Workers process shrimp for export at the Minh Phu Seafood Corp. in the Mekong Delta province of Hau Giang. Illustrative photo. (Photo: VNA)Washington (VNA) – Embracing free trade policies, reducingoverregulation and costs of doing business, and investing in human capital and infrastructure are threeingredients that help Vietnam become a top emerging economy in less than threedecades, said a writing posted on the US hakernoon.com.
According to the article citing the WorldBank’s recent report, the Vietnamese Government’s efforts have been paid off asits trade liberalisation opened the door to new agreements, lowering taxes forinternational commerce operations, and increasing regional competitiveness. Todate, the Southeast Asian country has successfully inked 16 bilateral andmultilateral free trade deals. Also, it has become a member of the World TradeOrganisation (WTO), the Association of Southeast Asian Nations (ASEAN), and theEurasian Customs Union.
Eliminating excessive controls and providing a clearer framework for doingbusinesses in several key industries have played a crucial role in boosting thecountry’s business development.
The article mentioned new challenges for the country when the number ofbusinesses keeps growing and the economy’s scale continues expanding. It saidthat Vietnam should pay due attention to education with a view to elevatingquality standards, and infrastructure investments which help supply more energyand improve connectivity within the country.
Last month, World Economic Forum (WEF) President Borge Brende praised Vietnam’seconomic performance at the Vietnam Business Summit. He pointed out thepositive impact of the numerous economic reforms implemented by the governmentover the last few years to reduce debt and stabilize public finance, thewriting said.
According to Vietnamese Minister of Finance Dinh Tien Dung, the country’spublic debt had risen to 64 percent between 2011 and 2015; however, thanks tolatest reforms, debt is expected to decrease to 60 percent in three years (fromnow). In addition, Vietnam reached an economic growth peak for the decade at6.8 percent, outperforming its target of 6.7 percent.
Brende said that Vietnam could benefit from thecreation of a friendly environment for innovative technologies like theInternet of Things, blockchain and crypto. Countries that quickly adopt thesetechnologies can expect a brighter future.
In fact, Prime Minister Nguyen Xuan Phuc ordered the establishment of anational committee for e-government in August. This aims to study and elaborateguidelines, strategies and policies to create a legal environment favourablefor developing digial government.
A report from the AlphaBeta Consulting firm, Vietnam ranks second in high-techinvestment environment, and third in digital competence in the SoutheastAsia.-VNA
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