Euro Presse Image hails Vietnam’s economic achievements

The Hai Phong port, one of major ports in Vietnam. (Source: internet)

The Euro Presse Image on September 26 ran an article on Vietnam’s preparations for the 12th National Congress of the Communist Party of Vietnam (CPV) with a positive social-economic record.

According to the article, Vietnam has undergone an almost complete makeover caused by a fast economic growth combined with continuous industrialised and modernised process.

Vietnam’s socialist-orientated market economy has been accelerated, contributing to improving the living standard of its citizens, placing the country in the middle-income group.

The article underlined Vietnam’s signing of an agreement on the establishment of a free trade zone with the European Union (EU) which will, according to EU trade commissioner Cecilia Malmstrom, promote trade ties between the EU and the Southeast Asia, and may serve as a model for EU’s similar agreements with other developing economies.

Vietnam is also participating in negotiations with 11 other countries on the Trans-Pacific Partnership (TPP).

At the same time, the article analysed weaknesses of the Vietnamese economy in the short and medium terms, especially administrative reforms and lack of capital for infrastructure projects.

It said falling oil prices will affect Vietnam’s income, and the budget deficit is predicted to reach 6 percent, surpassing the government’s five-percent goal.

The country also needs to improve the efficiency of social-economic management, environmental protection and income gap.

The article highly appreciated Vietnam’s political stability which it said is an important and indispensable factor for development. It quoted the Financial Times as saying that thanks to the stable political environment, Vietnam has been one of leading destinations for foreign investors.

According to PricewaterhouseCoopers, Vietnam is among countries with fastest economic growth from now to 2050.

The article came to the conclusion that Vietnam’s Doi Moi policy since the late 1980s has been strengthened through years and will be the main guidelines at the upcoming National Party Congress.-VNA