Vietnam’s Progress: Economic Growth, International Cooperation, and Trade Initiatives on March 5
On March 5, key developments included Prime Minister Pham Minh Chinh’s call for administrative reform and GDP growth targets, a commitment to support Laos’ UN peacekeeping force, the adoption of a UN resolution by Vietnam, the launch of significant maritime agreements at Vietship 2025, and a rise in foreign direct investment. Additionally, notable trade fairs and joint ventures with Cuba were also highlighted.
On March 5, Prime Minister Pham Minh Chinh urged ministries and local authorities to streamline the organizational framework and initiate the restructuring of administrative units. He emphasized the necessity of ensuring macroeconomic stability, sustaining growth, and addressing trade competition, particularly citing the goal of achieving a GDP growth rate of at least 8% by 2025 as a significant challenge requiring concerted efforts.
The Vietnamese government has committed to supporting Laos in establishing its United Nations peacekeeping force. This agreement was reached during talks between General Nguyen Tan Cuong, Chief of the General Staff of the Vietnam People’s Army, and Lieutenant General Saichay Kommasith, from the Lao People’s Army, where they discussed key areas for future defense cooperation.
The United Nations General Assembly, on March 4, adopted a resolution commemorating the 80th anniversary of World War II’s conclusion, with Vietnam as a co-author. This resolution not only honors the end of a devastating conflict but also reiterates the importance of international peace, urging nations to resolve disputes peacefully in line with the UN Charter.
The 10th International Exhibition on Shipbuilding and Offshore Technology (Vietship 2025) commenced in Hanoi, expected to yield significant agreements and contracts valued up to $60 million. The event features over 200 booths from more than 100 global exhibitors, showcasing advancements in the maritime industry from countries including Norway, the Netherlands, and China.
Vietnam has experienced a surge in foreign direct investment (FDI), exceeding $6.9 billion in the first two months of 2025, reflecting a year-on-year increase of 35.5%. The total disbursement of FDI is estimated at approximately $2.95 billion, marking a 5.4% rise compared to the previous year.
To enhance the business environment, Party General Secretary To Lam has mandated a 30% reduction in the time and costs associated with administrative procedures. Representing the Party Central Committee’s Commission for Policies and Strategies, he reinforced the goal of positioning Vietnam among the top three ASEAN countries for investment attractiveness within the next few years.
HawaExpo 2025 was launched in Thu Duc City, showcasing Vietnam’s finest furniture and wooden products for export. This trade fair blends traditional values with modern creativity, highlighting Vietnam’s cultural heritage and featuring leading domestic brands in furniture and home décor.
Cuban Minister of Domestic Trade Betsy Diaz Velazquez expressed interest in forming joint ventures with Vietnamese entities to meet essential goods needs within the Cuban market. During her meeting with Vietnamese Ambassador Le Quang Long, she emphasized that Cuba would facilitate optimal conditions for Vietnamese investors.
The Da Nang city Department of Tourism presented the “Enjoy Da Nang 2025 – Diverse Experience” tourism stimulus program, aimed at boosting visitor numbers. The program includes two initiatives offering discounts and new experiences throughout the year, highlighting Da Nang’s appeal to international tourists.
In summary, the events of March 5 encompass significant advancements in Vietnam’s economic, diplomatic, and trade initiatives. The government is actively working on administrative reforms and fostering international cooperation, notably with Laos and Cuba, while the surge in foreign investment reflects growing investor confidence. This dynamic engagement in various sectors marks a critical phase in Vietnam’s ongoing development.
Original Source: en.vietnamplus.vn
