Vietnam named among most successful global economies

The current rebound is occurring at a fast pace despite ongoing trade issues among major nations and China’s economic slowdown, he told Vietnam News Agency correspondents in Brussels.

Citing forecasts made by the International Monetary Fund (IMF) and the World Bank (WB) that project Vietnamese economic growth at 7.2% in 2023, he said that there is a very impressive outlook for the future.

Vietnam’s public debt is limited due to the Government’s strict but flexible policies and approach, he assessed, adding that the rising middle class is ramping up domestic consumption in the nation with modern shopping malls showing growing domestic demand.

He further added that the country has become fully integrated into the global economy. Several countries have recognised Vietnam as a market economy since 2013; with the Government ensuring its market economy would not affect State management, thereby taking wise steps to tighten its monetary policy, he emphasised.

He outlined three factors driving the nation’s economic growth, including a low unemployment rate, an inflation rate kept at 2.2%, and competitive labour costs which pave the way for a surge in FDI inflows. Additionally, the country’s economy has also been supported by economic liberalisation policies, crucial reforms, and a tech-savvy, foreign language-proficient, and hard-working young population.

The nation is therefore globally viewed as being stable country with an enabling environment for economic activities, thereby attracting a large number of foreign investors, the honorary consul stated. He therefore recommended that the country invest more in developing infrastructure, such as ports, airports, and road networks; as well as promoting education and green energy.

Given that Belgium boasts advantages in developing wind power, he suggested the two countries strive to enhance co-operation in this area.