Vietnam among most successful economies globally: Honorary Consul of Vietnam in Belgium
Vietnam is one of the most successful economies globally, made evident by the strong recovery of its textile-garment, electronics, fisheries and agriculture sectors post-COVID-19, according to Baron de Grand Ry, Honorary Consul of Vietnam in Belgium.
Brussels (VNA) – Vietnam is one of the mostsuccessful economies globally, made evident by the strong recovery of itstextile-garment, electronics, fisheries and agriculture sectors post-COVID-19, accordingto Baron de Grand Ry, Honorary Consul of Vietnam in Belgium.
The rebound is fast and constant despite ongoing tradedisputes among major nations and China’s economic slowdown, he told VietnamNews Agency correspondents in Brussels.
Citing forecasts made by the International Monetary Fund (IMF)and the World Bank (WB) that projected Vietnam’s economic growth at 7.2% in2023, he said it is a very impressive outlook.
Vietnam’s public debt is limited owing to the Government’sstrict but flexible policies and approach, he noted, adding that the risingmiddle class is giving a push to domestic consumption in Vietnam and modernshopping malls show growing domestic demand.
He further said that Vietnam is fully integrated into theglobal economy. Several countries have recognized Vietnam as a market economysince 2013; and the Government of Vietnam has ensured its market economy wouldnot affect the State management and taken wise steps to tighten its monetarypolicy, he emphasised.
Baron de Grand Ry, Honorary Consul of Vietnam in Belgium (Photo: VNA)
He outlined three factors driving Vietnam’s economicgrowth, which are a low unemployment rate, an inflation rate kept at 2.2%, andcompetitive labour costs paving the way for a surge in FDI inflows.Additionally, he continued, the country’s economy has also been supported byeconomic liberalization, crucial reforms and a tech-savvy, foreign language-proficient,hard-working young population.
Vietnam is globally viewed as a stable country with anenabling environment for economic activities, attracting a large number offoreign investors, the honorary consul stated. He recommended that Vietnam invest more indeveloping infrastructure, such as ports, airports and road networks; as wellas promote education and green energy.
Given that Belgium has advantages in developing wind power,he suggested the two countries enhance cooperation in this area./.
Cooperatives ties between Vietnam and Belgium have developed unceasingly in many spheres since the two countries established their diplomatic ties in 1973. Belgium is now one of Vietnam's key trade partners and the country's sixth largest export market in Europe.
Vietnam’s Honorary Consular to Belgium Baron De Grand Ry has offered a positive view on the cooperation between Vietnam and Belgium, especially in economy and trade.
A workshop themed “Vietnam as your Green business opportunities destination” was held by the Belgian Vietnamese Alliance (BVA) and the Flanders International Technical Agency (FITA) in Brussels on June 22 to introduce Vietnam’s potential in renewable energy and sustainable port development.
A forum to promote trade cooperation between Vietnam and Belgium took place in Brussels on June 28, as one of the main economic events between the two countries held after a long hiatus due to the COVID-19 epidemic.
Vietnamese Ambassador to the US Nguyen Quoc Dung reviewed key milestones in the bilateral relationship, underscoring the essential and sustained contribution by businesses from both countries, from the time before the normalisation of bilateral ties in 1995 until today, when the two sides are comprehensive stategic partners of each other.
According to targets adopted at the fifth Party Congress of the Management Board of the Ho Chi Minh City Export Processing and Industrial Zones Authority (HEPZA) on June 22, the zones aim for average capital attraction of 8–10 million USD per hectare, with a 70% disbursement rate of registered capital achieved on schedule.
This year’s event attracted more than 350 entries from cities and provinces across the country, reflecting growing interest in and commitment to the Fourth Industrial Revolution.
The new Government decree also simplifies loan procedures while expanding credit incentives to include organic and circular agriculture, allowing them to access preferential terms similar to those of high-tech and value-chain based agricultural production.
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The central province of Quang Nam is set to become a hub for the medicinal plant industry, with Ngoc Linh ginseng designated as the core crop, under the Prime Minister's decision issued earlier this year.
The North-South Expressway project is scheduled for completion by 2030, aiming to establish the groundwork for Vietnam’s modern railway industry and stimulate regional economic development, positioning the country for a significant economic leap in the era of national rise.
The probe, initiated on June 11 following a petition by the US Coalition for Fair Trade in Hardwood Plywood, targets products classified under HS Code 4412 and 9403 imported from China, Indonesia and Vietnam.
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A key change in the draft decree is a provision requiring bank transfers for gold transactions valued at 20 million VND (765 USD) and above, to enhance transparency and verify customer identities.
In the first four months of 2025, trade turnover between Vietnam and Cambodia surpassed 3 billion USD, marking a 7% increase compared to the same period in 2024.
On June 19 alone, a total of 2,005 trucks completed customs clearance at Lang Son’s border gates — the highest single-day figure ever recorded in the province. Of these, 634 carried exports and 1,371 imports.
The OECD Economic Surveys: Vietnam 2025 report focuses on analysing the country’s macroeconomic fundamentals, the impact of international integration on attracting foreign investment and trade, and the country’s prospects for developing a low-carbon economy.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
Illustrative photo (Source: VNA) 
Baron de Grand Ry, Honorary Consul of Vietnam in Belgium (Photo: VNA) 
