Vietnam maintains growth as it responds to COVID-19 threats

In an article published recently, Prof. Dr. Aleksey Maslov, acting director of the Institute of Far Eastern Studies of the Russian Academy of Sciences, noted that Vietnam achieved impressive success in 2020 as its economic growth reached 2.91%. In addition, it also served as an exemplary role model amid the global COVID-19 fight, particularly as it keep several major outbreaks in check.

Despite its relatively small size, Prof. Maslov emphasised that the Vietnamese economy has enjoyed consistent growth over recent years, hitting 6.81% in 2017, 7.08% in 2018, and 7.02% in 2019. Indeed, it has been able to successfully maintain a trade surplus over the past five consecutive years, with this figure reaching a record high of US$19.1 billion last year.

The scholar went on to praise the country for its coherent open-door policy by signing and taking advantage of numerous free trade agreements alongside global partners, including the EU.

Due to the implementation of the EU-Vietnam Free Trade Agreement (EVFTA), Vietnam raked in roughly US$35 billion from its exports to the EU last year, he said.

Furthermore, the ability to formulate a long-term strategy whilst befriending investment countries can be considered the key to Vietnamese success, the scholar concluded.

Meanwhile, Prof.&Dr. Ruslan Kotiuk of Saint Petersburg National University, stated that the Doi Moi (Renewal) process is behind the Vietnamese success story.

One of the most outstanding achievements, according to Prof. Kotiuk, is that the number of poor people has dropped to its lowest level, while the population’s average life expectancy has increased significantly to 75.5 years since the implementation of the process in the mid-1980s.

He outlined that the Vietnamese economy has been increasingly opening up to the world each year. The dynamic growth of foreign trade, an effective monetary policy, and proactive fiscal consolidation, along with the continued expansion of domestic consumption, have contributed to the Government’s success in macroeconomic management.

The scholar affirmed that the country was able to successfully control the COVID-19 pandemic last year due to a rapid response and drastic measures, and its strategy is also proving to be effective this year.

Alongside dealing with the latest COVID-19 wave, the Vietnamese Government is in the process of ramping up the research and development of local vaccines, while also negotiating alongside global vaccine manufacturers in order to purchase additional doses, including Russia’s Sputnik V, for domestic use.

He therefore expressed his belief that with drastic measures put in place, the goal of securing at least 150 million doses of COVID-19 vaccines by the end of the year is achievable.