Vietnam is becoming a beacon in the region: The Brussels Times

Brussels (VNA) – The Brussels Times of Belgium
has run an article highlighting that Vietnam - a development partner of the EU
in the Indo-Pacific - is becoming a beacon in the region with the capacity to
control inflation and maintain economic growth at a high level despite
turbulent international affairs.
In the article entitled “The comprehensive cooperation over
30 years: for the prosperity and welfare of the EU and Vietnam's citizens”, the author wrote that the EU-Vietnam cooperation, especially in trade and sustainable development, has created
favourable conditions for citizens to improve the quality of life. It has also
promoted dialogue in response to global challenges and crises.
Although the global economy is facing a potential global
recession, international financial institutions have come out with strong forecasts
for Vietnam’s economy, it said. The recent World Bank report published in
August, forecast that Vietnam's GDP growth would increase considerably from
2.6% in 2021 to 7.5% in 2022, while keeping inflation stable at 3.8%. The
International Monetary Fund forecasts a GDP growth rate of 6.7% in 2023,
significantly above the regional and global average.
Most recently, credit rating agency Moody's upgraded
Vietnam's rating from Ba3 to Ba2, with a stable outlook. Nikkei assessed that
Vietnam's COVID-19 recovery index ranked second in the world, up 12 places.
The article attributed Vietnam's outstanding results to the
Government's flexible management policies such as low-interest rate support,
credit growth maintenance, and the Socio-economic Recovery and Development
Programme.
In addition, Vietnam’s early implementation of the strategy
of living and working during the COVID-19 pandemic and the acceleration of
COVID-19 vaccine coverage have restored socio-economic activities at home and abroad
as well as stabilised workers’ income and citizens’ livelihood.
According to the article, Vietnam aims at creating a
favourable investment environment for international businesses and
corporations. Data from the Asian Development Bank (ADB) showed that infrastructure investment in both Vietnam's
public and private branches reached approximately 5.7% of GDP in recent years,
the highest in Southeast Asia and ranked second in Asia after China.
Along with efforts to improve the quality of the economic
environment, Vietnam is constantly improving its commitments to sustainable
trade. To date, Vietnam has acceded to 25 International Labour Organisation
(ILO) Labor Conventions, including 7/8 of the basic Conventions (Collective
Bargaining, Prevention of Labor Discrimination, Child and Forced Labour. Notably,
Vietnam is also one of the earliest countries to ratify two ILO instruments on
Occupational Safety and Health, which are expected to be added to the group of
basic Conventions.
European companies see Vietnam as a promising business investment
centre with many quality and sustainable projects. Recent investment statistics
show the upward trend in investment from some EU countries into Vietnam, such
as the Netherlands (26%), Denmark (240%), Sweden (63%), the Republic of Ireland (235 %), and Belgium (284%).
According to the assessment of the EuroCharm office in
Vietnam, the Business Climate Index (BCI) in the second quarter of 2022 reached
68.8 points, 7.6 points higher than in the fourth quarter of 2021. Many
indicators improved, such as business owners’ satisfaction with Vietnam's efforts
to attract and maintain foreign direct investment (FDI). Up to 76% of the
respondents expect their companies to increase FDI into Vietnam before the end
of the third quarter.
Vietnam and the EU share many objectives, goals, and visions
in maintaining multilateralism, promoting environmental protection, green and
sustainable development, innovation and digital transformation, according to
the article.
Promoting bilateral
cooperation in diverse fields will support Vietnam in fulfilling its strategic
and conditional goals to improve human livelihood, contributing to humanity's
progress and the world's development, it said./.