of innovation to economic development

By Le Van Hy, PHD|14/06/2023 08:28

From the perspective of innovation and the vision of economic development, it can be said that Vietnam has achieved success and made significant achievements through policies and reform measures.

Vietnam has become an attractive destination for foreign direct investment (FDI), opened its market, and strengthened comprehensive economic cooperation with countries around the world. The development of Vietnam has been propelled by the process of joining the WTO, signing free trade agreements, and participating in international economic organizations.

From the perspective of innovation...


Vietnam’s process of innovation and economic development has brought about many significant accomplishments that have accompanied the country’s development and improved the values of human rights and the quality of life for its people.

Vietnam has maintained a remarkable economic growth rate for many consecutive years, achieving one of the highest growth rates in the Southeast Asian region. Vietnam has become one of the leading exporting countries and has attracted strong foreign direct investment. Notably, industries such as textiles, electronics, and agriculture have achieved great successes. Vietnam has established numerous industrial zones and economic zones in almost all regions of the country, attracting investment and creating employment opportunities for the workforce.

Another important success to mention is the significant reduction in the poverty rate and the improvement in living standards. The education and healthcare systems have also been greatly improved, ensuring access to basic services for all citizens. Additionally, technology and entrepreneurship have become prominent and rapidly developing sectors in Vietnam, with the emergence of breakthrough technology companies and promising startups.

Vietnam has also witnessed the development of large cities and urban areas. The transportation infrastructure, electricity, clean water, and other public facilities have been significantly improved compared to one or two decades ago.

In the impressive development process of the country, it must be acknowledged that the tourism industry has become an important sector contributing to the economic development. Vietnam has attracted a considerable increase in the number of tourists due to its scenic landscapes, cultural heritage, and unique natural environment. We have somewhat succeeded in setting goals and making significant progress in developing renewable energy sources such as wind power, solar power, and hydropower. This has contributed to reducing environmental pollution and reducing dependence on fossil fuels.

The participation in and signing of numerous free trade agreements have expanded export opportunities and attracted investment from international partners. This has created opportunities for integration and strengthened economic relations with other countries. Vietnam has become a member of many international organizations and hosted notable international events.

Vietnam’s logistics services sector plays an important role in import-export activities and economic development. As a regional logistics center, Vietnam has enhanced its transportation, storage, and supply chain management capabilities. The development of the logistics industry has created favorable conditions for exporting goods and enhanced the competitiveness of Vietnamese enterprises in the international market.

... To the vision of economic development


Vietnam continues to promote economic reforms, technological innovation, and institutional reforms to create favorable conditions for private enterprises and economic conglomerates to invest and develop. With its favorable geographical position, young workforce, and growth potential, Vietnam can become a strong and deeply integrated economy into the global economy in the near future.

Building on the achievements so far, through flexible and synchronized policies, Vietnam has demonstrated its potential and room for economic development from a market-oriented, competitive, and integrated perspective. We have set the goal of becoming an industrialized, modern, and stable economy. By promoting new industries such as information technology, logistics services, renewable energy, and science and technology, Vietnam is creating opportunities for innovation and sustainable growth.

The future outlook for Vietnam’s economic development also includes market expansion, building modern infrastructure, and developing a high-quality workforce. Continued promotion of international cooperation and participation in free trade agreements to leverage its advantages in the global business environment.

However, geopolitical and geo-economic issues are becoming global challenges affecting many countries. Trade wars, industrial competition, and armed conflicts can lead to disruptions, impacts, and damage to international supply chains, increasing costs, and exposing investment and trade activities to risks. In particular, Vietnam and other countries in the Mekong region are also facing challenges related to climate change, with the predicted magnitude and risks being significant.

Production and export activities have significantly contributed to Vietnam’s rapid economic development. Vietnam has become a country that exports a diverse range of goods, from agricultural and industrial products to services. Promoting exports has created employment opportunities, increased incomes, and narrowed the development gap between regions.

To overcome these challenges, Vietnam needs to continue investing in research and development, training high-quality human resources, and strengthening the management and effective implementation of economic policies.

With confidence gained through these perspectives, overall, we have made significant progress in the process of innovation, international cooperation, and economic development. With diversified industries, market openness, growth, and efficiency in import-export activities, and the support from the logistics services sector, Vietnam has laid the foundation for sustainable economic development. With the vision and commitment of the Government to international partners, the country will continue to rise and become a strong and deeply integrated economy into the global economy.

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Vietnam- from the perspective of innovation to economic development