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 three decades, and what it is on course to achieve in the future, makes the country a good candidate for low- and middle-income countries in Africa to partner with for shared prosperity, according to a recent article by theafricareport.com.
Vietnam recorded an average annual GDP growth rate of 7 percent in the last 30 years. The Southeast Asian nation essentially eliminated extreme poverty and led to an improvement in the wellbeing of millions of its people, the article said.
It noted that Vietnam has been able to make huge progress despite a long colonial history and decades of war.
The article also pointed out the key factors that create Vietnam’s success, including strong political leadership, a state willing to work with private sector, and investment in human resources development.
With an ambition to reach high-income status by 2045, Vietnam seeks new market frontiers and production bases, the article said, stressing that although an extremely export-oriented economy, with export value accounting for 201 percent of GDP, Vietnam’s trade with Africa is limited. However, African nations could gain a lot from Vietnam’s approach towards the continent.
Vietnam is offering an opportunity for shared learning and growth, it said, adding technology transfer, information sharing and learning by doing together is part of what Vietnam is putting on the table for Africa.
To take advantage of this, African governments are seeking partnership with Vietnam, it went on.
The global development cooperation paradigm is changing, and Africa needs non-traditional partners to learn from and grow with, and Vietnam is one such partner, the article concluded./.
