(VOVWORLD) - Over his more than 13 years as the leader of the Communist Party of Vietnam (2011 - 2024), General Secretary Nguyen Phu Trong remained committed to the path of renewal, independence, and self-reliance. Together with the Party Central Committee’s Secretariat, he made critical decisions and set directions for national economic development, enabling Vietnam to achieve significant economic growth and become one of the fastest-growing economies in Asia, attracting global investment.
 Party General Secretary Nguyen Phu Trong delivers a remark at the Conference on Socio-Economic Development in 2023 (Photo: Tri Dung/VNA) |
The Party and General Secretary Nguyen Phu Trong’s economic leadership was evident in the platforms, strategies, and official documents of the 11th, 12th, and 13th National Party Congresses, as well as various crucial policy decisions. Notable among these were the resolutions on private economic development, selective foreign investment, and nurturing a new generation of Vietnamese entrepreneurs in the new period.
Key resolutions for economic development
In 2017, the Party Central Committee issued a pivotal resolution on the private economy only. Resolution 10, dated June 3, 2017, aimed to make the private sector a driving force in Vietnam's socialist-oriented market economy.
The resolution set ambitious goals, including having at least 2 million businesses by 2030 and having the private economy contribute 60-65% of the national economy.
The resolution reflected major changes in the mindset of the Party General Secretary and the Party Central Committee in economic development. It introduced various measures to create a favorable investment and business environment, focused on perfecting policy mechanisms to attract private investment and ensure freedom of business and property ownership.
Tran Chi Dung, Secretary General of the Vietnam Logistics Service Business Association, said: “Vietnam’s economic development achievements in the recent period are very impressive. They reflect sound leadership, especially by General Secretary Nguyen Phu Trong. We’re very appreciative."
In 2019, the Politburo issued Resolution 50, focused on fine-tuning mechanisms and policies to improve the quality and effectiveness of foreign investment cooperation until 2030. This resolution marked a strategic shift towards selective FDI attraction, emphasizing quality, efficiency, technology, and environmental protection. The Party designated the foreign-invested sector as an important component of Vietnam’s economy, which was encouraged and promoted for long-term development in healthy competition with other economic sectors.
To promote an independent, self-reliant economy, General Secretary Nguyen Phu Trong signed Resolution 9 on December 9, 2011, to promote the role of Vietnamese entrepreneurs in the period of industrialization, modernization, and international integration.
The Politburo issued Resolution 41 on October 10, 2023, reinforcing the role of Vietnamese businessmen in the new era. For the first time, entrepreneurs were recognized as a core force in advancing national industrialization, modernization, and international integration, contributing to building an independent and self-reliant economy.
 Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) (Photo: VGP) |
Mr. Pham Tan Cong, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said: "Resolution 41 has created more motivation and confidence for businesses. The business community is enjoying unprecedented opportunities to grow and build a strong contingent of Vietnamese entrepreneurs."
Impressive economic achievements
Under the Party's leadership, headed by General Secretary Nguyen Phu Trong, Vietnam's GDP increased more than fourfold over the past 13 years, rising from 105 billion USD in 2010 to 430 billion USD in 2023. Per capita income has increased from 1,168 USD to 4,284.5 USD.
In 2020, despite a 35% decline in global FDI capital flows, Vietnam remained a standout destination for foreign investors, attracting nearly 16 billion USD in newly registered capital. This achievement marked Vietnam’s entry into the world’s top 20 countries for FDI attraction. Vietnam's participation in multilateral and bilateral trade agreements has provided a robust legal framework for integrating into the global value chain.
The private economic sector has made good progress, contributing nearly 45% of Vietnam's GDP and 33% of the state budget revenue, and employing 85% of the workforce.
According to the 34th annual World Economic Outlook report from the UK’s CEBR Consulting Center, Vietnam is now the 34th largest economy in the world. Projections suggest that Vietnam could reach the 24th position by 2033. These economic achievements can be credited to the effective leadership of the Party Central Committee, the Politburo, and the Secretariat, with significant contributions from General Secretary Nguyen Phu Trong.