return icon Vietnamnet.vn

Indian expert impressed by Vietnam’s economic development

Prof. Pankaj Jha of O.P. Jindal Global University in Sonepat of India has lauded Vietnam’s economic development in recent years.

Indian expert impressed by Vietnam’s economic development hinh anh 1

Unloading goods at Hai Phong International Container Terminal (Photo: VNA)

 

 

In a recent article published at moderndiplomacy.eu, he said that in the year 1986, the “Doi Moi” (Renewal) economic reform programmes were initiated. This paved the way for further reforms in the equity markets and disinvestment of the state-owned enterprises.

In 2021, the projected real GDP percentage growth would be around 6.7 percent while the inflation rate would remain stable at 3.8 percent.

“This is a fulfilling prophecy which clearly outlines that Vietnam has come out of the COVID-19 pandemic and there are signs of domestic recovery as well as consolidation of trade from the trading partners,” the scholar noted.

In fact, one of the achievements of the Communist Party of Vietnam (CPV) has been in reducing the budgetary deficit and outlining new restrictions with regard to government guarantees.

In the last five years, the CPV has taken active interest in reforms in terms of disinvestment of the state-owned large enterprises and also modernising the monetary and fiscal systems. The fight against corruption has paid dividends.

He added the reduction in the licensing procedures and active state intervention on administrative matters have facilitated the growth of the private sector in Vietnam. As a result of these initiatives, Vietnam is now enlisted as one of the fastest growing economies in Asia.

The country’s GDP has also increased to 300 billion USD in 2020 while the per capita GDP has now reached nearly 2,700 USD.

By the end of 2020, the World Bank stated that Vietnam has performed exceptionally well in containing the COVID-19 crisis and is on the way to recovery. The merchandise trade surplus as well as foreign exchange reserves are on the upswing.

Jha highlighted that the efforts had been made whilst Vietnam weathered floods and natural disasters. The country is on its way to realise its climate targets stated in the Paris Agreement as one of the first signatories, he added.

In 2019, nearly three years after the anti-corruption drive, Vietnam experienced strong domestic demand and accelerated export-oriented manufacturing.

Incidentally, the world had experienced recession in the 2016-19, yet Vietnam was one of the exceptions.

The scholar said that Vietnam has woken up to the need of rapid urbanisation while at the same time catering to waste management and addressing environmental challenges.

This visionary approach undertaken by the CPV shows that the party is keen to project Vietnam as a middle-income country, and a middle power in Southeast Asia, he concluded./.VNA

MORE NEWS

Credit package for social housing not as productive as hoped

Few have benefited from the VND15 trillion credit package for social housing as there is a limited supply of low-cost homes.

VIETNAM BUSINESS NEWS AUGUST 17

More effective tax collection of e-commerce necessary

VIETNAM NEWS HEADLINES AUGUST 17

Cultural industry to contribute 10% of Hanoi’s GRDP by 2045

Authority warns of scam South Korea labour export programmes

The Department of Overseas Labour under the Ministry of Labour, Invalids and Social Affairs have warned about scams targeting people who want to work in technical occupations in South Korea.

Textile firms call for favourable policies amid pessimistic prospects

With a pessimistic outlook for the second half of 2022, textile firms are calling for favourable governmental policies to turn their situation around.

Enterprises ignoring waste management to face penalty

Enterprises that are required to manage their waste and have yet to fulfill their payment obligations will be inspected, with a possible fine of up to VND2 billion for violations.

Favorable conditions pledged for Qatar’s funds, enterprises

Competent Vietnamese agencies are willing to create favorable conditions for Qatar’s investment funds and enterprises to seek investment opportunities in the country.

Woman posing for Tiktok video at Phu Quoc airport banned from flying for six months

The head of the Civil Aviation Authority of Vietnam Dinh Viet Thang has decided to issue a flight ban on a woman posing for a TikTok video at the Phu Quoc Airport tarmac for six months.

“1,000 public employees quitting jobs each month is inaccurate data”: HCM City

The Ho Chi Minh City Department of Home Affairs says the information that 6,177 public employees quit their jobs in the first half of 2022 is incorrect. These are actually statistics from January 1, 2020 to June 30, 2022.

Gov't sets up six working groups to inspect disbursement of public investment capital

Prime Minister Pham Minh Chinh has tasked six working groups to inspect disbursement of public investment capital in 41 ministries, state agencies and 18 localities where disbursement is below the national average rate of 34.47 percent as of July 31.

Vietnam to mobilise $360 billion for sustainable development targets

Vietnam needs to mobilise $360 billion for implementing its green and sustainable development targets by 2030.

Vietnam to make Apple Watch, MacBook for first time

Apple is in talks to make Apple Watches and MacBooks in Vietnam for the first time as the US tech giant looks to diversify production away from China, Nikkei Asia reported.

Japanese firm buys 35.1% stake at Vietnam’s power company

JERA Inc., a power generation company of Japan, has signed a deal to buy a 35.1% stake at Vietnam’s Gia Lai Electricity JSC (GEC) to tap the Southeast Asian nation's growing demand for electricity and further its own decarbonisation efforts.

Goalkeeper Dang Van Lam officially signs contract with Binh Dinh

Goalkeeper Dang Van Lam has signed a three-year contract with Binh Dinh FC and is expected to play his first match for his new team in the V.League 1 this weekend.

Vietnam faces shortage of Protamine sulfate

The Drug Administration of Vietnam (DAV) has sent a letter to provincial and municipal departments of health, hospitals and drug importers, asking them to supply information on stocks of Protamine sulfate.
back_to_top