return icon

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, 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


Garden on mountaintop brings VND5 billion a year to Pa Cop village farmer

Farmer Do Quy Hanh in Pa Cop village, a Thai ethnic minority man in Pa Cop hamlet in Son La province, has his own secrets to growing bountiful orange and longan orchards, bringing profit of VND5 billion a year.

Young people invent anti-cheating software for online exams

As the fourth wave of the COVID-19 pandemic hit the country in 2021, students had to study and take exams online. However, cheating on online exams has caused headaches for schools.

Fed rate hike's impact on Vietnamese economy not significant

The latest interest rate hike by the US Federal Reversal (Fed) will weigh on the global economy, including Vietnam, but experts expect impacts of the Fed’s move on the country will not be significant.

Vietnam Blockchain Union officially debuts

The Vietnam Blockchain Union (VBN) debuted on May 17 with the aim of connecting the local blockchain community to state management agencies to develop legal frameworks for the technology and to accelerate the development of VN's digital economy.

Vietnamese students champion int’l environmental competition

A team of three Vietnamese high school students has won an international prize on environmental sustainability.

NA Chairman meets with Lao PM, discussing measures to boost ties

National Assembly Chairman Vuong Dinh Hue met with Lao Prime Minister Phankham Viphavanh in Vientiane on May 17, where the two leaders discussed measures to promote bilateral relations.

Vietnamese e-commerce likely to reach US$39 billion by 2025

Vietnam’s e-commerce market has recorded strong growth over the years and is likely to bring in US$39 billion in value by 2025, according to data released by the German market research firm Statista.

The results of press privatization

The number of news articles and other articles published in electronic newspapers and magazines have soared recently.

Prime Minister meets representatives of investment funds, groups in New York

PM Pham Minh Chinh have met with leaders of global investment firm Kohlberg Kravis Roberts (KKR) and Visa Group in New York and held phone talks with the Deputy Managing Director of the International Monetary Fund (IMF) during his trip to the US.

SEA Games 31: Vietnam bags 88 gold medals as of May 16

Vietnam has so far obtained 197 medals, including 88 golds, at the ongoing SEA Games 31, topping the tally and leaving other competitors far behind.

Vietnam to play more active role at UN: PM

Vietnam will continue bringing into play its role and making more active and constructive contributions to the common work of the UN in all the three pillars – security-politics, development and human rights, PM Pham Minh Chinh has affirmed.

Billionaire list: Tran Dinh Long loses position, new names emerge

The HPG shares of Hoa Phat Group have seen a fall in price to VND35,900 per share, while billionaire Tran Dinh Long fell from the second position on the list of Vietnamese stock billionaires.

Building a national brand for Vietnamese rice

At wet markets, consumers can find varieties of rice stored in bowls and baskets from age-old brands such as Nang Thom Cho Dao, Huong Lai, Tai Nguyen and Bong Su.

National Development Master Plan: confusion due to conflicting legal provisions

The Law on Planning was approved by the National Assembly in 2017 and took effect on January 1, 2019, but after more than three years, the planning work has not been completed. Many problems have arisen and need the National Assembly’s comments.

First Vietnamese woman reaches summit of Mount Everest

Nguyen Thi Thanh Nha, also known as Céline Nha Nguyen, has become the first Vietnamese woman to conquer the summit of Mount Everest.