Vietnam: An Economic Story of Success and Strategic Diplomacy!

Vietnam: An Economic Story of Success and Strategic Diplomacy!

Vietnam has established itself as one of Southeast Asia's strongest economies over the past few decades, due to a variety of both domestic and international factors. This is detailed in an article by Gaston Fiorda, a journalist and scholar who studies Vietnam, on the Argentine website El Tiempo. The basis for the impressive growth is the economic development model that has been implemented since 1986 with the Doi Moi policy.

This policy promotes a socialist-oriented market economy that has enabled deep integration into the international economy. Vietnam has positioned itself as an example of stability, growth and pragmatic diplomacy and actively participates in regional integration forums such as ASEAN, AFTA and ARF, as well as global forums such as APEC and WTO. The country has developed a multi-sectoral economy that includes private and foreign companies, while the state plays a controlling role in strategically important sectors such as energy and mining.

Economic growth and trade relations

Vietnam is forecast to have a growth rate of 7.09% in 2024, with export sales expected to increase by 14.3% to $405.53 billion. Most notably, the country attracts more than $38 billion in foreign direct investment (FDI), making it one of the top 15 destination countries worldwide. In the first quarter of 2025 alone, Vietnam received over $11 billion in FDI, indicating increasing confidence among foreign investors.

Vietnam's main trading partners include China, the USA and the EU. Trade turnover with China exceeded $205 billion, while nearly $150 billion was with the United States. These trade relationships are essential for the country's economic development and contribute to international competitiveness.

The Doi Moi policy in context

The Doi Moi policy, initiated in 1986, is fundamental to understanding Vietnam's foreign policy and economic strategies. A documentary review shows that a five-year plan was presented on November 30, 1976, which set the course for future development. Prime Minister Pham Van Dong, who was in poor health that day, commissioned Le Thanh Nghi to present this plan at the Fourth Party Conference.

This plan not only outlines economic goals, but also reflects the change in Vietnamese politics, representing the transition from a purely planned economy to a mixture of planned and market economies. This evolutionary process has had a decisive impact on Vietnam's international relations and strengthened the country in the global arena.

In summary, Vietnam is now seen as a key player in the region through strategic decisions and a pragmatic foreign policy. The successes of the Doi Moi policy are a central component for the positive development and growth of the country, as [El Tiempo] and [Cambridge.org] also make clear.