The skyline of Ho Chi Minh City, the biggest economic hub of Vietnam. (Photo: VNA)
Hanoi (VNA) – A reportrecently released by Australia’s Perth USAsia Centre has pointed out somefactors making Vietnam an increasingly desirable partner to Australia and othercountries.
The report, entitled “Engaging aproactive Vietnam: A pragmatic economic agenda for Australia”, wrote that firstly,Vietnam’s economic size and sophisticated response to COVID-19 makes it one ofSoutheast Asia’s most dynamic nations. Vietnam has rebounded from the COVID-inducedeconomic slowdown relatively faster than the rest of Southeast Asia.
While Indonesia, Malaysia, thePhilippines, Singapore and Thailand are expected to adjust their growthprojection to more modest figures compared with before the pandemic, Vietnam’s2022 GDP growth was at 7%, already exceeding its pre-pandemic growth.
Secondly, Vietnam is reaping therewards from its efforts to position in the shift of the global supply chain. Withstable political environment, well-trained and still relatively cheap labourand favourable foreign investment policies, the country has become a preferredoption.
Lastly, Vietnam’s active economic anddiplomatic integration policy, including participation in key regionalagreements such as the Regional Comprehensive Economic Partnership (RCEP) andComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)increases its competitiveness, according to the report.
Vietnam is reaping the rewards from its efforts to position in the shift of the global supply chain, according to the Perth USAsia Centre. (Photo: VNA)
It noted Vietnam is considered one ofthe more politically stable countries in Southeast Asia. Alongside maintainingits political stability, safeguarding territorial integrity, and maintainingsocial order, the country’s main aim is economic growth. For this reason,Vietnam has been not only a participant in multilateral trade efforts but also aleading champion of regional trade integration.
Vietnam’s international role has beenincreasingly active and consequential within the ASEAN framework and inregional and international forums more broadly. As the 2020 Chair of ASEANduring a pandemic year and a non-permanent UN Security Council member, itplayed an active role at a time of geopolitical uncertainty, reinforcing itsimage as a responsible player on the international stage.
Regarding Australia - Vietnam relations,the report said Australia has been a valued partner of Vietnam, particularlydue to early joint efforts on several major infrastructure projects, including MyThuan Bridge (completed in 2000) and Cao Lanh Bridge (completed in 2018). Vietnamalso values Australia as a regional partner. Most importantly, there has been astrategic recognition by the two countries of mutual importance and elevationof ties to a strategic partnership in 2018.
Australia has an opportunity todemonstrate its value as a bilateral partner by re-prioritising its economicengagement strategy to respond to Vietnam’s contemporary challenges in energy,supply chain disruption and food security and boosting cooperation in digitaltransformation, education, among others, the report added./.
