German newspaper hails Vietnam’s economic achievements

The article emphasizes that Vietnam is trending towards a new sustainable growth model, which bases on renovation, high-tech, green economy and intellectual property.

It quotes latest data to show that Vietnam is expected to obtain a growth rate of nearly 6% in 2014, the highest in the past 4 years.

Meanwhile, inflation made a record low of 4.09% over the last decade, lower than the Government’s estimate of 5%.

Experts attributed the low inflation rate to a sharp decline in oil price and the stability of Vietnam Dong. Budget deficit has been contained at 5.7% of GDP.

The country’s exports rose by 13.6% to US$150 billion and imports jumped by 12.1% to US$148 billion. Industrial production index also hit a record high of 7.6% over the past 4 years.

The article wrote that Vietnam’s per capita income is increasing and the country has become an attractive destination for foreign businesses.

Despite slight decline in FDI in 2014, disbursed capital rocketed, mainly from world’s leading groups like Samsung, Microsoft and Intel.

The article quoted a World Bank report as saying that foreign investors have made a positive evaluation of Vietnam’s investment environment, attributing it to political and macroeconomic stability, and high quality and abundant labour forces.

According to the report, last year Vietnam generated more than 1 million new jobs and kept unemployment rate at 2.08%. Many new businesses were set up with high seed funds while the number of bankrupt companies reduced.

The German newspaper also highly valued Vietnam’s economic integration efforts in recent years to ensure sustainable economic development and attract more foreign investment. Accordingly, the country is going to complete negotiation of a number of international free trade agreements with the EU and the Customs Union of Russia, Belarus and Kazakhstan.