Illustrative image (Photo: VNA) The author, Guy Mettan, wrote that the world isseeing the emergence of Vietnam and Indonesia as rising economic powers in Asia.
According to him, Vietnam may be the country that benefitsthe most from the new international situation. From January to July, foreigndirect investment (FDI) poured into the country was estimated at 11.57 billionUSD, up 10.2% year-on-year - the highest amount in the last five years.
The author also cited the World Bank’s August projections assaying that Vietnam’s GDP growth may hit 7.5% in 2022, and inflation curbed at 3.8% this year.
According to Fitch, Vietnam ranks fifth out of the 35 Asianmarkets in terms of economic openness, with a score of 74.6 out of 100, far abovethe Asian average (46) and the world average (49.5).
“The country is emerging as a manufacturing hub in the Eastand Southeast Asian region, supported by government-led economic liberalisationefforts and integration into global supply chains, through trade agreements andmembership of regional and international blocs,” the article wrote. In Asia,Vietnam followed Singapore, China’s Hong Kong and Macau, and Malaysia.Globally, it ranks 20th out of the 201 markets.
In July, Moody's raised its GDP growth forecast to 8.5%, thehighest growth projection in the Asia-Pacific region. The Growth Lab of US-basedHarvard University recently forecast that Vietnam could be one of the fastestgrowing countries over the next decade.
The Swiss newspaper also appreciated Vietnam’s candidacy tothe United Nations Human Rights Council after successfully assuming the role of a non-permanent member of the UN Security Council in 2020-2021./.
VNA
