Talking to the Viet Nam News Agency ahead of the National Day (September 2), Hoang, who received the Medal of the Order of Australia (OAM) from the Governor-General of Australia for his significant contributions to the community, highlighted that Viet Nam's GDP has doubled over the past 10 years, despite four years of disruption caused by the COVID-19 pandemic.
He said that the decisive turning point came with “Doi moi” (renewal), shifting Viet Nam from a centralised and subsidised economy to one that actively promotes the private sector, which contributes more than 50% to the nation’s GDP. Party General Secretary To Lam also made it clear that the private sector is a driving force of the economy.
Hoang emphasised that economic growth has improved the quality of life for the people through better infrastructure and services. He expressed his belief that boasting huge potential in the areas of technology and services, Viet Nam is well-positioned to develop into a strong economy with international influence.
Education and innovation, he said, are other spearheads of the economy over the past 80 years, adding that administrative reform, administrative unit mergers, and national standardisation will facilitate business operations, particularly for startups. The efforts demonstrate Viet Nam’s readiness for transformation into a large economy and for international reach.
Although challenges are on the horizon, innovative policies will help Viet Nam drive the development of the private sector, he underscored.
Looking ahead, he expressed his hope that Viet Nam will diversify its development pathways and choices. Advocating the Viet Nam – Australia partnership, Hoang noted that Australia is home to many successful investment funds with deep knowledge and good impression of the Vietnamese market. He said he wishes more Australian funds will come to Viet Nam to engage in the country’s innovation ecosystem and private economy.
Additionally, he suggested Viet Nam increase foreign trade activities, particularly those related to education, technology, and culture, which match its development strategies.
