On the Eurasia Review, author Matija Šerić said that in more than 35 years of renovation, Vietnam has become one of the fastest growing economies.
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| Vietnam has become a center of foreign investment and industrial production in Southeast Asia. (Source: VNEconomy) |
Vietnam's economy is growing so quickly and efficiently that there are very few unemployed workers and very little unused productive capacity. The Southeast Asian country has experienced the strongest growth in agricultural and industrial production, construction, exports and foreign investment.
Author Matija Šerić asks the question, where does Vietnam's economic miracle come from?
According to the author, there are 3 main factors contributing to Vietnam's rapid growth of Gross Domestic Product (GDP), production and investment, which are: Almost maximum trade liberalization with Asia and the rest of the world; domestic reform; large investments through public investment in people and materials.
According to the Global Competitiveness Report of the World Economic Forum (WEF), Vietnam's economy has risen in the list of competitiveness from 77th (2006) to 67th (2020).
The ease of doing business index of the World Bank (WB) also shows that Vietnam increased from 104th (2007) to 70th (2020).
Author Matija Šerić commented: “Vietnam has made progress in all areas from contract performance, increased access to credit and electricity, tax incentives and international trade.
It is extremely important that the Government has invested heavily in human resources and infrastructure. This makes it as easy as possible for Vietnam to better connect the country to the transport and information technology sector.”
Vietnam's economic growth is around 6-7% per year. Since 2010, GDP has generally grown at least 5% per year and last year grew at 8%.
Articles on the page Eurasia Review affirmed, rapid economic growth has helped Vietnam "transform" from one of the poorest countries in the world to one of middle-income countries. In 1985, GDP per capita was 230 USD and in 2022 it was 4.475 USD.
In addition, the country has become a center of foreign investment and industrial production in Southeast Asia. Most of the globally famous products are made in Vietnam, from Nike and Adidas to Samsung smartphones.
