The article attributed Vietnam's outstanding results to the Government's flexible management policies such as low-interest rate support, credit growth maintenance, and the Socio-economic Recovery and Development Programme.(Photo: VNA)Brussels (VNA) – The Brussels Times of Belgiumhas run an article highlighting that Vietnam - a development partner of the EUin the Indo-Pacific - is becoming a beacon in the region with the capacity tocontrol inflation and maintain economic growth at a high level despiteturbulent international affairs.
In the article entitled “The comprehensive cooperation over30 years: for the prosperity and welfare of the EU and Vietnam's citizens”, the author wrote that the EU-Vietnam cooperation, especially in trade and sustainable development, has createdfavourable conditions for citizens to improve the quality of life. It has alsopromoted dialogue in response to global challenges and crises.
Although the global economy is facing a potential globalrecession, international financial institutions have come out with strong forecastsfor Vietnam’s economy, it said. The recent World Bank report published inAugust, forecast that Vietnam's GDP growth would increase considerably from2.6% in 2021 to 7.5% in 2022, while keeping inflation stable at 3.8%. TheInternational Monetary Fund forecasts a GDP growth rate of 6.7% in 2023,significantly above the regional and global average.
Most recently, credit rating agency Moody's upgradedVietnam's rating from Ba3 to Ba2, with a stable outlook. Nikkei assessed thatVietnam's COVID-19 recovery index ranked second in the world, up 12 places.
The article attributed Vietnam's outstanding results to theGovernment's flexible management policies such as low-interest rate support,credit growth maintenance, and the Socio-economic Recovery and DevelopmentProgramme.
In addition, Vietnam’s early implementation of the strategyof living and working during the COVID-19 pandemic and the acceleration ofCOVID-19 vaccine coverage have restored socio-economic activities at home and abroadas well as stabilised workers’ income and citizens’ livelihood.
According to the article, Vietnam aims at creating afavourable investment environment for international businesses andcorporations. Data from the Asian Development Bank (ADB) showed that infrastructure investment in both Vietnam'spublic and private branches reached approximately 5.7% of GDP in recent years,the highest in Southeast Asia and ranked second in Asia after China.
Along with efforts to improve the quality of the economicenvironment, Vietnam is constantly improving its commitments to sustainabletrade. To date, Vietnam has acceded to 25 International Labour Organisation(ILO) Labor Conventions, including 7/8 of the basic Conventions (CollectiveBargaining, Prevention of Labor Discrimination, Child and Forced Labour. Notably,Vietnam is also one of the earliest countries to ratify two ILO instruments onOccupational Safety and Health, which are expected to be added to the group ofbasic Conventions.
European companies see Vietnam as a promising business investmentcentre with many quality and sustainable projects. Recent investment statisticsshow the upward trend in investment from some EU countries into Vietnam, suchas the Netherlands (26%), Denmark (240%), Sweden (63%), the Republic of Ireland (235 %), and Belgium (284%).
According to the assessment of the EuroCharm office inVietnam, the Business Climate Index (BCI) in the second quarter of 2022 reached68.8 points, 7.6 points higher than in the fourth quarter of 2021. Manyindicators improved, such as business owners’ satisfaction with Vietnam's effortsto attract and maintain foreign direct investment (FDI). Up to 76% of therespondents expect their companies to increase FDI into Vietnam before the endof the third quarter.
Vietnam and the EU share many objectives, goals, and visionsin maintaining multilateralism, promoting environmental protection, green andsustainable development, innovation and digital transformation, according tothe article.
Promoting bilateralcooperation in diverse fields will support Vietnam in fulfilling its strategicand conditional goals to improve human livelihood, contributing to humanity'sprogress and the world's development, it said./.
