Japanese daily Nikkei hails Vietnam’s economic development

Tokyo (VNA) – Vietnam’s economic achievements after over three decades of Doi moi (reform) were highlighted in an article published by Japanese daily newspaper Nikkei on November 1.

Vietnam has enjoyed better economic performance after Doi Moi, the article noted, making a review of Vietnamese gross domestic product (GDP) growth in the past 30 years. GDP per capita also inched up, from 471 USD in 2003 to 2,300 USD in 2016.

It gave a positive outlook to the Vietnamese economy with improved business climate, resulting in more foreign investment flows, and two-digit growth of export revenue. Key economic zones and industrial areas have been well developed so far.

The article also stated that Vietnam has pulled off rosy achievements in mechanism completion, which bolster the sound development of all economic sectors like industry and construction, agriculture, and services.

State-owned enterprises have undergone sweeping restructuring while the number of private businesses has grown up significantly and foreign direct investment (FDI) capital is prioritised.

Vietnam has shown its deeper integration into the global economy as it has set up strategic partnership relations with many foreign countries. The country has proactively contributed to the construction of the ASEAN Community and worked to accomplish domestic market mechanisms as committed to the World Trade Organisation (WTO).

The article stated that 59 countries, including large trade partners, have recognised Vietnam as a market-oriented economy. The country has inked ten regional and bilateral free trade agreements and completed negotiations of the free trade deal with the EU, and is working to negotiate three other pacts.

It has joined three global value chains with the increasingly important role to global economy, including the food value and security chain, the energy value and security chain, and the garment and footwear value chain.-VNA