Leading Swiss media outlet highlights Vietnam as Asia's new tiger
VOV.VN - Renowned Swiss French-language newspaper Agefi, a publication based in Geneva, recently released an article titled “Le Vietnam et les nouveaux tigres asiatiques”, “Vietnam and the new Asian tigers” in English, by author Guy Mettan, which outlines Vietnam’s role as one of the leading emerging economies and its important role in Asia.
In terms of Southeast Asia, Vietnam and Indonesia are currently emerging as Asia's new economic powers, alongside the Republic of Korea (RoK) and Singapore.
Mettan wrote that the world is now starting to see the emergence of Vietnam and Indonesia as rising economic powers in the continent.
Vietnam may be the country that benefits most from the current international situation as from January to July foreign direct investment (FDI) poured into the nation, standing at an estimated US$11.57 billion, representing an annual rise of 10.2%, the highest amount over the last five years, the author said.
He went on to cite the World Bank (WB)’s August projections as saying that Vietnamese GDP growth may reach 7.5% this year, with inflation kept in check at 3.8%.
Furthermore, Vietnam ranks fifth out of the 35 Asian markets in terms of economic openness, with a score of 74.6 out of 100, far above the Asian average of 46 and the global average of 49.5, according to ratings by Fitch.
“The country is emerging as a manufacturing hub in the East and Southeast Asian region, supported by government-led economic liberalization efforts and integration into global supply chains, through trade agreements and membership of regional and international blocs,” the article wrote.
In terms of Asia as a whole, the country is behind Singapore, China’s Hong Kong and Macau, as well as Malaysia. Globally, it ranks 20th out of the 201 markets.
In July, Moody's raised its GDP growth forecast to 8.5%, the highest growth projection in the Asia-Pacific region. In addition, the Growth Lab of US-based Harvard University recently forecast that Vietnam could be one of the fastest growing countries over the next decade.
The Swiss newspaper concluded by positively assessing Vietnam’s candidacy to the UN Human Rights Council after successfully assuming the role of a non-permanent member of the UN Security Council in 2020 to 2021.