Can Vietnam Become The Next Asian Tiger?

In the context of global economic fluctuations from the Covid-19 pandemic, energy crisis, and geopolitical conflicts, the Vietnamese economy has adaptively adjusted and achieved impressive results.

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Firstly, Vietnam has become a major trade partner of the US. As reported by East Asia Forum, Vietnam surpassed South Korea to become the sixth largest trade partner of the US by import value in 2022. This marks a significant milestone in Vietnam’s economy, with exports to the US not only in textiles but also in high-tech products.

Secondly, Vietnam has seen a surge in high-tech product exports. Many experts believe that Vietnam has the potential to become the fourth-largest high-tech goods exporter after China, Taiwan, and Germany. Currently at seventh place, with a remarkable growth rate – the proportion of high-tech goods in Vietnam’s exports reached 42% in 2020, up from 13% in 2010.

Thirdly, Vietnam has achieved its aspiration of mastering 5G chip technology. Recently, Vietnamese engineers successfully developed the 5G DFE chip, a complex technology possessed by only 5-6 countries globally. This represents a significant advancement, helping Vietnam delve deeper into the global semiconductor industry and facilitate the production of various chips for fields like AI, IoT, and 6G in the future.


Finally, Vietnam has made a breakthrough in developing its digital economy. The Southeast Asia Digital Economy Report 2023 indicates that despite global macroeconomic fluctuations, the total Gross Merchandise Value (GMV) of the region continues to rise, expected to reach $218 billion, an 11% increase compared to the previous year. Vietnam has the fastest growing digital economy in Southeast Asia for two consecutive years, 2022 and 2023, and is projected to maintain this position in 2025 with an estimated value of about $45 billion.

These achievements are not only a source of pride for Vietnam but also signal a promising future. With economic strength, technological innovation, and export capabilities, Vietnam is progressively proving its potential to not only develop a sustainable and prosperous economy but also to become the next “Asian Tiger.”

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