With 46% tariffs hitting exports, Vietnam faces hard truths - and a chance to redefine its future competitiveness.

With new U.S. tariffs on the horizon, Vietnam will need to grow 8.3% in the next nine months. The government has proposed an urgent action plan to meet this target.

Driven by strong performance in services and manufacturing, Vietnam’s economy posted its best Q1 growth in six years despite global uncertainties.

With a GRDP of over USD 70 billion and top exports, Ho Chi Minh City cements its status as Vietnam’s economic powerhouse before restructuring.

Despite playing a vital role in GDP growth, private enterprises face persistent challenges, especially in institutional reform and access to resources.

Legal experts and lawmakers are calling for the removal of unnecessary business regulations that contradict the spirit of free enterprise as guaranteed by the 2013 Constitution.

Standard Chartered Bank forecasts GDP growth of 6.7 per cent for 2025. However, the bank predicts that the first half of the year will experience a stronger growth rate of 7.5 per cent.

The survey findings released in Ho Chi Minh City on March 21 show that the growth momentum is expected to accelerate in 2025, with 92% of small businesses expecting to grow, the highest projection among 11 markets surveyed.

According to trade experts, Vietnam is ranked as the world's 20th largest exporter in the world and among the world's top exporters of various products such as rice, coffee, cashews, and garment-textiles.

With the private sector contributing 50 percent to GDP, reaching the target of over 8 percent growth in 2025 and a double-digit growth rate in the 2026-2030 period could occur.

Vietnam's leadership is embracing the private sector as the driving force behind the nation's economic future, signaling a policy shift that could unlock unprecedented growth.

Associate Prof Tran Duc Cuong, Chair of the Vietnam Historical Science Association, said that very small provinces should merge to create a larger province to gain more resources for infrastructure, socio-economic growth, and new development space.

Vietnam is reforming business regulations, improving land and capital access, and fostering technological innovation to strengthen the private sector’s role in national economic development.

Over the decades of DoiMoi, nearly 5.2 million individual business households have emerged and significantly contributed to national development. However, effective measures to protect the sustainability of the economic sector have yet to be created.

The restructuring of Vietnam’s administrative system is designed to create a more agile, transparent, and economically dynamic government structure for the 21st century.

Vietnam’s private sector contributes 50% of GDP, yet struggles to scale. Experts call for a new, results-driven policy implementation model to drive growth.

As Vietnam aims for 8% GDP growth in 2025 and double-digit expansion in the coming years, experts stress that institutional reform is crucial to sustaining long-term economic progress.

As export demand may decrease this year, Việt Nam should strengthen domestic business activities and services to drive economic growth, says Mariam Sherman, World Bank director for VN, Cambodia and Laos.

Vietnam’s private sector faces regulatory challenges, high land costs, and limited R&D freedom. Experts propose legal reforms to enhance innovation, streamline business operations, and boost double-digit economic growth.