 Australian Trade Minister Don Farrell (photo: VOV) |
Economists said Vietnam has made remarkable progress in improving its trade and investment environment over the past decade thanks to significant reforms including simplifying administrative procedures and increasing transparency in managerial processes.
Vietnam’s contributions to regional growth
Leigh Howard, CEO of Asialink Business, said he has visited Vietnam several times over the last decade and witnessed drastic changesin efforts to improve the country’s trade and investment environment. The Vietnamese government has invested heavily in infrastructure, which is an important condition for rapid economic growth.
Australian Trade Minister Don Farrell praisedVietnam’s infrastructure investment. In particular, Vietnam has built a positive business culture, said Farrel. "Southeast Asia economic strategy to 2040 shows that the region’s GDP is projected to grow significantly in the next two decades. From 3.6 trillion USD in 2022 to nearly 14 trillion USD by 2040. Vietnam will be a key driver of this growth. With growth forecasted between 5 to 7% each year through 2040, the number of Vietnamese households with incomes of more than 15,000 USD will rise by 20 million by 2040."
 Louise Adams, CEO of Aurecon Company (photo: VOV) |
Louise Adams, CEO of Aurecon Company, Australia which provides technical and design consulting services, stressed that Vietnam's continuous sustainable growth rate over many years is an indicator of strong economic growth.
"I think what's led to that is obviously the role that Vietnam is playing as a global manufacturing hub. I think the growth of skills and the young population and the education system support that. Infrastructure investment that's occurred and will continue to occur, and Vietnam generally opening itself up with a number of free trade agreements are all played a part in that journey.”
Grasping opportunities to go further
Vietnam’s recent achievements have created a foundation and internal strength for Vietnam to grasp new opportunities to grow further. Layton Pike, co-founder of the Australia-Vietnam Policy Institute, said: "Vietnam just had an amazing economic growth. But I think it needs to also focus on its own domestic industries and part of that is really focusing on the workforce it needs, growing its own talent through human resource development and particularly higher education. I think there's a lot of opportunity in human resource development, in research and innovation, including with semiconductors, and also in agriculture.”
 Layton Pike, co-founder of the Australia-Vietnam Policy Institute (photo: VOV) |
Louise Adams, CEO of Aurecon Company, said opportunities are clearly visible and Vietnam is on a successful path. "We just heard Vietnam's aspiration to play on a world scale, to lean into challenges like the energy transition and the green economy, to take care of its population, and to create a prosperous future for Vietnam. In my experience with Vietnam, when they say they want to do something, they get it done."
With strong momentum and determination to make full use of opportunities, Vietnam will strive to play a bigger role in the global market and create a prosperous future.