Vietnam wants to be the next Asian tiger and it’s overhauling its economy to make it happen

Vietnam is launching its biggest economic overhaul in a generation, aiming to become Asia’s next “tiger economy.” The Communist Party calls it a “new era,” with reforms focused on tech, green energy, infrastructure, and unleashing private-sector growth. For the first time, the ruling Communist Party is calling Vietnam's private sector the most important force in the economy. Policies now favor local firms, offering better access to credit, contracts, and overseas expansion. But challenges loom: an aging workforce, climate change, and pressure from President Donald Trump on Vietnam's trade surplus with the U.S. The country is racing to escape what economists call the middle-income trap as typhoons and a shrinking Mekong Delta are already hurting growth.