The VinFast car factory in Hai Phong city is built with the world's leading modern scale. (Photo: VNA)

Meanwhile, the Asian Development Bank (ADB) predicts that by the end of the year, this figure could be 4.1%, the highest among Southeast Asian countries.

According to the Sputnik news agency, one of the driving forces of this admirable growth is the constant influx of foreign direct investment. In the first 8 months of this year, Vietnam attracted nearly USD20 billion, of which the newly registered capital flow increased by 6.6% compared to 2019.

In order to attract foreign investment, Vietnam creates the necessary conditions such as building transport and energy infrastructure, telecommunications, and preparing qualified human resources. According to the latest statistics, among enterprises striving to expand production in Southeast Asia, up to 40% consider Vietnam a suitable place for business development.

According to many experts, apart from the young workforce, the stable political situation, favourable investment law and full infrastructure, another outstanding advantage is that Vietnam borders China, which allows businesses to be able to use Chinese materials. In addition, hardworking Vietnamese labourers’, discipline and high skills help production of hi-tech products. It is not by chance that experts predict that in the coming years, the Vietnamese economy will surpass some of the strong ones in Southeast Asia.

Professor Vladimir Mazyrin from the Lomonosov Moscow State University and a leader of Centre for the Study of Vietnam and ASEAN at the Far Eastern Studies Institute of the Russian Academy of Sciences, agreed with the above optimistic forecast. “Currently, in the ranking of the International Monetary Fund (IMF) on GDP, Vietnam ranks 33rd in terms of purchasing power parity (PPP) and Indonesia ranks 7th, Thailand 20th, Malaysia 26th and the Philippines 27th,” he said. “Thanks to the higher annual GDP growth rate, Vietnam is quickly catching up with more developed countries in the region. The breakthrough in growth rate will be even greater after the COVID-19 pandemic with the wise policies and measures of the country's leaders, especially as Vietnam has coped better with developments and consequences of the pandemic.”

Compiled by BTA