An airplane needs to perform a run-up and then accelerate to be able to take off on just one kilometer of a runway, or it will fall into a hole. For an economy, the hole is the middle-income trap.

The diversification of global supply chains is creating significant opportunities for Vietnam to engage more deeply in international production networks.

To elevate Vietnamese businesses to international success, policies focusing on innovation, global competitiveness, and long-term support are critical.

With GDP growth in the first nine months of 2024 reaching 6.82%, Vietnam’s economy is on track for a strong recovery, buoyed by industrial production and a trade surplus.

Vietnam is likely to secure the 7% economic growth target this year as set by the Government if solutions to support businesses and people bearing the brunt of the recent super typhoon Yagi are implemented very quickly.

Many positive signs have been recorded in foreign trade, investment attraction, industrial production, and purchasing power during the first nine months of 2024, enhancing the confidence that this year’s GDP growth target of 7% is within reach.

The private sector in Vietnam plays a crucial role in the economy, but why do these resilient businesses struggle to thrive? This article delves into the complexities of their stunted growth.

A recent survey reveals increasing optimism among businesses in Vietnam as they recover from the impacts of COVID-19.

Vietnam has large corporations with capital of trillions of dong called the "iron fists" of the national economy. However, they need more support and encouragement to further growth to obtain regional and international stature.

Vietnam has navigated the first three quarters of the year through a complex and unpredictable global landscape, compounded by significant natural disasters at home.

Minister of Planning and Investment Nguyen Chi Dung has reported a strong socio-economic recovery in the first three quarters of the year with 14 out of 15 major factors meeting or exceeding targets.

HSBC has lifted its 2024 gross domestic product (GDP) growth forecast for Vietnam to 7.0% from 6.5% after the country recorded stronger-than-expected growth in Q3 despite the devastation left by Typhoon Yagi.

Vietnam’s economy has recovered quickly despite external uncertainties and extensive damage caused by Typhoon Yagi, which has greatly affected all socio-economic activities and people’s lives.

The leading Japanese newspaper Nikkei recently headlined, “Vietnam's Q3 Growth Soars Like a Rocket at 7.4%, the Highest in Two Years.”

Only when following a market economy can Vietnam have the opportunity to integrate into the global economy, said Tran Dinh Thien, a respected economist, in a talk with VietNamNet.

While Vietnamese businesses are described as having strong resilience which has helped them survive challenges, they are very slow in "growing up", though the Party has listed them as an important factor determining Vietnam’s economic development.

The Government on October 7 held a national meeting with localities to review the implementation of socio-economic development tasks in September and the past nine months of the year.

The talk show, with the theme “Knowledge Economy - The Foundation for a Prosperous Future and Youth Action”, featured around 1,200 leaders of departments, businesses and outstanding young citizens in HCM City.

Vietnam's gross domestic product (GDP) expanded by about 7.4% in the third quarter and 6.82% during the first nine months of 2024 compared to the respective periods of last year, the General Statistics Office (GSO) reported on October 6.

Despite a substantial increase in GDP by 7.4% in Q3 2024, the Vietnamese market witnessed the withdrawal of 163,000 businesses, reflecting ongoing economic challenges.