Crucial decisions appear to be on hold following the mysterious absence of its 79-year old leader Nguyen Phu Trong. None holds a brief for those opposing a crackdown on corruption. But at the same time, care needs to be taken that such drives do not turn into a witch hunt as it's fallout is a policy paralysis Fear of potential scandals have spread a scare among bureaucrats to green light major projects.

Indecision markedly looms large in the energy sector. Vietnam is grappling with increasing demand for electricity, a scenario made worse by unreliable supply despite successful efforts to link homes to the grid.

Bureaucratic hurdles and an opaque legal framework stand in the way of shifting to cleaner energy sources. Against this backdrop, Vietnam's challenge to achieve zero-carbon emission by 2050 appears to be far off.

Agility on the part of the policy makers of the country is the need of the hour. Foreign investors are offered tax breaks but such government policy is not quite in keeping with global minimum corporate tax rate agreement between Overseas Economic Cooperation and Development (OECD) countries. Vietnam needs to maintain its appeal as an investment friendly destination. For it, simplifying rules and cutting down red tape is an essential pre requisite.

After all, Vietnam's emergence as a sought after partner, strategically positioned between China and United States have been underscored by the visits of U S President Jo Biden and Chinese leader Xi Jinping last year. These visits vindicate a story of remarkable economic transformation which started with the country 's economy in the mid-'80s when it's average annual income per capita was half that of Kenya.

It has grown six fold to 3700 US dollars. Together with its pragmatic and pro-business policies coupled with geo-political tensions prompted businesses to diversify away from China to Vietnam. The manufacturing sector has shown a significant shift with notable brands setting up shops within its borders.

In the process, suppliers are being attracted to Vietnam in the wake of this process. There are firms from China too in this process. This trend is referred to by "China+1". It reflects a game plan by companies seeking to reduce its dependence on China. These firms are navigating a complex route in global trade. It boils down to Vietnam's emergence as a significant player in world trade and commerce.

The route to a newfound economic prosperity has been considerably contributed by a young, diligent and cost- effective work force. In 2022, trade accounted for an astonishing contribution to GDP, a pointer to Vietnam's positive attitude towards commerce unlike some of its South Asian peers.

By 2045, Vietnam aspires to be a rich nation. It is high time for it to address the major issues as a collective leadership. Streamlining policies and expediting transition to cleaner energy has to go hand in hand with it. Global alliances and domestic reforms are the two posts between which Vietnam has to walk a tight rope as a cheering world watches. (IPA Service)