Illustrative image (Source: Equilibrium Global)
 
Buenos Aires (VNA) – Argentina’s Equilibrium Global has recently published online an article lauding economic achievements Vietnam has recorded after more than 30 years of reform.

The article, by Prof. Dr. Julio Sevares from the University of Buenos Aires, said thanks to the reform policy, Vietnam’s economy grew more than 6.5 percent annually in the last 15 years, and its average GDP per capita expanded nine fold to nearly 2,200 USD in 2016.

Julio Sevares cited the World Bank (WB)’s statistics as saying that up to 94.3 percent of Vietnamese people can read and write, with life expectancy at 72 years and unemployment rate at 3.7 percent.

The country’s poverty rate dropped from 58 percent in 2003 to 12 percent last year, he said, adding that within two decades, 25 million Vietnamese escaped from poverty.

According to the United Nations (UN), Vietnam is one of the most successful countries in economic development, and one of the very few nations that have fulfilled the Millennium Development Goals (MDGs) ahead of schedule set by the UN, the article said.

The country aims to raise its per capita income to 3,200-3,500 USD during 2016-2020.

Vietnam’s economic development model focuses on export and investment, mainly the export of raw materials and the development of labour-intensive industries. At the same time, the country targets high value-added sectors like software.

The article said Vietnam’s export revenue tripled during 1995-2017 and the country is now the world’s 47th largest exporter with annual growth rate at 16 percent.

The Vietnamese Government is making every effort to push reform of laws relating to tax, customs and investment aiming to encourage private investment, it noted.

Julio Sevares also commented on trade ties between Vietnam and Argentina, which have developed rapidly over the recent years.

Vietnam is the fourth largest export market of Argentina, after Brazil, China and the US, he said, citing a report released by Argentina’s National Institute of Statistics and Censuses showing that Argentina’s export to Vietnam in 2016 hit 2.54 billion USD, making up 4 percent of the South American country’s total export value.

Corn and soybean account for 70 percent of the Argentinean shipments to Vietnam.

Export values of Argentina’s non-traditional items to Vietnam like biological and pharmaceutical products and optimal devices increased sharply in recent years.

Meanwhile, Argentina’s import from Vietnam stood at 350 USD, mainly electronic products, footwear and clothing.

Argentinean experts said that with a population of more than 90 million, Vietnam remains a promising market for Argentina’s beef, poultry meat, wine, milk and fruit.

Argentina can cooperate with Vietnam in aquaculture in which the Southeast Asian nation has experience, the article said.-VNA