Vietnam, Towards Prosperity And Happiness

Exactly 76 years ago on September 2nd, 1945 President Ho Chi Minh, the great leader of Vietnam proclaimed the immortal declaration of Independence at the Ba Dinh Square in Hanoi, giving birth to a new Vietnam, the Democratic Republic of Vietnam which is now the Socialist Republic of Vietnam.

The road to independence was never easy for Vietnam. However, the Vietnamese left a persisting mark on the history of the 20th century defining this nation much broader. They stood together to continue to fight against foreign invaders and struggled for the nation’s sovereignty, independence and freedom. To this date, the Vietnamese people are proactively striving for national building and international integration while contributing to peace, friendship and cooperation in the region and the world over.

Since the implementation of an open-door policy named “Doi Moi reform” in 1986, Vietnam has recorded outstanding achievements in all aspects including economic development, socio-cultural development and international integration, firmly safeguarding national sovereignty and territorial integrity while taking its position to a new height in the international arena.

From a small, underdeveloped country with poor infrastructure and backward socioeconomic growth, today, Vietnam has risen to the group of developing countries with improved living standards. The flourishing market economy has enabled Vietnam to emerge as an economic power in its region with the industrial and service sector accounting for over 75% of the country’s GDP in 2020.

During more than 35 years of reform, Vietnam’s economic growth rate has advanced steadily starting from just 4.4% average annual GDP growth in the initial period of 1986 - 1990 up to 6.8% in the period of 2016-2019. In 2020, due to the heavy influence of the Covid19 pandemic, the GDP growth rate reached only 2.91% per year but still among the few countries with a positive growth rate in the world. The scale of the economy has also been significantly expanded with nearly 343 billion USD and 3,521 USD GDP per capita in 2020.