Vietnam Pursues Multifaceted Growth Strategies

Vietnam is actively pursuing multifaceted strategies to sustain economic growth and enhance its international competitiveness. Key initiatives focus on promoting digitalization, transitioning to environmentally friendly industries, and fostering the night-time economy as a new growth driver. In the digital realm, cooperation with Myanmar on digital infrastructure development, cybersecurity, and digital transformation is being pursued. In Ho Chi Minh City, digital transformation in the legal profession aims to create working methods that ensure technology serves people, rather than merely introducing new technologies. Localities rich in agricultural resources are exploring market expansion through e-commerce. Infrastructure development is also advancing to strengthen the foundations of economic growth. Hai Phong is expected to play a strategic role in Vietnam's journey to becoming a strong maritime nation. Furthermore, power transmission network projects are being completed in Phu Quoc, supporting socio-economic development and ensuring a stable power supply. In Hanoi, several key bridge projects are under simultaneous construction, enhancing the city's transport infrastructure. Industrial restructuring is another critical agenda. Many Vietnamese garment and textile companies are proactively shifting their strategies, integrating green transition and innovation into their business development, viewing them as integral rather than mere export requirements. The development of the night-time economy is gaining traction as a new opportunity. Night-time activities can revitalize heritage spaces and create unique attractions, potentially serving as a new growth driver for tourism by meeting the demand of middle- and high-end visitors seeking cultural depth. However, rising platform fees, payment fees, infrastructure charges, and service packages are impacting sellers, with some potentially spending 24.5-27.6% of their revenue on e-commerce platforms. This indicates the end of an era of easy selling and low costs in e-commerce. The Vietnamese government is also prioritizing price stability, with Deputy Prime Minister Nguyen Van Thang stating there is virtually no room for further consumer price index (CPI) increases and emphasizing effective price management. Ho Chi Minh City has set ambitious economic targets, aiming for GRDP growth of at least 11.07% in the third quarter of 2026. Retail sales and consumer service revenues in August showed a month-on-month increase, signaling economic recovery. Foreign direct investment (FDI) continues to bolster Vietnam's economy. Hanoi has attracted over $3.7 billion in FDI in the first eight months, equivalent to 83% of its annual plan, with a notable increase in new projects. The role of State-Owned Enterprises (SOEs) is also being redefined, with expectations for them to play a pioneering role in key strategic industries. The establishment of the Vietnam International Financial Centre (VIFC) is a significant endeavor to attract international capital. Success will hinge on clear regulations, quality projects, and strong connections between investors and domestic businesses. Copyright, VietnamPlus, Vietnam News Agency (VNA)