These views were presented by journalist Atsushi Tomiyama in an article published by Nikkei Asia on May 5, which analysed Viet Nam’s impressive economic growth driven by its reform initiatives.
Citing data from the International Monetary Fund (IMF), the article notes that Viet Nam’s GDP, calculated in local currency, was 51 times higher in 2024 than in 1994 — marking the highest growth rate among ASEAN countries.
According to the article, these reform efforts began to “bear fruit” in the latter half of the 1990s. Alongside Doi Moi, several pivotal developments took place over the past decades: the lifting of US economic sanctions in 1994, which opened the door to increased trade and investment from the West; Viet Nam’s accession to ASEAN in 1995; and its membership of the World Trade Organisation (WTO) in 2007.
The Nikkei Asia journalist also highlighted the impressive results that foreign companies have seen from investing in Viet Nam. Since the 2010s, the country has benefited from being at the forefront of the global manufacturing shift — a trend symbolised by the presence of Apple.
The article further cited IMF figures showing that Viet Nam’s GDP per capita reached 4,535 USD in 2024. The Government of Viet Nam has set the target of raising GDP per capita to over 7,500 USD by 2030, with the aim to become a high-income country by 2045.
