Vietnam's New Era: From Revolution to Tiger Economy Ambitions

Vietnam is embarking on a significant economic overhaul aiming to become Asia's next "tiger economy" by 2045. Key aspects include private sector empowerment, high-tech industry investment, and responding to challenges like an aging population and climate risks. The strategy reflects Vietnam's pursuit of sustainable, diversified growth.

In a symbolic announcement last year, Vietnam's Communist Party chief To Lam heralded a new era of development. This marks the beginning of what could be the country's most ambitious economic overhaul in decades, with aspirations to transform into Asia's next "tiger economy" by 2045.

Vietnam faces significant challenges in achieving these goals, including balancing growth with necessary reforms and dealing with an aging population and climate risks. It is also under pressure from the US regarding its trade surplus, a testament to Vietnam's rapid economic rise.

The country is investing in high-tech sectors and infrastructure while empowering private businesses, a major shift from state-dominated models. The goal is to avoid the "middle-income trap" and sustain long-term growth, emulating successful strategies from other Asian economies.

(With inputs from agencies.)