Hanoi: Over 17 years of being a member of the World Trade Organization (WTO), Vietnam has seen hallmark economic growth thanks to economic integration into the world, providing strong momentum for further development.
Emerging as one of 20 largest trading economies
During her visit to Vietnam in May 2023, WTO Director-General Ngozi Okonjo-Iweala praised Vietnam’s impressive economic growth and trade amid the global headwinds prevalent in the world economy.
She described Vietnam as a bright example of economic growth based on the achievements of international economic integration, which have fostered trade, investment, as well as the country’s successful participation in globalisation and in the re-shaping of regional and international supply chains.
The country has established itself as a manufacturing base of many multinationals, including hi-tech companies, and is gradually moving up on regional and global production chains.
In 2023, the Vietnamese economy was valued at 430 billion USD while per capita income increased 160 USD from the previous year to 4,284 USD. The highest GDP growth was recorded in 2022, at over 8%.
Economic expert Dr. Nguyen Minh Phong said international integration and a higher level of economic liberalism, including economic policy reforms within the frameworks of the WTO and FTAs, have provided a strong impetus for Vietnam to develop and become a competitive and modern country.
