Illustrative image (Source: VNA)

Brussels (VNA) –
Belgium should look to trade ties with Vietnam, where stable politics stimulate economic growth, Nabil Jijakli, an expert from the CREDENDO insurance group, said at a conference on the global economy held in Brussels on April 12.

Jijakli said Vietnam’s average growth rate above 6 percent is a dream for many western countries.

According to him, the key to Vietnam’s success lies in its geographical location in Southeast Asia and literate young population. These factors help boost industrial development, particularly the manufacturing sector.

Jijakli lauded the favourable business climate in Vietnam and advised European firms to invest in the country, as Chinese investors are making inroads in the market.

He pointed to the EU-Vietnam Free Trade Agreement that will eliminate several tariffs and strengthen partnerships.

Vietnam’s membership of the free trade agreement Trans-Pacific Partnership will also gather momentum for the global economy and benefit the country, he said.

Jijakli also noted challenges facing Vietnam, including a slowdown in the global economy and neighbouring China – an economic powerhouse in Asia.

Vietnam’s involvement in the East Sea dispute is also a factor, he said.

Participating businessmen praised the Vietnamese market, saying it has the potential for European investment in technology, environment and manufacturing.-VNA