Int’l media praise Vietnam’s 2017 economic achievements
Updated : Thursday, January 04, 2018 2:38 PM (GMT+0700)

Internationalmedia have run articles highlighting that the year 2017 marked Vietnam’s rapideconomic growth.

Labourers work at a garment factory in Hung Yen province, outside Hanoi

In its recent article, Asian Correspondent said not only wasVietnam 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 listof fastest-growing economies worldwide.

It stressed that there aremultiple reasons for Vietnam’s strong performance in recent years – especiallyin comparison to other ASEAN countries, including the country’ strategy ofdiversification 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 itsrapidly expanding population and its demographics, with a youthful populationamounting to a large and capable workforce, consisting of both skilled andunskilled labour. Vietnam’s geography also remains an important factor, withits long coastline allowing free-flowing seaborne trade with countries in thesurrounding region and beyond.

Tourism is seen as is one ofthe main drivers of Vietnam’s economic growth, according to Mayo Advertisertourism website. With attractions such as Ha Long Bay, Hoi An town and Da Nangcity, Vietnam is a perfect place for honeymoon.

Meanwhile, Forbes mentioned efforts made by theCommunist Party of Vietnam in fighting corruption, saying that the on-goingcrackdown on corruption among Vietnam’s numerous state-owned enterprises is toensure “graft doesn’t spoil its economic miracle”.

In addition, some newsagencies also stressed challenges related to economic development, education,environmental pollution and aging-population that the country is facing. 

AsiaTimes said though Vietnam is growing fast on nearly alleconomic fronts, overcrowded roads, ports and airports threaten to throttle theexpansion. 

According to the GeneralStatistics 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 continuesucceeding in attracting FDI and expanding manufacturing industry, contributingto heighten its GDP.


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