Party General Secretary Nguyen Phu Trong passed away at the 108 Military Central Hospital on July 19, after a period of sickness. He was 80.
After his 57 years of dedication, he had held several key positions, with over 13 years of being the Party General Secretary (2011-2024), the only person since 1945 to hold this position for three consecutive terms. He also spent three years as the President (2018-2021) and five years as the National Assembly chairman (2006-2011).
As the Party General Secretary, he had focused on building the Party and developing socialist ideologies, having published 35 books on the topic.
Party General Secretary Nguyen Phu Trong was considered to be the person who spearheaded and led the toughest anti-corruption fight in Vietnam's history. In 2013, he established the Central Steering Committee on Anti-Corruption and became its head. After nine years, the model has been applied to local levels, creating an anti-corruption network that spans nationwide.
Several major corruption cases, including those involving former ministers Vu Huy Hoang, Nguyen Bac Son, Truong Minh Tuan and Nguyen Thanh Long, were exposed. High-profile individuals, including former Hanoi and Ho Chi Minh City's leaders Dinh La Thang and Nguyen Duc Chung, were dealt with in accordance with the law.
The anti-corruption campaign has helped to recover thousands of billions of Vietnamese dong lost and clean up the system.
The Party leader’s resolute "bamboo diplomacy" also enabled Vietnam to establish comprehensive strategic partnerships with several major powers, including China, Russia, the U.S., Japan, India and the E.U.
Vietnam filled three key leadership positions in 2024: the Party General Secretary, the President and the National Assembly chairman amid the 2021-2026 term.
On Aug. 3, the 13th Party Central Committee met to vote for To Lam to be the new Party General Secretary, succeeding Nguyen Phu Trong. He had had nearly 50 years of experience with the public security sector, and spent eight years as the Minister of Public Security.
During his inauguration ceremony, Party General Secretary To Lam said he would be resolute with the goal of developing the country in a socialist-oriented way, bolster the anti-corruption fight and build a transparent and effective governance system.
He said he would focus on developing a sustainable economy, creating a conducive investment environment, promoting innovation and the use of technology.
On Oct. 21, the National Assembly voted for Luong Cuong to become the new President, succeeding To Lam, who was both the President and the Party General Secretary at the time.
Luong Cuong has had nearly 50 years of experience in the military sector and held several important positions. In his first speech since becoming President, Luong Cuong committed to continue expanding international cooperation, building multilateral and bilateral relationships, focusing on economic development and improving management capabilities.
Previously in May, Tran Thanh Man was voted to become the new National Assembly chairman, succeeding Vuong Dinh Hue. Tran Thanh Man had been a Standing Vice Chairman of the National Assembly for three years. He has pledged to build policies in accordance with people’s will.
In November, the 13th Central Party Committee began a "revolution" to streamline Vietnam’s political system. Party General Secretary To Lam said the goal is not merely "slimming down" the system, but restructuring it to improve officials’ quality and build a more effective system that can satisfy the country’s demands in the new era.
The streamlining process would involve the unification of units with similar functions and missions and ending the operation of unnecessary intermediary units. Around 100,000 officials and workers would be affected by the process.
After the streamlining, the central government will have nine fewer units, including five ministries and four institutions. Plans for streamlining are to be completed before the first quarter of 2025.
The streamlining happens amid great financial and management challenges for the administrative system. With over 2.5 million officials and government workers, and 3.5 million people on pensions and benefits, 70% of the national budget is being expended on a regular basis, with only 30% left for investment and development.
As Vietnam aims for its GDP growth to reach at least 6% this year, several forecast models deem the goal to be a challenging one amid a global economy rife with difficulties, as well as unforeseen risks within the country itself.
However, Vietnam’s economy has been bouncing back, with its GDP growing by 5.66% in the first quarter, the highest seen in the same periods over the last four years.
Vietnam’s GDP for the entire year is expected to grow past 7%, according to the Ministry of Planning and Investment. The country has picked itself back up to pre-Covid development rate, showing the economy’s adaptability, thanks to the outstanding performances of economic powerhouses like Hanoi, HCMC, Hai Phong, Da Nang, Binh Duong and Dong Nai.
Export is expected to reach $384.4 billion, a 14.4% increase from last year. Agriculture continues to play a key role in exports, with export turnover reaching a record-high at $60 billion, twice the figure from a decade ago.
The amount of FDI has also grown, with $31.4 billion worth in registered capital, showing investors’ hope for Vietnam’s business environment.
However, Vietnam’s economy still faces several challenges, especially regarding slow public investment disbursement rate and administrative red tapes, causing project delays and wasting away resources. Amid global competition, Vietnam will need to deal with urgent issues to reach its growth target at 8% in 2025.
Typhoon Yagi was the most powerful storm to ever make landfall in Vietnam over the past 70 years, causing unprecedented devastation for northern Vietnam, requiring great efforts to rebuild.
After entering the East Sea on Sept. 3, Typhoon Yagi quickly strengthened. It made landfall on Quang Ninh and Hai Phong on Sept. 7, devastating houses, roads and infrastructures. Swathes of forests were destroyed as well.
The typhoon triggered torrential downpours over northern Vietnam, with rainfall from Sept. 7 to 9 reaching up to 550 mm in certain areas. As water levels in rivers rose, several neighborhoods in localities like Hanoi, Bac Giang and Thai Nguyen were inundated. The capital in particular experienced the worst flooding ever seen in the last two decades, with over 27,000 houses submerged. Bridges on the Red River and the Duong River had to suspend operations due to the floods.
Heavy rains also triggered landslides in localities like Lao Cai, Yen Bai, Cao Bang and Hoa Binh. At the Nu Village in Lao Cai, over 1.6 million cubic meters of rocks and soil pummeled down neighborhoods, destroying 33 houses, killing 60 people and rendering seven missing.
Typhoon Yagi had resulted in 345 dead and missing people and incurred over VND83.7 trillion ($3.29 billion) in damage, equal to 0.62% of Vietnam's GDP in 2023. Following the storm, the government had approved a plan for rebuilding, costing VND54 trillion over a period of five years.
By Nov. 18, the total amount of support money raised for Yagi recovery efforts through the Central Relief Mobilization Committee has reached over VND2.185 trillion.
2024 is a year of breakthroughs for Vietnam's infrastructure and energy sectors. The North-South high-speed railway project, costing $67 billion, was approved by the National Assembly after 17 years of disruption.
The project will connect 20 localities and span over 1,500 km from Hanoi to HCMC. It is expected to be completed in 2035.
At the same time, the Ninh Thuan nuclear energy project was also approved by the National Assembly to be restarted, following a suspension in 2016. As Vietnam's energy demands grow by up to 13% a year, nuclear energy is considered to be a strategic solution to maintain energy security and to meet the net-zero target in 2050.
Two nuclear energy power plants are expected to be built in the central province of Ninh Thuan, with the Ministry of Science and Technology handling the projects.
Vietnam's external affairs in 2024 is marked by the establishment of comprehensive strategic partnerships, as well as upgraded ties with several countries.
Vietnam upgraded ties with Australia in March, France in October and Malaysia in November to become comprehensive strategic partners, marking an important step in multi-field cooperation, including commerce, investment and defense.
Vietnam also upgraded ties with Mongolia and the UAE to comprehensive partners, and established a strategic partnership with Brazil, opening doors to agriculture, energy and education cooperation.
Vietnamese leaders, including Party General Secretary To Lam, President Luong Cuong and Prime Minister Pham Minh Chinh have all made high-level visits to other countries.
Vietnam was ranked 44th out of 133 countries and territories on the GII ranking by WIPO, jumping two places from 2023. The country takes the lead in high-tech imports, high-tech exports and creative goods exports, affirming the its effective science and technology development strategies, as well as its vibrant startup and innovation ecosystems.
Over the last decade, Vietnam has been recognized by the WIPO as one among eight middle-income countries with the greatest leaps when it comes to innovation.
The government has tasked the science ministry to create a Provincial Innovation Index to boost sustainable development and promote innovation.
At the Techfest Vietnam 2024, Prime Minister Pham Minh Chinh said science and innovation is the key to help Vietnam develop quickly and sustainably, while stressing the cooperation between sectors and localities to realize the country's potential in digital transformation.
The amended Land Law, as well as relevant laws regarding housing and real estate, came into effect starting Aug. 1, five months earlier than planned. The goal is to remove obstacles that impede the development of the real estate market.
Highlights include the removal of the 5-year land price frame, and replacing it with a land price list that is updated every year. The change is meant to prevent unfairness in land clearance compensation, as well as ensuring people's legal rights when their lands are reclaimed. Land use rights for Vietnamese living overseas have also been expanded, helping to attract more investments.
The Real Estate Trading Law also saw major changes, with bank transactions becoming a requirement for the sake of increased transparency.
Changes to the Housing Law will help workers, especially those with low and middle income, more easily access social housing.
Other laws on social security have also been amended to protect people's rights and expand social security nets.
Vietnam has gained remarkable feats in positioning it from a manufacturing country to an R&D hub for major corporations, including Apple, Nvidia and Samsung, this year. Apple, through its partners, has invested over $16 billion into Vietnam since 2019, creating 200,000 jobs. It has now pledged to expand cooperation and buy more components from Vietnam, aiding with innovation.
Nvidia opened its first AI factory in the country, bringing Vietnam onto the map of global AI technology. Samsung also opened an R&D center in Hanoi, aiming to become a "technology heart" of Southeast Asia.
After attending the signing ceremony to establish two AI centers in Vietnam, Nvidia CEO Jensen Huang (sitting, L) and Prime Minister Pham Minh Chinh enjoy beer and some snacks in Hanoi's Old Quarter. Photo by VnExpress/Giang Huy
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