Laborers work at a garment factory in Hung Yen province (Source: Reuters)
In its recent article, Asian Correspondent said not only was Vietnam the top-performer in the region, but it ranked second behind India - the only country which achieved growth of over 7 percent in 2016 - in the list of fastest-growing economies worldwide.
It stressed that there are multiple reasons for Vietnam’s strong performance in recent years - especially in comparison to other ASEAN countries, including the country’ strategy of diversification of its economy - in terms of both the range of goods produced, and its export destinations.
According to the newspaper, Vietnam has become an increasingly attractive investment destination due to its rapidly expanding population and its demographics, with a youthful population amounting to a large and capable workforce, consisting of both skilled and unskilled labour. Vietnam’s geography also remains an important factor, with its long coastline allowing free-flowing seaborne trade with countries in the surrounding region and beyond.
Tourism is seen as is one of the main drivers of Vietnam’s economic growth, according to Mayo Advertiser tourism website. With attractions such as Ha Long bay, Hoi An town and Da Nang city, Vietnam is a perfect place for honeymoon.
Meanwhile, Forbes mentioned efforts made by the Communist Party of Vietnam in fighting corruption, saying that the on-going crackdown on corruption among Vietnam’s numerous state-owned enterprises is to ensure “graft doesn’t spoil its economic miracle.”
In addition, some news agencies also stressed challenges related to economic development, education, environmental pollution and aging-population that the country is facing.
Asia Times said though Vietnam is growing fast on nearly all economic fronts, overcrowded roads, ports and airports threaten to throttle the expansion.
According to the General Statistics Office, Vietnam’s GDP in 2017 was estimated to increase 6.81 percent - the highest rate in the last decade. The country is forecast to continue succeeding in attracting FDI and expanding manufacturing industry, contributing to heighten its GDP./.