Foreign experts positive about Vietnam’s economic prospect
Foreign experts are positive about Vietnam’s reforms and open-door policy, suggesting that the country should seize opportunities to become a major Asian export hub.
Hanoi (VNA) – Foreign experts are positive about Vietnam’s reforms and open-door policy🍌, suggesting that the country should seiz🐷e opportunities to become a major Asian export hub.
These comments came amid the ongoing 12 th National Congress of the Communist Party of Vietnam in Hanoi , which has attracted foreign media interest.
Christian Lewis, an expert on Vietnam at the New York-based Eurasia Group think-tank, wrote in a commentary that following the Congress, the new set of leaders will support the current economic reforms and trade policy. Notably, they remain committed to the Trans-Pacific Partnership (TPP) and other key trade deals, including the free trade agreement with the EU.
Southeast Asia regional specialist Carl Thayer from the Australian Defence Force Academy, for his part, said the 11 th Party Central Committee’s 14 th meeting’s support for the TPP was a positive step for Vietnam’s economic direction in the coming years.
France’s “Les Echos” on January 21 ran an article saying the Congress will consider adopting a five-year socio-economic development blueprint for the next five years, with a roadmap to raising per capita income to between 3,200 and 3,500 USD by 2020, slowing inflation to 5 percent and keeping the budget deficit within 4 percent of the gross domestic product.
It added that Vietnam ’s financial market will continue to appeal to foreign investors since Vietnam has not only joined the World Trade Organisation, but also signed the TPP.
Commenting on Vietnam ’s business climate, the UK ’s Financial Times said that with gross domestic product growth back above 6 percent, Vietnam is benefiting as manufacturers relocate in a bid to cut costs after wage rises in countries such as Thailand and China .
Meanwhile, the Japan Times hailed Vietnam’s draft five-year socio-economic development plan, which calls for privatisation of State-owned enterprises and the elimination of corruption.
The paper also asked for the creation of a specific plan to meet the requirements of the TPP, as well as free trade agreements with the EU and the Republic of Korea.
If Vietnam achieves 7 percent economic growth and the targeted gross domestic product per capita over the next five years, the country will become one of the fastest-growing economies in the Asia-Pacific, the International Monetary Fund told the paper.
IHS Global Insight Asia Pacific Chief Economist Rajiv Biswas said further economic liberalisation and the improvement of economic competitiveness were very important.-VNA
Mai Xuan Hung, Vice Chairman of the National Assembly Committee for Economic Affairs, spoke to the newspaper Thoi bao Kinh te (Vietnam Economic Times) about the Vietnamese private economic sector.
European investors are eyeing further investments in Vietnam, the Ambassador and Head of the European Union (EU) Delegation to the country, Bruno Angelet said.
Vietnam’s economy has started to thrive while most of Asian economies is slowing economically and moving towards consumer-led growth, the Standards & Poor (S&P) fund said in its recent report.
A brighter outlook is forecast for the Vietnamese economy this year and the following years amid difficulties and challenges, according to economic expert Nguyen Quynh Nga.
Greater efforts at a national level are needed to create a new wave of investments in Vietnam, Vuong Dinh Hue, Head of the Party Central Committee's Economic Commission, said.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
Illustrative image (Source: VNA)
