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Indian expert appreciates Viet Nam's development

VGP - Professor Pankaj Jha said that the Vietnamese economy had avoided the usual recessionary trends across Asian markets and is growing at a better-than-average rate.

March 24, 2023 8:10 PM GMT+7
Indian expert highly appreciates VietNam's development - Ảnh 1.

Ho Chi Minh City is one of the fastest-growing cities in the world. Photo: HCMC Media Center - Illustration photo

Moderndiplomacy.eu based in Europe published an analysis by Professor Pankaj Jha, Director of the Center for Strategic and Security Studies (Jindal Global University, India) on "Viet Nam's outstanding economic development achievements after the Covid-19 pandemic."

The article cites the latest report of the International Monetary Fund (IMF) forecasting that Viet Nam's GDP growth in 2023 will be at 6.2 percent. According to the article, with an inflation rate below 4 percent, it is clear that Viet Nam can emerge as a promising economy in Asia.

One important factor of this above-average economic growth is high foreign direct investment. Additionally, domestic consumption rose, the middle class increased significantly, and Viet Nam promoted export-oriented manufacturing.

Besides, with funding and subsidies from various international financial institutions, Viet Nam can upgrade its road and rail transport infrastructure and border connections and boost local socio-economic growth.

The article argues that for a long time, Viet Nam has made strenuous efforts to emerge as a knowledge network society, including improving policy applications, building stakeholder capacities, and providing information to the community regularly.

More importantly, two aspects of Viet Nam attract international attention, including ranking 70th out of 190 countries in terms of business incentives and having a young population, nearly 70 percent of the population aged 15-64.

There are high expectations that Viet Nam's tourism industry will make an impressive recovery as Viet Nam has signed a comprehensive national agreement on promoting sustainable tourism and recovering from Covid-19.

From 2022 to 2025, tourism's average cumulative growth rate is expected to reach 13.5 percent/year.

The article concludes that the transformation is also taking place in the financial and monetary sectors, the banking system, and financial management. Also, Viet Nam's anti-corruption efforts have regained investor confidence over the past few years.

It is widely expected that Viet Nam will achieve better results thanks to an improved business environment, market connectivity and advantages over other competitors in Southeast Asia.

As expected, fundamentals are getting more robust, and as a result, Viet Nam could see strong economic growth and more stable macroeconomics in 2023./.