Vietnam's boost to world rankings

Many prestigious international organizations continue to highly appreciate the results and prospects of the Vietnamese economy and predict a rapid recovery in the coming time.

The value of Vietnam's national brand currently reaches 431 billion USD, up 1 rank to 32nd out of 100 strong national brands in the world . Photo: Anh Tu

Outstanding growth in national brand value The World Intellectual Property Organization (WIPO) recently released the Global Innovation Index report with Vietnam's clear progress in 2023. In this new ranking, Vietnam's position increased by 2 places compared to 2022 and ranked 46/132 countries and economies. In this ranking, Vietnam maintained its 2nd position in the group of lower-middle-income countries. The lower-middle-income country ranked above Vietnam is India at 40th place. In addition, there are 5 upper-middle-income countries ranked above Vietnam: China (ranked 12th), Malaysia (ranked 36th), Bulgaria (ranked 38th), Turkey (ranked 39th) and Thailand (ranked 43rd). The remaining countries ranked above Vietnam are all countries with developed industries and are in the high-income group. Speaking before the National Assembly at the 6th Session of the 15th National Assembly, Prime Minister Pham Minh Chinh said that with the socio-economic achievements achieved in the months of 2023, many prestigious international organizations highly appreciated the results and prospects of our country's economy and predicted that Vietnam would recover quickly in the coming time. Prime Minister Pham Minh Chinh cited a report by Brand Finance, which stated that the value of Vietnam's national brand grew the fastest in the world in the period 2019 - 2022 (up 74%), reaching 431 billion USD in 2022, up 1 place to 32nd out of 100 strong national brands in the world. Notably, according to Brand Finance’s report, the large increase in Vietnam’s brand value correlates with the country’s increasing recognition as a safe and stable place to invest, as many manufacturers seek to relocate their operations in Asia to Vietnam. Brand Finance’s new research is not a comprehensive valuation of Vietnam’s brands, but rather a valuation of the country’s own brand.

Economist, Dr. Nguyen Minh Phong. Photo: Vinh Hoang

Analyzing the bright spots of Vietnam's economy in recent years, Dr. Nguyen Minh Phong acknowledged that Vietnam has not only become a bright spot in the region and the world in terms of disease control, economic growth, and poverty reduction, but also recorded many other bright spots in international rankings. Mr. Phong cited data that all three prestigious international credit rating organizations, Moody's, S&P, and Fitch, have maintained and upgraded Vietnam's credit rating. The IMF also assessed that Vietnam is a bright spot in the "gray picture" of the global economy. "With a wise and correct economic development and diplomatic policy in a volatile world today, the results achieved in the past half term have created a basis for belief that our country's economy will achieve the goals of the entire 2021-2025 period set out in the Resolution of the 13th National Party Congress," said Dr. Nguyen Minh Phong. Motivation from flexible management policies When talking about the outstanding results of the country's economy in 2023, Deputy Minister of Planning and Investment Tran Quoc Phuong emphasized: To have such a recovery, it is clear that we have improved month by month, the results of the following month are better than the previous month, the following quarter is higher than the previous quarter. We have successfully responded to the "headwinds" of this year thanks to the flexible and timely direction of the Government in the context of the world economy, the global inflation situation has significantly affected the domestic economy. Along with positive data when overcoming the "headwinds" of inflation, disbursing public investment with the highest amount of public investment capital ever, Deputy Minister Tran Quoc Phuong also noted the highlight this year when the world context is volatile, Vietnam has achieved many very good results in foreign affairs. This is a very important content in macroeconomic management and promoting growth throughout the year.

Mr. Shantanu Chakraborty - ADB Country Director in Vietnam. Photo: VGP/Nhat Bac

When talking about how the Vietnamese Government is responding to the "headwinds", Mr. Shantanu Chakraborty - Country Director of the Asian Development Bank (ADB) in Vietnam - said that ADB highly appreciates the Government's proactive policy responses, balancing macroeconomic stability with supporting socio-economic development and promoting public investment. Macroeconomic policies include fiscal and monetary measures. So far, the Vietnamese Government has been on the right track and timely. However, Mr. Shantanu Chakraborty also said that there are many points that Vietnam can improve further, for example, public investment still has a lot of room. Fiscal policy implementation can be further promoted to increase domestic demand and stimulate economic activities. Vietnam has also been very successful in its economic development strategy in recent years but could focus more on developing the private economy, a sector that plays a key role in the economy. The current infrastructure 'gaps' and deficiencies are still large, and ODA funds are limited.

According to Mr. Shantanu Chakraborty, Vietnam needs to mobilize more resources from the private sector for infrastructure, especially infrastructure that is resilient to climate change. To do so, Vietnam needs to reform its policies to further encourage the development of the private sector.

Laodong.vn

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