With a positive outlook and high growth, Asian Investor considers Vietnam to act as a “launching pad” for Asia.
According to the October update of the World Bank, Vietnam’s economic growth is forecast to increase by 7.2% this year, despite facing many pressures due to the general difficult situation of the world and the region.
This is the highest economic growth rate in the East Asia – Pacific region. Extraordinary growth is an emphasized phrase about Vietnam’s economy, resulting from the Government’s flexible operating policy. Comments of many experts and international press last week.
Economic wonder in an anxious world is the phrase Financial Times reviews about Vietnam. Vietnam is one of seven countries with effective economic activities and outstanding prospects, in the context of the gloomy global economy. Thanks to strong investment in infrastructure for production and export, Vietnam’s economy grew by approximately 7%, the highest in the world.
Sharing this view, the Nikkei newspaper rated Vietnam’s economy as a bright spot, leading Asia’s growth. Meanwhile, the Italian daily La Repubblica said that Vietnam will be the new tiger in Asia.
“Vietnam’s impressive growth compared to other countries in the region. Vietnam continues to maintain macroeconomic stability, control international debt, and stabilize budget revenue. Vietnam’s priority right now is to shift to quality production, deeper participation, more sustainable supply chain,” commented Mr. Aadytia Mattoo, Chief Economist for Asia-Pacific, World Bank.
“After opening up from the pandemic, Vietnam’s economy recovered quickly, from all angles. We predict that Vietnam’s GDP growth this year will be above 6%. Core inflation is under control. It is because Vietnam has a stable and prudent macroeconomic policy that keeps the economic boat operating efficiently,” Prof. Andreas Hauskrecht, Kelley School of Business, Indiana University, USA, comments.
According to the Economist, Vietnam is benefiting from the era of de-globalization. Vietnam maintains a high growth rate for a long time; attracts a large number of foreign corporations. Along with that, the active participation in many new generation trade agreements also helps Vietnam to have easier access to many other markets.
“Becoming a member of many new-generation FTAs is beneficial for Vietnam when it transitions from exporting low-tech products and basic goods to more complex and high-tech goods… Vietnam can improve competitiveness by diversifying partners, attracting foreign businesses to transfer technology, enhance value chains,” said Ms. Michele Wee, General Director of Standard Chartered Bank Vietnam.
“Vietnam’s economy has grown steadily thanks to the continuous increase in foreign direct investment flows. Vietnam is the second highest recipient of foreign direct investment in ASEAN, thereby helping to promote growth, implement reforms on infrastructure investment”, said Mr. Fillippo Botorletti, Director of the Vietnam Office, Dezan Shira Investment Consulting Group.
With a positive outlook and high growth, Asian Investor considers Vietnam to act as a “launching pad” for Asia. The newspaper said that Vietnam is attracting more and more attention because of its potential for further development to become an international trade and production center.
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Source: Vietnam Insider