Viet Nam: A Beacon of Progress for Developing Nations, Says Former Indian Minister
VGP - Former Indian Minister of Commerce and Industry Suresh Prabhu lauded Viet Nam as an exception in opening up its economy and achieving rapid development.
Shrimp processing line for export in Binh Chanh district, Ho Chi Minh City. Photo: VNA
Regarding Viet Nam-India relations, Suresh Prabhu emphasized that Viet Nam is a key partner for India, not only in economic development but also in broader strategic cooperation.
India seeks to deepen this partnership and implement further initiatives that benefit both nations, particularly in trade. He affirmed that bilateral relations will continue to strengthen.
Prabhu described Viet Nam as a "model of development for any developing country" due to its successful integration into global supply chains.
Also, he highlighted Viet Nam as a rare example of an economy that has opened up and achieved remarkable growth.
As a result, Viet Nam stands as a testament to what can be accomplished—not only for its own benefit but also for the countries it partners with.
In an era of global economic slowdown and mounting challenges, he asserted that Viet Nam's model offers valuable lessons for other nations.
Furthermore, Prabhu underscored the importance of the Association of Southeast Asian Nations (ASEAN) to India, calling it a critical trade bloc and a key economic partner of the South Asian nation.
He noted that India and Viet Nam share a broad partnership spanning strategic sectors such as economics, society, culture, people-to-people ties, and trade.
Given this strong foundation, he suggested that both nations explore discussions on a potential bilateral Free Trade Agreement (FTA).
Such an agreement, he argued, would facilitate trade in goods and services, unlock new business opportunities, and create more jobs in both countries./.
