return icon Vietnamnet.vn

Vietnam is becoming a beacon in the region: The Brussels Times

The Brussels Times of Belgium has run an article highlighting that Vietnam is becoming a beacon in the region with the capacity to control inflation and maintain economic growth at a high level despite turbulent international affairs.
Vietnam is becoming a beacon in the region: The Brussels Times hinh anh 1
The article attributed Vietnam's outstanding results to the Government's flexible management policies such as low-interest rate support, credit growth maintenance, and the Socio-economic Recovery and Development Programme.(Photo: VNA)


In the article entitled “The comprehensive cooperation over 30 years: for the prosperity and welfare of the EU and Vietnam's citizens”, the author wrote that the EU-Vietnam cooperation, especially in trade and sustainable development, has created favourable conditions for citizens to improve the quality of life. It has also promoted dialogue in response to global challenges and crises.

Although the global economy is facing a potential global recession, international financial institutions have come out with strong forecasts for Vietnam’s economy, it said. The recent World Bank report published in August, forecast that Vietnam's GDP growth would increase considerably from 2.6% in 2021 to 7.5% in 2022, while keeping inflation stable at 3.8%. The International Monetary Fund forecasts a GDP growth rate of 6.7% in 2023, significantly above the regional and global average.

Most recently, credit rating agency Moody's upgraded Vietnam's rating from Ba3 to Ba2, with a stable outlook. Nikkei assessed that Vietnam's COVID-19 recovery index ranked second in the world, up 12 places.

The article attributed Vietnam's outstanding results to the Government's flexible management policies such as low-interest rate support, credit growth maintenance, and the Socio-economic Recovery and Development Programme.

In addition, Vietnam’s early implementation of the strategy of living and working during the COVID-19 pandemic and the acceleration of COVID-19 vaccine coverage have restored socio-economic activities at home and abroad as well as stabilised workers’ income and citizens’ livelihood.

According to the article, Vietnam aims at creating a favourable investment environment for international businesses and corporations. Data from the Asian Development Bank (ADB) showed that infrastructure investment in both Vietnam's public and private branches reached approximately 5.7% of GDP in recent years, the highest in Southeast Asia and ranked second in Asia after China.

Along with efforts to improve the quality of the economic environment, Vietnam is constantly improving its commitments to sustainable trade. To date, Vietnam has acceded to 25 International Labour Organisation (ILO) Labor Conventions, including 7/8 of the basic Conventions (Collective Bargaining, Prevention of Labor Discrimination, Child and Forced Labour. Notably, Vietnam is also one of the earliest countries to ratify two ILO instruments on Occupational Safety and Health, which are expected to be added to the group of basic Conventions.

European companies see Vietnam as a promising business investment centre with many quality and sustainable projects. Recent investment statistics show the upward trend in investment from some EU countries into Vietnam, such as the Netherlands (26%), Denmark (240%), Sweden (63%), the Republic of Ireland (235 %), and Belgium (284%).

According to the assessment of the EuroCharm office in Vietnam, the Business Climate Index (BCI) in the second quarter of 2022 reached 68.8 points, 7.6 points higher than in the fourth quarter of 2021. Many indicators improved, such as business owners’ satisfaction with Vietnam's efforts to attract and maintain foreign direct investment (FDI). Up to 76% of the respondents expect their companies to increase FDI into Vietnam before the end of the third quarter.

Vietnam and the EU share many objectives, goals, and visions in maintaining multilateralism, promoting environmental protection, green and sustainable development, innovation and digital transformation, according to the article.

Promoting bilateral cooperation in diverse fields will support Vietnam in fulfilling its strategic and conditional goals to improve human livelihood, contributing to humanity's progress and the world's development, it said./. VNA

MORE NEWS

Over 98% of residents in Ho Chi Minh City carry COVID-19 antibodies

More than 98% residents of Ho Chi Minh City – the most populous locality in Vietnam - now possess COVID-19 antibodies, according to a survey announced by the municipal Health Department on November 28.

'Fantastic' Huyen Khong Cave in Da Nang

Located in the tourist complex of the Marble Mountains, Huyen Khong is one of the most beautiful and spiritual places in the central city of Da Nang.

VN ready to become a semiconductor manufacturer

The global chip race is heating up, and Viet Nam should be able to raise its position on the global semiconductor manufacturing map as some leading corporations are investing in chip production in the country, local economists said.

Chess master overcomes visual impairment to top region

Nguyen Thi Hong with visual impairment has done a great job, winning chess golds at the recent Southeast Asian ParaGames in Indonesia and being nominated to be one of the year's best athletes in 2022.

Tales of Hanoi Streets: Luong Van Can

The long narrow Luong Van Can Street has long been known as one of special historical-cultural significance to all Hanoians.

Library of antique books and newspapers for Hanoi lovers

Visiting the unique library, Hanoi aficionados can discover a myriad of fascinating stories revolving around historic landmarks and upheavals in Hanoi through different periods.

Vietnam proposes EC early remove yellow card on fisheries

Prime Minister Pham Minh Chinh suggested the European Commission (EC) early remove the “yellow card” warning

Hanoi FC win national cup for a third time with two masterpieces

Hanoi Football Club seals the second title of the season after beating Topenland Binh Dinh in the final of the National Cup 2022

Banks slash lending interest rates by up to 3.5 percent per annum

After Vietcombank, HDBank has recently announced to lower lending interest rates for enterprises doing business in many industries with a total interest rate reduction of up to VND120 billion.

Foreign investors sign billion-dollar deals to invest in southeast

Foreign investors committed to investing billions of dollars in the southeast via signing memoranda of understanding (MoU) in petrochemicals, electronics, industrial park infrastructure, urban areas, and tourism.

Nha Trang school reopens after mass food poisoning case

ISchool Nha Trang reopened on Monday morning, a week after a mass food poisoning case left one student dead and hundreds of students and teachers hospitalised.

VN-Index breaches over 1,000 points

The rallies were driven by large-cap stocks in appealing industries, including banking, realty, manufacturing and utilities.

Da Nang hosts Western & Central Pacific Fisheries Commission’s regular session

The 19th regular session of the Western & Central Pacific Fisheries Commission (WCPFC) opened in the central city of Da Nang on November 28.

Ministry works to boost rail import-export volume to 5 million tonnes by 2030

The Ministry of Transport has submitted a plan to increase international freight transport by rail by 2030, with a target of shipping between 4 and 5 million tonnes.

PM holds telephone talks with French counterpart

Prime Minister Pham Minh Chinh on November 28 had a telephone conversation with his French counterpart Elisabeth Borne to seek ways to further strengthen the Vietnam-France strategic partnership, especially in economy, trade and investment.
back_to_top