Economic growth measures Party’ success
19:50 | 03/02/2020
VGP – The Vietnamese economy was shifted from the centrally planned economy to the socialist-oriented market economy, towards industrialization, modernization, as well as active international integration under the leadership of the Communist Party of Viet Nam.

Key indicators reflects socio-economic development under the leadership of the Communist Party of Viet Nam

The country has opened up the economy, became members of a series of international organizations like ASEAN, APEC, WTO among others; proactively participated in multilateral free trade mechanisms; became a reliable partner and a responsible member of the international community. 

From an outdated and small-scale agricultural economy with about US$ 14 billion GDP and around US$ 250 of GDP per capita in 1986, Viet Nam escaped from poverty to embark on industrialization and modernization. 

As of late 2019, Viet Nam officially established diplomatic relations with 189 out of 193 countries; maintained trade and investment ties with 224 countries and territories; set up strategic partnership and comprehensive partnership with 30 countries.

The Southeast Asian country has joined over 500 bilateral and multilateral agreements in various fields including 16 FTAs. Up to 71 countries have recognized Viet Nam as a market economy.

In 2019, the economy expanded 7.02% and economic scale hit over US$ 262 billion. GDP per capita touched US$ 2,800. Poverty rate was reduced to below 4% from 53% in 1993.

Viet Nam’s human development index was 0.63% in 2019, ranking 118th out of 189 countries. 

Up to 7 Vietnamese firms were named in Forbes Asia’s Top 200 Best Over A Billion list. 

The country ranked 8th among the world’s top 29 economies to invest in in 2019, jumping 15 notches in comparison with 2018.

It was the 67th most competitive nation in the world out in the 2018 edition of the Global Competitiveness Report published by the World Economic Forum.

The Party’s economic hallmarks have been recognized and presented via a series of credos, strategies, and official documents of the 12th Party Congress and the upcoming Party Congress in order to boost economic growth; perfect economic growth modal in economics-technology, economics-society, economic-ecosystem, on the basis of innovation, high labor productivity, scientific and technological application, and human resource development. 

State agencies have converted the Party’s guidelines, orientations, policies, and strategies into the constitution, laws, and decisions, State’s plans. 

The sound leadership of the Party serves as the leading factor for the successful revolution in Viet Nam in general. Hence, Viet Nam’s economic growth represents a measure of the Party’s success in economic field in particular./. 

By Kim Anh 

  Reader opinion
 
Turn off Vietnamese typing Automatic typing Telex VNI VIQR  
Fullname Email address  
  Title
 
  Content