Gulf Today: Vietnam powers ahead in economic growth

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(VOVWORLD) - Vietnam’s success in curbing the coronavirus so far, while its Southeast Asia neighbours struggle, is helping the country power ahead in economic growth and attracting major funds, and foreign investors, said foreign experts on the Gulf Today newswire on Thursday.

Gulf Today: Vietnam powers ahead in economic growth - ảnh 1 A process of manufacturing loudspeakers of Foster Electric Company in Bac Ninh. Photo: Thong Nhat/VNA

The article quoted World Bank Country Director in Vietnam Carolyn Turk as saying that the successful management of the pandemic to date has already enabled the country to capture a larger share of global trade and foreign direct investment (FDI) during 2020.

Meanwhile, Chairwoman Jareeporn Jarukornsakul of the WHA Group, a Thai logistics company which has expanded its industrial estate business in Vietnam, said costs are cheap in Vietnam and its government is very quick with investment, allowing provinces to issue their own regulations and investment incentives.

Development was also boosted by the two free trade deals signed last year, including the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trading bloc, and an agreement with the UK modelled on the EU-Vietnam Free Trade Agreement (EVFTA), which Vietnam ratified in June.

Vietnam also has bilateral trade deals with both the Republic of Korea and Japan, its largest sources of foreign direct investment, and is a signatory to the 11-country Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

According to Chief Executive of the EU-Malaysian Chamber of Commerce Sven Schneider, trade deal push has given Vietnam an advantage over some of its regional competitors. Experts shared the view that Vietnam is well placed to pull ahead of its regional rivals in 2021 as long as it keeps the virus - resurgent in many countries - at bay.