2025 is particularly important to Vietnam. It will be a year of acceleration, a breakthrough year, the final year of Vietnam’s 5-year socio-economic development plan, and a time to prepare fundamental factors and a premise for Vietnam to confidently enter a new era of national rise and prosperity. Vietnam is ready for more breakthroughs in 2025.

Prime Minister Pham Minh Chinh and Mr. Jensen Huang, the founder and CEO of NVIDIA, at the signing ceremony of the cooperation agreement between the Vietnamese Government and NVIDIA (Photo: Duong Giang/VNA)

Vietnam, a good choice

“Today is the birthday of NVIDIA Vietnam …. So thank you for welcoming us to Vietnam and making Vietnam a home for NVIDIA. Today is our birthday so I welcome you to our birthday party. Thank you,” said Jensen Huang, the founder and CEO of NVIDIA, the world's most valuable company, in Hanoi on December 5 while witnessing the signing ceremony establishing the Vietnam Research and Development Center and the AI Data Center in Vietnam. The NVIDIA leader said his firm wants to make Vietnam the company's second home and its largest center in the world.

NVIDIA is committed to moving its factories in the production supply chain to Vietnam in the near future with the investment value of those factories totaling billions of dollars. This push will soon catapult Vietnam in technology.

Raymond Teh, NVIDIA’s Vice President of sales and marketing for the Asia-Pacific region, said: “Last December I brought our CEO Jensen Huang to Vietnam. He was so impressed with the hospitality of the Vietnamese government. He saw a young population with tremendous software skills and Nvidia is now committed to making Vietnam our second home in Asia. We're committed to invest in Vietnam to build an R&D Center that can take advantage of the software skills in Vietnam.”

In April 2024, Apple CEO Tim Cook visited Vietnam. In December, Google announced that Google Vietnam Company Limited will officially begin operations in April 2025. At the end of last September, Elon Musk's SpaceX said it plans to invest 1.5 billion USD in Vietnam. Mark Zuckerberg's Meta has repeatedly praised the investment prospects in Vietnam.

Nick Clegg, Meta’s Global Affairs President, said: “We have very ambitious plans here in Vietnam. I think Vietnam has the clear potential to be a regional powerhouse in terms of the digital economy and the development of artificial intelligence.”

Delegates attending the ceremony to announce the cooperation agreement between the Vietnamese Government and NVIDIA (Photo: VGP/Nhat Bac)

US semiconductor giant Marvell Technology is accelerating its expansion in Vietnam. Lê Quang Đạm, General Director of Marvell Technology Vietnam, said: “The establishment of a Marvell Vietnam office in Da Nang city is the first important milestone, the first brick for future development. Marvell Vietnam's commitment to Da Nang and Vietnam is long-term.”

Dan Martin, International Business Advisor at Dezan Shira & Associates, said: “This investment reflects confidence in Vietnam's future. So Nvidia’s R&D Center, Google's expansion, Foxconn’s chip manufacturing plant, these are signals that Vietnam isn't just a production hub, but is becoming an innovation hub.”

Vietnam’s strategic location in Southeast Asia, proximity to China and India, which enables quicker trade, along with its political stability and the welcoming attitude of Vietnamese leaders, have increased investors’ confidence in doing business in Vietnam.

Vietnam’s foreign direct investment (FDI) policy with multiple incentives in the high-tech sector, its potential of a market of 100-million tech-savvy consumers, and the Government's strong determination to develop a digital economy, all make Vietnam a good destination for the world’s leading technology giants.

Prime Minister Pham Minh Chinh answers questions from National Assembly deputies at the Q&A session of the 8th session of the 15th National Assembly, on November 12. (Photo: VGP/Nhat Bac)

Transitioning from steady growth to strong breakthroughs

This year marks a breakthrough for Vietnam in achieving its development goals. Vietnam is ready to shift from steady growth at 6-7% to stronger, more impactful breakthroughs.

Among the key solutions is institutional reform in order to mobilize resources, both domestic and international, to invest in projects that drive significant national development.

Speaking at a National Assembly Q&A session, Prime Minister Pham Minh Chinh said: "Our current priority is to promote growth. In order to achieve growth, we need resources. Therefore, we need to improve our institution to mobilize all available resources from the State, the people, and society, public-private partnerships and direct and indirect foreign investment to boost national development."

In addition to institutional reforms, Vietnam's transformation and breakthrough also require a shift in the mindset and actions of the State apparatus. Vietnamese Party and State leaders have identified the shortcomings within the system. General Secretary To Lam has urged a bold renewal of the Party's leadership to build an elite, streamlined, strong, efficient, and effective political system. This revolution will propel Vietnam to greater development, said Party leader To Lam.

General Secretary To Lam and Prime Minister Pham Minh Chinh at the Q&A session at the 8th session of the 15th National Assembly, on November 12. (Photo: VGP/Nhat Bac)

General Secretary To Lam said: "Our big question now is whether we have the strength and capability, the will and determination, to step into a new era—an era of strong and prosperous development. Our answer is yes, we are ready. It’s now time with opportunities, it’s the urgent need, and it’s the inevitable requirement for a revolution in streamlining the political system to improve its efficiency and effectiveness."

President Luong Cuong, Prime Minister Pham Minh Chinh, National Assembly Chairman Tran Thanh Man, and many other leaders of the Party, State, and local governments have made commitments and adopted directives to promote institutional reforms, streamline the apparatus, and leverage digital technology. These efforts aim to build the strength and capability needed to accelerate Vietnam’s transformation.

Confidence in Vietnam's future

Confidence in Vietnam’s future

Vietnam is striving to create a turning point for national development in the peaceful era by promoting national reform and innovation in the mindset and vision.  These changes are highly respected domestically and internationally.

“The infrastructure has been improved with many new highways and mega infrastructure projects. It shows the superiority and huge changes in Vietnam. Vietnam's administrative procedures and institutions have been strongly reformed, which are very important factors to speed up Vietnam's growth in 2025.”

"The first factor that attracts foreign businesses is Vietnam’s great development potential. More than 10 years ago when we started investing in Vietnam, we were already attracted by Vietnam’s potential. In recent years, an increasing number of businesses from China, South Korea, and Japan have invested heavily in Hanoi. In terms of development potential, Vietnam outplays other countries in the region. We have decided to pour more capital into other projects in Vietnam.”

“Vietnam has a young, tax savvy population, vibrant businesses and startup community, as well as the government’s encouragement from the MPI along with other ministries, and the government’s focus on the national AI strategy. According to the economy report by Temask and Google, Vietnam’s internet economy is forecast to grow by astonishing 11 folds and 220 billion USD by 2030.”

Vietnam aspires to develop and prosper. Vietnam’s transformation towards breakthrough growth this year will take it to a new position on the international arena.