(VOVWORLD) - Vietnam is the brightest star in the region, a new Asian tiger, and Vietnam’s economy is recovering quickly and has positive prospects in the medium-term, according to foreign media, organizations, and experts. Foreign media have also expressed optimism about Vietnam’s socio-economic development prospects and forecast Vietnam’s GDP growth will be 5.5-7.9% this year.
 The Landmark building in HCM City (Photo: VOV) |
Foreign news outlets like Sputnik, VOA, and Business Times have acknowledged that Vietnam is a bright spot in economic recovery, a global manufacturing hub and an important link in the global supply chain, thanks to its low labor cost, strategic location, and advantages in shipping facilities and political stability. They have praised the Vietnamese Government’s production plans and the growing trust of foreign businesses in Vietnam’s investment environment.
The World Bank, Standard Chartered Bank, and HSBC have hailed Vietnam as a “gold mine” that attracts foreign investment in infrastructure, the securities market, the digital economy, renewable energy, health care, and logistics. Vietnam is benefitting from the Regional Comprehensive Economic Partnership and other free trade agreements. It has invested heavily in education, is boosting industrialization, and is in a golden demographic period. Many big tech groups plan to build factories in Vietnam to diversify their supply chain.
Foreign media and economic institutions, including DigiTimes, Le Petit Journal, InvestAsian, and Eurocham, have predicted that Vietnam will achieve the highest increases in income and trade among RCEP members. Vietnam’s GDP has doubled since 2012. According to foreign media, Vietnam has avoided all economic recessions in the last 30 years, maintained GDP growth during multiple crises, and was among the very few countries that escaped economic recession in 2020. Vietnam is recovering quickly and strongly, they said.
Vietnam is a competitive country and its industrial sector is experiencing the fastest growth in the world. It is the only Southeast Asian country that has recorded positive growth for 2 consecutive years despite the COVID-19 pandemic.
Vietnam has become a prime destination for investors, thanks to its strategic location and its advantages in delivery, labor, and production costs. Its productivity and volume of orders have increased sharply since the first quarter of this year.
According to foreign media, Vietnam has become attractive to all forms of business and a favorite destination for giant tech groups, real estate, and consumer goods businesses.
Foreign investors praise Vietnam’s business environment, large labor force, stable socio-economic situation, good infrastructure, convenient delivery, and investment incentives. Foreign investment in Vietnam in the first half of this year has boosted its integration into the global supply chain. Many European and Japanese businesses are planning to increase their investment in Vietnam.
International financial institutions like the ASEAN+3 Macro Economic Research Office and the World Bank have made positive projections for Vietnam’s economy. They say Vietnam will record the highest growth in Southeast Asia, far beyond expectations, in 2022 and believe Vietnam’s medium-term growth will be positive.