Vietnam's Big Leap: Racing to Become Asia’s Next Tiger Economy

Vietnam is setting its sights on becoming Asia’s next “tiger economy,” aiming to join the ranks of South Korea and Taiwan by 2045. At the heart of this ambition is a sweeping plan to overhaul the economy, announced by Communist Party chief To Lam as a “new era of development.” 

Vietnam-Racing to Become Asia’s Next Tiger Economy

After decades of lifting millions out of poverty through low-cost manufacturing and export-driven growth, Vietnam now faces new challenges: its population is aging, climate risks are mounting, and the old economic model is losing steam.

A Bold Dream for the Future

Vietnam wants to join the league of Asia’s powerful “tiger economies” like South Korea and Taiwan by 2045. Last year, Communist Party chief To Lam called this the start of “a new era of development.”

From Poverty to Progress

Thirty years ago, the average person in Vietnam had little more than $1,200 worth of goods each year. Today, that number is over $16,000. Factories, highways, and a rising middle class have changed the country’s face. But the old model of cheap labor and mass exports is slowing down.

Betting on New Industries

To grow further, Vietnam is putting money into new areas: computer chips, artificial intelligence, green energy, and big infrastructure like a $67 billion high-speed railway. It also wants to become a global financial hub.

Private Businesses Take the Lead

The government is giving more power to private companies, calling them the “most important force” in the economy. The goal is to create at least 20 world-class Vietnamese companies by 2030.

Challenges Ahead

Climate change, an aging population, and fierce global competition are pressing issues. Disasters like typhoons are already damaging factories and slowing growth. Vietnam is also running out of time before it faces a shrinking workforce.

The Road to 2045

With bold reforms, strong private businesses, and big investments in new technology, Vietnam hopes to transform itself. But it must move fast—the window of opportunity is closing.

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