Australian scholar praises Vietnam’s remarkable 50-year transformation
In the 50 years since the national reunification (April 30, 1975-2025), Vietnam has transformed from a war-devastated developing country to a peacetime country that has attained lower middle-income status, said Prof Carl Thayer.
Thayer added that what impresses him most is that every time he visited Vietnam, he witnessed remarkable and dynamic changes across the country.

Professor Carl Thayer of the Australian Defence Force Academy under the University of New South Wales. Photo courtesys of Vietnam News Agency.
In an interview with Vietnam News Agency in Australia, Prof Carl Thayer of the Australian Defence Force Academy under the University of New South Wales, recalled that the first 15 years following reunification were an exceptionally challenging period for Vietnam.
The country faced numerous hardships, including the border wars in the southwest and north, along with the U.S.-imposed embargo on aid and trade, which placed significant strain on Vietnam’s post-war recovery and development efforts, he said.
The key factor in extricating Vietnam from a socio-economic crisis was the strategic far-sighted vision of its leadership to carry out the reform (Doi moi) of the country’s economic system and open Vietnam to the outside world, allow the private sector to grow in the country.
Vietnam abandoned rigid central planning and developed a socialist-orientated market economy. The country diversified and multilateralised its external relations. The year 1995 was a pivotal year when Vietnam normalized relations with the U.S. and joined the Association of Southeast Asian Nations (ASEAN) as its seventh member.
Vietnam attracted foreign direct investment and shifted from an agricultural economy to a manufacturing one, acquiring the resources to reduce poverty and raise family income.
Reflecting on Vietnam’s historic victory on April 30, 1975, the scholar emphasized that the core driver behind this triumph was the Vietnamese people’s unwavering national unity. He noted that this spirit of solidarity had long served as a vital force in the country’s struggle for independence and reunification.
According to Thayer, developing national solidarity was the key to overcoming the division of Vietnam into three regions under French colonial rule, evidenced by the founding of Viet Minh (League for the Independence of Vietnam) in 1941, the success of the August Revolution in 1945, President Ho Chi Minh’s declaration of independence on September 2, 1945, and ultimately, the victory at Dien Bien Phu in 1954, which marked the end of the protracted war against French colonialism.
The April 30 victory was a combination of military art and skillful diplomacy, taking advantage of national strength and the strength of the times. After 1975, the Vietnam People’ Army safeguarded Vietnam from attacks on its southwest and northern borders, modernize and defend national sovereignty on land and at sea from the mid-1990s to the present.
According to the professor, Vietnam not only diversified and multilateralized its foreign relations through strategic partnerships as well as active and proactive international integration by joining APEC, ASEAN, and the World Trade Organisation. This diplomatic strategy proved a resounding success as Vietnam was twice elected a non-permanent member of the UN Security Council by a large majority vote.
Vietnam acquitted international prestige as a reliable partner through its pursuit pf independence, self-reliance, peace, cooperation, and development, he added.
The country's leaders have often called for “combining national strength and the strength of the times.” During the struggle for national unification, Vietnam was able to receive assistance from traditional friends but also modify this assistance to suit the conditions of Vietnam. General Vo Nguyen Giap modified his strategy to defeat the French at Dien Bien Phu. Vietnam modified Soviet military technology to suit the battlefield conditions in Vietnam.
Today, Vietnam encourages technology transfer and co-production. As the country’s second International Defence Expo illustrated in December 2024, Vietnam could modify and develop coastal missiles and drones to suit its special conditions. Vietnam has also acquired the knowledge and skills to manufacture computer chips and electric vehicles.
The country has sent its students far and wide to learn about the Fourth Industrial Revolution and new innovations in science and technology, digital transformation, e-commerce, and artificial intelligence. It is now using this knowledge to make a breakthrough in development and avoid the middle-income trap.
In the context of Vietnam's increasingly deep integration with the world economy, many lessons learnt from the April 30 victory need to be recognized and promoted. The most important lesson is, Thayer said, Vietnam must always be able to evaluate its own strengths and weaknesses while pursuing a long-term strategic vision.
The country can learn from other countries, but it must always pursue its national interests. This requires unity among the population, political stability, constant adaptability and critical innovation, he added.
- Read More
Vietnam consumer finance major F88’s stock hits ceiling price on UPCoM debut
The stock of F88 Investment JSC (F88), a leading consumer finance company in Vietnam, hit its ceiling price of VND888,800 ($34) on Friday, the first day of trading on the Unlisted Public Companies Market (UPCoM).
Companies - Fri, August 8, 2025 | 1:32 pm GMT+7
US tariff unlikely to dent Vietnam’s long-term FDI appeal: broker
The U.S. tariff gap between Vietnamese goods and those from four other Southeast Asian countries would not erode Vietnam’s competitive edge in manufacturing and investment, said Hanoi-based Vietcombank Securities (VCBS).
Economy - Fri, August 8, 2025 | 12:24 pm GMT+7
Land clearance for Vietnam's North-South high-speed railway project to start on December 19
Prime Minister Pham Minh Chinh has requested localities to start land clearance en masse for the gigantic North-South high-speed railway project on December 19.
Economy - Fri, August 8, 2025 | 11:52 am GMT+7
Vietnam might launch pilot digital asset exchange in August
A digital asset exchange might be launched in August on a pilot basis, Deputy Minister of Finance Nguyen Duc Chi told a government press meeting on Thursday.
Finance - Fri, August 8, 2025 | 11:25 am GMT+7
Vietnam’s steel giant Hoa Sen spends $34 mln on land near Long Thanh airport for urban development
Hoa Sen Group (HoSE: HSG), Vietnam’s top producer of coated steel products, has spent VND900 billion ($34.3 million) acquiring land for a major urban development project in the southern province of Dong Nai.
Real Estate - Fri, August 8, 2025 | 8:22 am GMT+7
Halal market presents major opportunities for Vietnamese businesses
The global Halal market is projected to reach $5 trillion by 2030, with Malaysia alone expected to hit $113.2 billion, said Shariza binti Abdul Rasheed, Halal product manager at Maybank Malaysia.
Economy - Thu, August 7, 2025 | 9:18 pm GMT+7
Steel major Hoa Phat to pour extra $130 mln into central Vietnam plant
Vietnam’s leading steelmaker, Hoa Phat Group (HoSE: HPG), will increase investment in its Dung Quat 2 iron and steel production complex by VND3.4 trillion ($129.7 million) as part of an expansion plan.
Industries - Thu, August 7, 2025 | 8:03 pm GMT+7
Vietnam’s army-backed construction firm proposes 14 offshore wind power projects
Lung Lo Construction Corporation (LLC), under the Ministry of National Defense, has submitted investment proposals for 14 offshore wind power projects with a combined capacity of 9,000 MW.
Energy - Thu, August 7, 2025 | 5:07 pm GMT+7
Vietnam's agri major Hoang Anh Gia Lai fined for bond information disclosure failure
Vietnam's agri major Hoang Anh Gia Lai JSC has been fined VND92.5 million ($3,528) for failing to disclose bond-related information as required by law.
Companies - Thu, August 7, 2025 | 4:31 pm GMT+7
Northern Vietnam province accelerates $2.2 bln LNG-to-power project
Quang Ninh province will hand over 4.9 hectares of reclaimed land to the Quang Ninh LNG-fuelled power plant project before August 11, local authorities stated at a meeting on Wednesday.
Energy - Thu, August 7, 2025 | 4:17 pm GMT+7
Vietnam's seafood firms ride profit wave ahead of US tariff hike
Vietnam’s seafood companies reported surging profits in Q2/2025, driven by importers ramping up purchases ahead of new U.S. reciprocal tariffs.
Economy - Thu, August 7, 2025 | 2:21 pm GMT+7
Le Anh Tuan appointed new CEO of Dragon Capital Vietfund Management JSC
Dragon Capital Group, Vietnam's largest asset manager, has appointed Le Anh Tuan as CEO of its arm Dragon Capital Vietfund Management Joint Stock Company (DCVFM), starting from October 1, 2025.
Companies - Thu, August 7, 2025 | 2:01 pm GMT+7
Indonesia, Malaysia, Thailand expand local currency transaction network
Bank Indonesia, Bank Negara Malaysia, and Bank of Thailand have added new Appointed Cross Currency Dealer (ACCD) participating banks to broaden services for bilateral transactions in local currencies across the three nations, Bank Indonesia said in a statement on Tuesday.
Southeast Asia - Thu, August 7, 2025 | 12:48 pm GMT+7
ASEAN to sign MoU on regional power grid implementation
ASEAN member states are set to sign an MoU on the implementation of the ASEAN Power Grid during the bloc’s Energy Ministers’ Meeting this October.
Southeast Asia - Thu, August 7, 2025 | 12:43 pm GMT+7
Vietnam overtakes Thailand to become world's second-largest rice exporter
Vietnam has outranked Thailand as the world’s second-largest rice exporter in the first half of 2025, Thai PBS reported on August 3, citing the Thai Rice Exporters Association.
Companies - Thu, August 7, 2025 | 12:41 pm GMT+7
Vietnam posts trade surplus of $10.18 bln in 7 months
Vietnam’s export earnings grew by 14.8% to $262.44 billion in the first seven months of this year, while its import turnover rose by 17.9% to $252.26 billion, resulting in a trade surplus of $10.18 billion.
Economy - Thu, August 7, 2025 | 12:19 pm GMT+7