Illustrative image (Source: VNA) Hanoi (VNA) – A number of foreign press outlets havepublished articles lauding Vietnam’s economic achievements.
The US’s Bloomberg commented that the economy, which wentinto tailspin after a 2012 banking crisis and a collapse in property prices, isin robust health. A sizable middle class with discretionary purchasing power istaking shape as the crude oil, coffee and footwear exporter transforms itselfinto a manufacturing hub for the likes of Samsung Electronics Co.
The UK’s Financial Times cited Vietnam’s impressive growthfigures in diverse fields, saying that the country led the Southeast Asia in attracting6 billion USD into initial public offerings last year.
In the first quarter this year, Vietnam’s gross domesticproduct (GDP) growth hit decade-high 7.38 percent thanks to strides in industryand construction. Since January, the VN-Index has surged nearly 17 percent,outpacing major Asian markets and turning Ho Chi Minh Stock Exchange into oneof the world’s top bourses.
The country also surpassed Indonesia to become a majorexporter though its economy is only one fifth of Indonesia’s, it said.
In an article entitled “Vietnam’s manufacturing miracle:Lessons for developing countries” published on the US’s Brookings Institutionwebsite, the author said Vietnam’s trade has soared to 190 percent of GDP in2017 from 70 percent in 2007. Its manufacturing sector has steadily expanded,adding an estimated 1.5 million new manufacturing jobs between 2014 and 2016alone.
The article said Vietnam’s experience holds lessons fordeveloping and advanced economies alike. The country has objective advantagessuch as young workforce, political stability and geographical location close tomajor global supply chains. But this is not necessarily what sets Vietnamapart. Instead, the author argued that Vietnam managed to capitalise on itsstrong foundations through good policies.
“First, it has embraced trade liberalisation with gusto. Second,it has complemented external liberalisation with domestic reforms throughderegulation and lowering the cost of doing business. Finally, Vietnam hasinvested heavily in human and physical capital, predominantly through publicinvestments”, the article read.
The foreign media also pointed out urgent issues thatVietnam needs to deal with.
According to the News Lens International, only 10 percent ofdomestic wastewater and 25 percent of industrial wastewater in Vietnam istreated before being discharged into rivers. Untreated wastewater has createddead rivers and lakes in and around big cities and industrial zones,undermining the health and livelihoods of millions of people.
Water scarcity and pollution are being exacerbated byclimate change and upstream hydropower development, it said.
The collection, classification and recycle of garbage remainmanual work. Only 40-60 percent rubbish are taken to landfills.-VNA
The US’s Bloomberg commented that the economy, which wentinto tailspin after a 2012 banking crisis and a collapse in property prices, isin robust health. A sizable middle class with discretionary purchasing power istaking shape as the crude oil, coffee and footwear exporter transforms itselfinto a manufacturing hub for the likes of Samsung Electronics Co.
The UK’s Financial Times cited Vietnam’s impressive growthfigures in diverse fields, saying that the country led the Southeast Asia in attracting6 billion USD into initial public offerings last year.
In the first quarter this year, Vietnam’s gross domesticproduct (GDP) growth hit decade-high 7.38 percent thanks to strides in industryand construction. Since January, the VN-Index has surged nearly 17 percent,outpacing major Asian markets and turning Ho Chi Minh Stock Exchange into oneof the world’s top bourses.
The country also surpassed Indonesia to become a majorexporter though its economy is only one fifth of Indonesia’s, it said.
In an article entitled “Vietnam’s manufacturing miracle:Lessons for developing countries” published on the US’s Brookings Institutionwebsite, the author said Vietnam’s trade has soared to 190 percent of GDP in2017 from 70 percent in 2007. Its manufacturing sector has steadily expanded,adding an estimated 1.5 million new manufacturing jobs between 2014 and 2016alone.
The article said Vietnam’s experience holds lessons fordeveloping and advanced economies alike. The country has objective advantagessuch as young workforce, political stability and geographical location close tomajor global supply chains. But this is not necessarily what sets Vietnamapart. Instead, the author argued that Vietnam managed to capitalise on itsstrong foundations through good policies.
“First, it has embraced trade liberalisation with gusto. Second,it has complemented external liberalisation with domestic reforms throughderegulation and lowering the cost of doing business. Finally, Vietnam hasinvested heavily in human and physical capital, predominantly through publicinvestments”, the article read.
The foreign media also pointed out urgent issues thatVietnam needs to deal with.
According to the News Lens International, only 10 percent ofdomestic wastewater and 25 percent of industrial wastewater in Vietnam istreated before being discharged into rivers. Untreated wastewater has createddead rivers and lakes in and around big cities and industrial zones,undermining the health and livelihoods of millions of people.
Water scarcity and pollution are being exacerbated byclimate change and upstream hydropower development, it said.
The collection, classification and recycle of garbage remainmanual work. Only 40-60 percent rubbish are taken to landfills.-VNA
VNA
