Vietnam becomes Asia’s new tiger

Vietnam is the only country in Southeast Asia with a positive growth rate for 2 consecutive years despite the raging COVID-19 pandemic, 2.9% in 2020 and 2.58% in 2021, respectively. Reviewing the overall development process of Vietnam after doi moi, constantly improving policies… are the grounds for analysts to demonstrate about Vietnam’s prospects.

If we look at the current four Asian tigers, South Korea, Singapore and Taiwan, Hong Kong (China), from 1960 to 1990, these countries all recorded an average growth of about 6% per year. This speed has facilitated development and industrialization.

In the case of Vietnam, since 1986, the first year of Doi Moi (Doi Moi) has been more than 30 years, Vietnam’s growth rate has been among the highest in the world, with an average growth rate of 6.55%/year. years until 2019. Despite the outbreak of the COVID-19 epidemic, Vietnam’s growth was still positive, which few countries have been able to do in the past 2 years.

Despite the outbreak of the COVID-19 epidemic, Vietnam’s growth was still positive. (Illustration image – Photo: Dan Tri)

“We can completely be optimistic about Vietnam’s economic prospects and we can become the new economy tiger in Asia. Vietnam is one of the top FDI attractors while FDI disbursement in the first 5 months of the year increased by 7.8%. This shows the confidence of your country’s investors in Vietnam’s economic development potential”, said Mr. Ngo Dang Khoa, Country Director of the Division. Currency Trading, Capital Markets and Securities Services, HSBC Bank (Vietnam), review.

“It can be seen that global fluctuations are causing investment capital flows, multinational companies to reshape investment destinations, ensuring geopolitical and geographical factors. With the advantage of openness, With high economic growth, it is clear that this is a huge opportunity for Vietnam in the production chain, here in the global value chain, not simply in supply,” said Andrew Jeffries, Country Director of the European Development Bank. Asia (ADB) in Vietnam, said.

Continuing to reflect with four economic tigers, Vietnam has signed 15 free trade agreements, including many new generation FTAs ​​such as CPTPP, EVFTA…

“The Southeast Asian Economic Community, specifically, has 10 countries, of which only four are members of the Trans-Pacific Partnership, including Singapore, Malaysia, Brunei and Vietnam. Out of the four countries, only Singapore and Vietnam have a free trade agreement with Europe, so when we think about investing in this region, Vietnam emerges as a country with a favorable position because here we have can easily import and export goods made in Vietnam to North America and Europe, which makes you very attractive”, said Mr. Marko Walde, Chief Representative of the German Ministry of Industry and Trade in Vietnam, comments.

Besides, green investment is also an issue attracting a lot of attention from foreign investors. In 2021, Vietnam has become the world’s third largest market for new offshore wind capacity installations, behind only China and the United Kingdom.

The Vietnam Energy Outlook 2021 Report, which was just released in the middle of last week by the Ministry of Industry and Trade and the Danish Department of Energy, shows that Vietnam has come a long way in the process of green transition and towards the target. net zero emissions by 2050.

With the factors in the above reference system, Vietnam can completely believe in becoming a new tiger in Asia in the near future.

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