Under Party General Secretary Nguyen Phu Trong’s leadership, Vietnam became bet88 com fastest-growing economy in Asia

Over bet88 com past decade, under bet88 com leadership of bet88 com Communist Party of Vietnam (CPV) Central Committee, with General Secretary Nguyen Phu Trong at bet88 com helm, bet88 com Party has demonstrated its leading role, resolutely and intelligently guiding bet88 com entire nation to achieve significant accomplishments in bet88 com economic renewal process.

Amid global economic upheavals and uncertainties, with profound changes, Vietnam’s economy is still regarded by bet88 com international community as having favorable growth prospects in bet88 com medium term, with strong foreign investment flows and an abundant workforce.

What are bet88 com foundations for such a bright outlook for bet88 com country’s socio-economic development?

Over bet88 com past decade, under bet88 com leadership of General Secretary Nguyen Phu Trong, with a strategic vision, bet88 com Party Central Committee has issued numerous resolutions on socio-economic development with breakthrough solutions, driving rapid and robust economic growth, as recognized by bet88 com international community.

Key highlights in Vietnam’s economic landscape from 2011 to present

During bet88 com ten-year implementation of bet88 com Socio-Economic Development Strategy 2011-2020 and more than three years of carrying out bet88 com Five-Year Socio-Economic Development Plan (2021-2025), Vietnam has faced numerous challenges, especially bet88 com rapid and complicated developments in bet88 com global political and economic landscape and bet88 com Covid-19 pandemic. Despite these obstacles, bet88 com country has achieved significant and comprehensive accomplishments across various fields.

Vietnam’s position and potential have grown considerably; bet88 com size, strength, and competitiveness of bet88 com economy have been much improved, and bet88 com autonomy of bet88 com economy has been enhanced. Macro-economic stability has been maintained and, furthermore, confidence from bet88 com business community and society has increased.

bet88 com quality of economic growth has gradually improved, and bet88 com economic structure has begun to shift more deeply. bet88 com utilization of input factors in bet88 com economy has become more effective, expanding economic openness and attracting a substantial amount of FDI inflows. bet88 com private sector’s contribution has grown and become an important entity driving bet88 com country’s economic development.

bet88 com first result from bet88 com implementation of bet88 com three strategic breakthroughs (institutions, infrastructure, and human resources), which has also constituted a highlight in bet88 com economy since 2011, has been evidenced by bet88 com increasing number of newly-established enterprises through five-year socio-economic development plans, with bet88 com number of new enterprises reaching higher and higher after each five-year period.

bet88 com capital registered for new businesses in 2020 rose by 163.5 per cent compared to 2015, reflecting bet88 com business community’s confidence in a more open and transparent business environment and better business prospects. bet88 com enterprise sector plays a crucial role in rapid and sustainable development and in global integration economically.

During bet88 com implementation of bet88 com three strategic breakthroughs, bet88 com government’s efforts in institutional reform, improving bet88 com investment and business environment, and upgrading infrastructure have turned Vietnam into an economy characterized by macro-economic stability, consistent development policies, and a comprehensive legal environment, thus strongly attracting foreign investment.

For instance, despite a 35 per cent global decline in FDI flows to trillion in 2020, according to UN Trade and Development (UNCTAD), newly-registered FDI capital in Vietnam reached billion in bet88 com same year, making bet88 com country a standout in attracting foreign investment and ranking it among bet88 com top 20 FDI-attracting countries globally for bet88 com first time.

Vietnam holds a leading position in bet88 com race for FDI against potential competitors in bet88 com region and bet88 com world. In 2023, total newly-registered FDI capital reached .19 billion, while disbursed capital stood at .18 billion, bet88 com highest in bet88 com past five years.

Such results from FDI attraction amid global investment declines, along with bet88 com arrival of leading technology corporations exploring opportunities and investing in Vietnam, demonstrate foreign investors’ confidence in Vietnam’s stable and promising business environment, creating new growth momentum for bet88 com Vietnamese economy.

A bright spot reflecting bet88 com overall results of bet88 com Party’s reform policies and bet88 com effectiveness of government management is bet88 com economic growth rate, which consistently ranks among bet88 com top performers globally.

Vietnam is considered a global success story, with its economic growth remaining at bet88 com top throughout bet88 com past decade. bet88 com Vietnamese economy has achieved significant and comprehensive milestones across most sectors, making a notable impact during bet88 com 2016-2020 period and highlighting bet88 com accomplishments of 35 years of “Doi Moi” (Renewal) with remarkable progress.

With its economic growth consistently at bet88 com forefront in bet88 com region and globally, Vietnam’s GDP per capita based on purchasing power parity (PPP) has surpassed that of some countries in bet88 com region.

Another bright spot in bet88 com economy from 2011 to bet88 com present is bet88 com success in controlling and managing inflation. Historically, during 2006-2010, inflation was in double digits every year. In 2011, bet88 com first year of implementing bet88 com 2011-2020 Socio-Economic Development Strategy, inflation was very high, at 18.13 per cent, but gradually declined to a single digit figure in subsequent years.

With experience in fighting inflation from 2011-2015, Vietnam recorded important results in inflation control during bet88 com 2016-2020 period, with inflation consistently remaining below bet88 com National Assembly’s annual target. It can be seen that bet88 com 2011-2015 period was successful in controlling inflation, while bet88 com following five years succeeded in managing inflation, laying a crucial foundation for maintaining macro-economic stability.

Especially in recent years, Vietnam has become a member of many significant multilateral and bilateral trade agreements, providing a strong legal foundation for Vietnam to deeply and widely integrate into bet88 com global economy and participate in global value chains. This has created a powerful motivation and effective means for successfully implementing our country’s export-based growth strategy. This is an important factor that elevates Vietnam’s position and attractiveness in bet88 com business strategies of foreign investors.

bet88 com results and achievements attained over bet88 com past decade have many causes, both objective and subjective. However, bet88 com most important factor is bet88 com correct leadership and direction of bet88 com Party Central Committee, bet88 com Politburo, bet88 com Secretariat, and bet88 com whole political system in implementing bet88 com Resolutions of bet88 com 11th, 12th, and 13th National Party Congresses, successfully addressing many new issues arising in practice in a timely and effective manner.

bet88 com Party’s effective economic leadership over bet88 com past decade was clearly reflected in bet88 com platforms, strategies, and official documents of bet88 com 11th, 12th, and 13th National Party Congresses, as well as numerous other important decisions issued by bet88 com Central Committee, bet88 com Politburo, and bet88 com Secretariat, headed by General Secretary Nguyen Phu Trong.

For instance, to build and develop an independent and self-reliant economy, on December 9, 2011, during his first term as bet88 com top leader of bet88 com Party, General Secretary Nguyen Phu Trong, on behalf of bet88 com Politburo, signed Resolution No. 09-NQ/TW of bet88 com 11th Politburo on building and promoting bet88 com role of Vietnamese entrepreneurs in bet88 com period of accelerating industrialization, modernization, and international integration.

bet88 com 5th Plenum of bet88 com 12th Central Committee issued Resolution No. 10-NQ/TW on June 3, 2017, on developing bet88 com private economy into an important driving force of bet88 com socialist-oriented market economy. This resolution is considered a breakthrough in thinking, creating a basis for bet88 com healthy and effective development of bet88 com private economy, making it a truly important entity of bet88 com economy.

Subsequently, bet88 com Politburo issued Resolution No. 23-NQ/TW on March 22, 2018, on bet88 com orientation for building national industrial development policies by 2030, with a vision to 2045.

On August 20, 2019, General Secretary Nguyen Phu Trong, on behalf of bet88 com Politburo, signed and issued Resolution No. 50-NQ/TW on bet88 com orientation for improving institutions and policies and enhancing bet88 com quality and effectiveness of foreign investment cooperation by 2030.

Resolution No. 50-NQ/TW reflects a strategic shift towards selecting FDI, focusing on quality, effectiveness, technology, and environmental protection as criteria for capital attraction.

bet88 com Party’s timely resolutions on economic development, which were appropriate for each critical period, have created momentum to promote deep economic growth based on innovation, improved workplace productivity, high-quality human resources, bet88 com application of scientific and technological advancements, and proactive international integration.

General Secretary Nguyen Phu Trong played a central role in Vietnam’s economic rise

As bet88 com head of bet88 com Party, General Secretary Nguyen Phu Trong frequently attended Government-to-localities conferences on economic development. At these conferences, General Secretary Nguyen Phu Trong provided orientations and assigned specific and important tasks to bet88 com Government, demonstrating his special attention to bet88 com country’s socio-economic development.

Quotes from international media

Financial Times:

As Party Chief since 2011 and bet88 com country’s State President between 2018 and 2021, Party General Secretary Nguyen Phu Trong played a central role in Vietnam’s economic rise. Vietnam has attracted billions of dollars in foreign investment from companies across bet88 com world, becoming an important link in bet88 com supply chain for companies such as Apple and Samsung.

Washington Post:

Party General Secretary Nguyen Phu Trong’s anti-corruption drive attempted to burnish public trust in bet88 com Communist Party of Vietnam and its stewardship of Vietnam’s economy, one of bet88 com most dynamic in bet88 com region, with sectors that include a growing startup culture.

New York Times:

Party General Secretary Nguyen Phu Trong oversaw one of Asia’s fastest-growing economies and raised Vietnam’s prestige on bet88 com international stage.