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World press sees positive Vietnam economy outlook

Wed, 12 Nov 2014. Last updated Thu, 25 Jun 2015 08:55

In a Russian newspaper, among "Asian tigers", Vietnam is appealing a great attention when entering international integration and remaining stability during crisis period. Vietnam economy is accessed to attract more investors in years to come.

Recently, Vietnam has issued US $1 billion government ponds in international market with lower interest than being expected. Over 400 investors registered to buy with 10 time bigger total amount than that offered. According to Finance Asia, the selling of Vietnam ponds was evaluated as one of the most successful auctions in Asian debt market. Representative of Ministry of Finance said that with the current sustainable domestic economic situation, the Vietnam government expected much on this pond issue. In addition, owing to being upgraded reputable level and having positive assessments of investors, the result is undeniable. Rajeev De Mello of Schroder property management (Singapore) also defined, "The macro economy is stable at present. All are favorable conditions for the issuing Vietnam ponds".

 

SSI Headquarter

 

Previously, Fitch raised Vietnam Credit Rating from B+ to BB-, while Moody raised it from B2 to B1. Simultaneously, a series of articles recently published in Germany, Italy, Russia, and Poland, etc show positive definitions about the outlook of Vietnam economy. In an article published on Sudestasiatico, an Italian press pointed out that in spite of facing many difficulties, the economy of Vietnam witnessed good growth. The paper cited data on the growth rate of Vietnam, the trade surplus, and income per capita. 13 of the 15 targets set by the government earlier this year have been completed and those are very positive signs. Besides evidence of the positive macroeconomic indicators, foreign journalists have identified that Vietnam stock market has the highest growth in the world over the time. Real estate transactions are doubled over the same period last year...

On an article of Russia, Vietnam is appreciated as an Asian tiger attracting a great amount of investment, as joining international integration and remaining its growth rate during the time of crisis. Specifically, in the context of 2014, the growth rate of many countries in Asia such as China, India, and Indonesia is not as high as that in 5-6 years ago. Years ago, Vietnam is a country still faced famine; now, the country not only solved the food problem, but also ranked second in the world for rice exports of 65 million tonnes a year. Meanwhile, income per capita increased from US $128 in 1995 to US $1,200 in 2014. Inflation in 5 consecutive years has been controlled below 4%, the lowest rate in Asia-Pacific region. Thanks to flexible economic policies as well as political stability, Vietnam is one of countries leading in terms of attracting investment in ASEAN. Prof. Dmitri Mosyakov, leader of Center for Southeast Asia, Australia, and Oceania Research, under Oriental Institute of Russian Academy Institute of Science, defined that Vietnam economy is favorable environment for investors. That is why the US Chamber of Commerce in Singapore has put Vietnam on the list of the most attractive countries in ASEAN.

 

Free Trade Agreement

 

The Diplomatic Society - a prestigious online publication in the diplomatic community in South Africa also analyzes and indicates the success of attracting the issue of foreign investment in Vietnam. Foreign newspapers also states to promote economic development, attract foreign investment, and reduce reliance on traditional but risky partners, Vietnam has promoted international economic integration process and became a member of several economic organizations in the world. It becomes a member of the World Trade Organization (WTO) in 2007, member of international economic organizations and institutions such as the World Bank (WB), International Monetary Fund (IMF), and ASEAN Free Trade Area (AFTA)... In addition, Vietnam is focusing their economic and diplomatic efforts on completing EU-Vietnam Free Trade Agreement with the EU (EVFTA) and joining Trans-Pacific Strategic Economic Partnership Agreement (TPP).

 

Vietnam workers in foreign company

 

International journalism appreciates particular efforts of Vietnam in seeking new markets. Prime Minister Nguyen Tan Dung has a new direction for the West to search markets, direct investment, and technology for Vietnam production. However, the country also creates economic relation with India, a large economy in Asia. This opinion was published in a French newspaper in the last October. Besides, as other developing economies in Asia, some articles also point out the limitations and challenges of Vietnam. In particular, problems of dangerous situations are due to the economy depending on foreign-invested enterprises, high bankruptcy, high bad debt, and low restructuring State-owned enterprises. However, the international media has given clear statements about Vietnam's economic future, especially in attracting foreign investment. The Government's ambition is to create a new "Silicon Valley" in Asia, and by 2020 there will be 45% of GDP obtained from information technology and new technologies. The Rzecpospolita (Poland) asserts that Vietnam is very doable, thanks to the potential of political positions, young and cheap labor. Vietnam Information and Technology reaches the growth rate of 16% per year, ranking 5th in the world. "Many of giants in the field of high technology have been actively coming to Vietnam to develop their production as cheap labor and a stable political environment ", General Editor of the Multi-polar World of Russia said.

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