(VOVworld) – The German national public broadcaster ARD recently posted an article praising Vietnam’s renewal policies on its news website at Tagesshau.de. The article hailed Vietnam’s renewal policies as absolutely correct which helped boost Vietnam’s economic growth and investment attraction. It said Vietnam and EU’s recently concluded negotiations on a bilateral Free Trade Agreement (FTA) are vivid evidence for the policies’ correctness. Vietnam with its population of more than 90 million will bring about new important opportunities for European businesses. 

Since Vietnam applied its renewal policies in 1986, Vietnam has seen strong economic growth and become a favorite destination of foreign investors. Major economic groups from the Republic of Korea and Japan, including Samsung, LG, and Toyota, has invested billions of USD in Vietnam. The article said Vietnam has spared no effort to curb inflation and this has proved affective. Vietnam’s economic prospects are consolidated thanks to falling oil prices and employment rates, as well as low interest rates. The article also attributed Vietnam’s economic prospects to Vietnam’s young population who are industrious and well-educated while Vietnamese leaders have set a target to turn Vietnam into an industrialized and modernized country by 2020. It also pointed out several shortcomings Vietnam needs to address to further boost growth.