Vietnam's New Development Model Aims for High-Income Status by 2045

The Communist Party of Vietnam has resolved to renew its development model, aiming beyond the goals of rapid and sustainable economic growth. The new model is designed to unlock new growth space, mobilize resources more effectively, and strengthen national competitiveness. This resolution sets a roadmap towards achieving Vietnam's ambitious vision of becoming a developed, high-income country by 2045. Experts emphasize that institutional reform is crucial for the realization of this new development model. Under Vietnam's one-party system, Party resolutions form the basis of policy formulation and execution, making this decision pivotal for future economic and social policies. Specifically, enhancing resource efficiency and national competitiveness addresses structural challenges that Vietnam has faced despite its rapid economic growth. In recent years, Vietnam has emerged as a manufacturing hub, attracting significant attention as an alternative to China and achieving remarkable economic growth. To sustain this growth and reach new heights, it is essential to not only expand production capacity but also foster innovation, cultivate skilled human resources, and deepen a more open market economy. This renewal of the development model indicates a commitment to addressing these challenges and pursuing a more people-centered development that improves the living standards of all citizens.