Beyond manufacturing: Vietnam’s ‘Doi Moi 2.0’ opens up new investment options and challenges

[SINGAPORE] Mention Vietnam within a business context and most would reference the key role it plays in global manufacturing.

The South-east Asian country has been a key beneficiary of the “China Plus One” strategy, which has arguably accelerated since 2020. But it has its sights on being much more than a manufacturing hub, as evidenced by the recent wave of sweeping legislative reforms.

Dubbed by some as “Doi Moi 2.0”, interpreted as renewal, this top-down overhaul led by General Secretary To Lam signals a serious national ambition: 10 per cent annual gross domestic product growth until 2030, with the aim of making Vietnam a high-income, developed country by 2045.