Int’l press: Vietnam's economy will soon bounce back

Illustrative photo (Source: VNA)

Hanoi (VNA) - World Bank forecasts at least 6 percent growth for Vietnam’s economy in 2022 while Vietnam Holding believes that Vietnam is still a rapidly growing Asian economy.

In the past week, many international newspapers and news sites evaluated Vietnam's economic potential, and believe that the economy will soon recover in a short time.

RFI radio on October 19 quoted Jacques Morisset, World Bank Lead Economist and Programme Leader for Vietnam, as saying that the WB expects Vietnam's growth to bounce back, at least 6% for the year 2022.

The World Bank's chief economist said that in order to recover as quickly as the spring of 2020, Vietnam must face two obstacles. First, many people were seriously affected during the outbreaks of Covid-19 pandemic, and second, exports activities - the key economic driver of Vietnam - have been stalled since the beginning of the year.

However, the economic expert affirmed that Covid-19 is also an opportunity for Vietnam to become a "more developed" economy. According to him, the challenges posed by the pandemic are also an opportunity for the government to carry out reform measures, and Vietnam can realise its ambition to become a more developed economy in the coming years.

To achieve this goal, Vietnam needs to promote technological inventions and increase investment in personnel training.

Besides, Vietnam still has relatively competitive advantages, such as cheap labor, which makes foreign investment continue to pour into Vietnam.

Sharing the same opinion, the financial market site thearmchairtrader.com on October 20 said that Vietnam has a very strong economic foundation and will get better and better.

According to the article, Vietnam is one of the Southeast Asian countries that is able to cope well with the Covid-19 pandemic and can also benefit from the trend of shifting supply chains in the region.

Vietnam Holding, a London-listed investment fund that invests in high-growth companies based in Vietnam, thinks Vietnam will be one of the best emerging markets in the world once the pandemic is over.

The Vietnamese stock market is also one of the best performing in Asia, growing more than 23 percent in 2021.

Vietnam Holding believes that Vietnam is still a rapidly growing Asian economy. Solid GDP growth and large population have enabled Vietnam to compete effectively with other countries in the region in the manufacturing and heavy industry sectors.

Meanwhile, Bangladesh's dhakatribun.com on October 19 said that despite great challenges, Vietnam has achieved a stable footing in the rankings of global brand value and soft power and supporting Vietnamese companies to increase their competitiveness.

According to this page, before the pandemic, Vietnam had made great strides in economic and institutional reforms. Vietnam also boasts one of the most open economies in the world.

From a closed economy, Vietnam has opened its doors and actively attends the global integration process. Through its response to the Covid-19 pandemic, Vietnam has proven to be a reliable partner, not only in trade and investment, but also in solving global issues.

Like other countries, Vietnam has to suffer from the pandemic a lot, both on economy and society. However, the way Vietnam overcomes the challenges, like reducing negative impacts and supporting businesses to have a sustainable grow, has made the world to see Vietnam in a different way, which is more positive and respectful. This is evident in Vietnam's growth in the global rankings.

Vietnam is the fastest growing national brand in Brand Finance's 2020 ranking. While most countries have "depreciated" due to the Covid-19 crisis, Vietnam jumped 9 steps to 33rd place with brand value skyrocketing 29 percent to 319 billion USD.

Vietnam is also the only country in ASEAN to rise up in the Global Soft Power Index 2021 ranking, rising three places from 50th to 47th out of 60 countries.

These indicators, along with the improvement in other rankings, record Vietnam's innovation results over the past 35 years, and at the same time demonstrate the effectiveness of the country's development roadmap, not only compared to Vietnam itself, but also with other countries in the world.

Many Vietnamese companies are also increasing their brand value in the global rankings.

Immersed in major trends, Vietnam's development policy is associated with new trends, creating the image of a country developing based on innovation, digital transformation and inclusive growth./.