New Delhi (VNA) – Vietnam has made remarkable strides across areas, not only in trade growth and investment attraction but also in the increase of per capita income, an Indian scholar has said.
Prof. Reena Marwah from the University of Delhi, who is also Secretary-General of the Association of Asia Scholars (AAS), told the Vietnam News Agency that the social progress in Vietnam is highly commendable as in less than 40 years of implementing its Doi Moi (renewal) process since 1986, Vietnam has achieved remarkable accomplishments.
The increase in Vietnam's per capita income from around 200 USD to over 4,000 USD by 2024 demonstrates breakthrough growth, he said.
According to the scholar, Vietnam has a strong and resilient economy which has never experienced any major financial crises. It has emerged as a key location for large industries and multinational corporations. This is why foreign direct investment (FDI) in the country reached 27.26 billion USD as of October 31 this year, and it has continuously stayed among the fastest-growing economies in the world.
Recently, Vietnam has been recognised by the International Monetary Fund (IMF), the World Bank (WB), and the Lowy Institute as one of the countries with an outstanding economy that has overcome numerous shocks and demonstrated excellent resilience after the COVID-19 pandemic.
Marwah highlighted several reasons why Vietnam has maintained high growth rates, including the signing of many free trade agreements (FTA) and the establishment of comprehensive strategic partnerships with many nations, along with its prominent economic transition process.
Vietnam has also joined the Regional Comprehensive Economic Partnership (RCEP), he said, adding that the Southeast Asian nation’s economy has performed well in 2024 and is expected to maintain strong growth next year.
Marwah also predicts that in 2025, Vietnam will face certain challenges related to the trade imbalance with the US; the lifting of the European Commission's "yellow card" warning for Vietnamese seafood over illegal, unreported, and unregulated (IUU) fishing; energy security; and the improvement of the workforce's skills.
Vietnam needs to further develop its own industries and, as a result, requires more skilled labourers, he suggested, adding that the country also should pay heed to improving the quality of its agricultural products and developing sustainable agriculture as it still relies heavily on agricultural export.
Regarding foreign relations, the Indian scholar emphasised that Vietnam has established comprehensive strategic partnerships with not only Russia, the US, China, and India but also many others.
In recent years, it has continuously hosted many top world leaders, including Russian President Vladimir Putin, US President Joe Biden, and Chinese President Xi Jinping. This once again spotlights the increasingly important role of Vietnam in the international arena, according to Marwah./.
