Vietnam recorded an average annual GDP growth rate of 7 percent in the last 30 years. - Illustrative image (Photo: VNA) Hanoi (VNA) – What Vietnam has achieved in the last threedecades, and what it is on course to achieve in the future, makes the country agood candidate for low- and middle-income countries in Africa to partner withfor shared prosperity, according to a recent article by theafricareport.com.
Vietnam recorded an average annual GDP growthrate of 7 percent in the last 30 years. The Southeast Asian nation essentiallyeliminated extreme poverty and led to an improvement in the wellbeing ofmillions of its people, the article said.
It noted that Vietnam has been able to makehuge progress despite a long colonial history and decades of war.
The article also pointed out the key factorsthat create Vietnam’s success, including strong political leadership, a statewilling to work with private sector, and investment in human resourcesdevelopment.
With an ambition to reach high-income status by2045, Vietnam seeks new market frontiers and production bases, the articlesaid, stressing that although an extremely export-oriented economy, withexport value accounting for 201 percent of GDP, Vietnam’s trade with Africa islimited. However, African nations could gain a lot from Vietnam’s approachtowards the continent.
Vietnam is offering an opportunity for sharedlearning and growth, it said, adding technology transfer, informationsharing and learning by doing together is part of what Vietnam is putting onthe table for Africa.
To take advantage of this, African governments are seeking partnership with Vietnam, it went on.
The global development cooperation paradigm ischanging, and Africa needs non-traditional partners to learn from and grow with,and Vietnam is one such partner, the article concluded./.
