Vietnam's Bold Economic Reform Under To Lam: Promise or Peril?

Vietnam's leader, To Lam, is pushing for ambitious economic reforms called 'market Leninism' to drive double-digit growth. While Vietnam's stock market thrived last year, experts question the feasibility of sustained rapid growth. The reforms emphasize innovation and digital economy, amid U.S.-China tensions and regulatory challenges.

Vietnam's economic future is being reshaped by an ambitious reform plan under the leadership of Communist Party chief To Lam.

Dubbed "market Leninism," Lam's strategy seeks double-digit growth through a shift towards innovation and the digital economy, moving beyond the traditional reliance on exports and cheap labor.

While the World Bank forecasts more modest growth of 6.3% this year, investors remain optimistic, though challenges from U.S.-China tensions and regulatory issues persist.

(With inputs from agencies.)