A Tumultuous Five YearsThe 2020 - 2025 period marked one of the most turbulent times for the global economy since World War II. The COVID-19 pandemic not only paralyzed international supply chains but also triggered an energy crisis, widespread inflation, and disruptions to global manufacturing hubs. These challenges were further compounded by geopolitical conflicts such as the Russia - Ukraine war, escalating U.S. - China tensions, protectionist trade policies, and fierce competition in global value chain realignment.

A delegation from the Ministry of Industry and Trade, led by Minister Nguyễn Hồng Diên, worked to resolve challenges faced by Gò Đàng Seafood Joint Stock Company (Tiền Giang) in July 2024.

Global growth slowed significantly. According to the IMF, the average annual global GDP growth during this period was just 2.8%. Several major economies fell into short-term recessions. ASEAN countries like Indonesia, Thailand, and the Philippines also faced significant challenges in energy, production, and consumption.

In Vietnam, these shocks hit every corner, from factories and supermarkets to wholesale markets. Key export sectors such as textiles, footwear, and electronics encountered major setbacks in both exports and raw material supply. Particularly in 2021, southern Vietnam’s production chain was paralyzed due to prolonged lockdowns. The supply–demand balance was disrupted, fuel prices fluctuated sharply, and localized electricity shortages emerged during the summer of 2023.

Firm progress of the Industry and Trade sector

A Steady Rise of the Industry and Trade SectorIn the face of global volatility, Vietnam’s Ministry of Industry and Trade did not retreat but boldly pushed forward. Every segment of the sector, from industry and energy to the domestic market and international trade - made strong, strategic strides.

Industry rises to lead: While many ASEAN economies saw production disruptions, Vietnam maintained an average industrial growth rate of 6.3% per year. Manufacturing and processing industries accounted for 80% of the sector's total output, contributing to industry making up more than 30% of national GDP, the highest ratio in the region. From electronics, electrical equipment, textiles, and food processing to renewable energy, the Industry and Trade sector solidified Vietnam’s status as a regional manufacturing and export hub.

Trade overcomes adversity, achieves milestones: Despite global headwinds, Vietnam’s exports continued to grow at an average rate of 10% annually. In 2024, total import-export turnover exceeded USD 786 billion, a new national record.

Energy security ensured: Vietnam’s power system remained stable, with 99% of households having access to the national grid - second highest in ASEAN and among the top 30 globally. Notably, renewable energy made up 26.8% of total installed capacity and 13.4% of total electricity output, making Vietnam a leader in the region’s green energy transition. Domestic petroleum supply met about 70% of national demand, and the LNG import infrastructure was completed, allowing Vietnam to better control energy prices amid global surges.

Domestic market regains momentum: Total retail sales of goods and consumer service revenue grew by an average of 8.1% per year, becoming a key driver of economic resilience. E-commerce developed rapidly, reaching over USD 25 billion in 2024.

More than just withstanding the storm, the Industry and Trade sector launched bold reforms in the spirit of “breaking the ice to accelerate"

Modern, sustainable restructuring: The industrial sector shifted from extractive industries to manufacturing and green energy. Export priorities were placed on agricultural products and high-tech goods. Imports were restructured to reduce consumer goods and increase modern equipment. The domestic market underwent clear modernization: modern trade accounted for 30% of retail, while standards for product quality, traceability, and consumer protection were significantly improved.

Institutional, infrastructure, and human resource breakthroughs: The Industry and Trade sector has led the way in perfecting Vietnam’s economic institutions. At the same time, the Ministry has prioritized upgrading logistics infrastructure. Human resources, scientific research, innovation, and digital transformation were emphasized, especially in training experts in technology, e-commerce, logistics, and supply chain management.

There was no “miracle” behind Vietnam’s success between 2020 and 2025. It was the result of strategic vision, decisive actions, and a breakthrough reform mindset. The Industry and Trade sector — from being a production backbone to a market coordinator, from global integration to digital transformation — has demonstrated its crisis resilience, pioneering spirit, and collective strength. The following comparative table underscores that the sector’s development roadmap is entirely feasible for Vietnam’s aspiration to “rise like a dragon.”

As the world enters a new era marked by ongoing uncertainties, it is the Industry and Trade sector’s steadfastness, innovation, and ambition that will serve as a launchpad for Vietnam’s economy to reach new heights.