Vietnam among most successful economies globally: Honorary Consul of Vietnam in Belgium

Illustrative photo (Source: VNA)

The rebound is fast and constant despite ongoing trade disputes among major nations and China’s economic slowdown, he told Vietnam News Agency correspondents in Brussels.

Citing forecasts made by the International Monetary Fund (IMF) and the World Bank (WB) that projected Vietnam’s economic growth at 7.2% in 2023, he said it is a very impressive outlook.

Vietnam’s public debt is limited owing to the Government’s strict but flexible policies and approach, he noted, adding that the rising middle class is giving a push to domestic consumption in Vietnam and modern shopping malls show growing domestic demand.

He further said that Vietnam is fully integrated into the global economy. Several countries have recognized Vietnam as a market economy since 2013; and the Government of Vietnam has ensured its market economy would not affect the State management and taken wise steps to tighten its monetary policy, he emphasised.

He outlined three factors driving Vietnam’s economic growth, which are a low unemployment rate, an inflation rate kept at 2.2%, and competitive labour costs paving the way for a surge in FDI inflows. Additionally, he continued, the country’s economy has also been supported by economic liberalization, crucial reforms and a tech-savvy, foreign language-proficient, hard-working young population.

Vietnam is globally viewed as a stable country with an enabling environment for economic activities, attracting a large number of foreign investors, the honorary consul stated. He recommended that Vietnam invest more in developing infrastructure, such as ports, airports and road networks; as well as promote education and green energy.

Given that Belgium has advantages in developing wind power, he suggested the two countries enhance cooperation in this area./.