Vietnam’s economic prospects highlighted in German media

Congress delegates (Photo: CPV)

The Handelsblatt (Commerce) newspaper wrote on January 27 that under the CPV’s leadership, Vietnam has emerged as one of the most successful countries in Asia in terms of economic development and COVID-19 control.

The article quoted CPV General Secretary and State President Nguyen Phu Trong as addressing the 13th National Party Congress that the central achievement of the country of nearly 100 million in the COVID-19 fight helped to bring the pandemic under control.

Vietnam’s economy has quickly recovered and grown while most other countries in the region have experienced recession. Official data shows its GDP increased 2.91 percent in 2020 and the country expects average annual growth of 7 percent between now and 2025 and to become a prosperous industrial nation in the next 25 years.

Over recent years, Vietnam has established itself as a central component of global supply chains, Handelsblatt noted, adding that it previously exported mostly footwear and textiles and garments but now ships smartphones and computers abroad.

The country considers globalisation a major opportunity. It has signed a free trade agreement with the EU (EVFTA) and is one of the founding members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and also a signatory to the Regional Comprehensive Economic Partnership (RCEP) deal, it noted.

Covering the opening of the congress, the Die Welt (The World) newspaper wrote on January 26 that opportunities for investors in Vietnam have yet to be fully tapped.

The once-in-five-years congress will elect a new leadership, honour the accomplishments of recent years, and set new targets for the country.

Vietnam has secured a win in the COVID-19 fight, it said, and has been doing a good job in this regard, even outperforming countries considered good examples of pandemic control.

It is also taking the lead in growth and, in the coming years, may become a new economic centre in Asia and a popular destination for investors, Die Welt wrote.

It can’t be denied that Vietnam’s economy has developed rapidly over many years and is currently recovering quite well after posting growth of 2.91 percent in 2020, the paper said, citing the International Monetary Fund (IMF) as assessing that Vietnam climbed to the fourth position in terms of economy in ASEAN last year, higher than Singapore and Malaysia, and that if growth is sustained it will soon outpace the Philippines and Thailand./.


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