Canadian Ambassador to Vietnam Shawn Steil: Vietnam's economic growth is amazing

Vietnam has had remarkable economic development in recent times, reflected in a relatively high GDP growth rate and attracting great international attention. This shows Vietnam's outstanding potential in the coming time. Canada wishes to accompany Vietnam, supporting Vietnam in the process of development and innovation.

Canadian Ambassador to Vietnam Shawn Steil affirmed this when speaking to reporters on the occasion of the 5th anniversary of the establishment of the Vietnam-Canada Comprehensive Partnership (November 2017- November 2022). The Ambassador emphasized that in the next 5 years, trade and investment will make remarkable progress in the relationship between the two countries.

Ambassador Shawn Steil shared with reporters. Photo: Internet

In 2020 and 2021, Vietnam was a country greatly affected by the COVID-19 pandemic. Vietnam was almost the last country to access vaccines. However, Vietnam mobilized domestic and foreign resources to have the earliest and largest source of vaccines to vaccinate its people. Thanks to that, Vietnam quickly became one of the leading countries in vaccine coverage. Vietnam had the conditions to open its economy from the fourth quarter of 2021 and quickly recover its economy.

However, Vietnam's economy is highly open, with import-export turnover in 2022 nearly twice as high as GDP. Therefore, any global fluctuations will affect Vietnam's economy. Vietnam has also been greatly affected by prices, especially gasoline and food prices in the world ; affected by interest rate adjustments and monetary policies of major countries...

Vietnam has coped with the situation relatively well thanks to its previous management experience. Vietnam started out as an economy heavily impacted by low growth and high inflation around 2008-2009, peaking in 2013 and 2014.

Therefore, Vietnam is restructuring its fiscal and monetary policies to create room for management. Vietnam's public debt was at one point nearly 65% ​​of GDP, and it continues to take restructuring measures. By 2022, public debt will have decreased to about 38% of GDP. Vietnam also adjusted tax policies and budget revenue and expenditure to promote economic growth...

In particular, fiscal policy has contributed positively to reducing inflationary pressure in 2022. Vietnam has proactively reduced gasoline taxes, thereby reducing pressure on domestic price increases; ensured appropriate payment arrangements for all maturing debts, and strengthened the development of the domestic bond market to restructure debt...

Regarding development orientation, in the coming time, Vietnam will continue to coordinate fiscal and monetary policies to maintain macroeconomic stability, including fiscal balance and promoting economic growth. In 2023, Vietnam will strive to promote increased public investment spending to create a foundation for growth. Vietnam will also focus on developing high technology, transforming the economy towards green, circular and developing the digital economy.

Canada is one of the 10 largest export markets of Vietnam. The Vietnam-Canada Comprehensive Partnership has been continuously strengthened over the past 5 years, despite difficulties, especially the Covid-19 pandemic. Cooperation between the two countries has developed in many fields. In particular, the growth of bilateral trade between Vietnam and Canada in 2021 reached 18%, with the bilateral trade value of goods reaching 10.5 billion USD, according to statistics from Canada.

Vietnam-Canada relations have developed quite comprehensively in many areas. Illustrative photo

Vietnam is the third destination for Canadian agricultural and seafood exports in ASEAN in 2021. At the same time, Canada is also one of the 10 largest export markets of Vietnam.

Vietnam is also the fifth largest source country for students studying at Canadianeducational institutions. These institutions are actively recruiting students and exploring potential partners in the Vietnamese market.

Development cooperation, with a 30-year journey, is a pillar in the Vietnam-Canada relationship. Over the past five years, Canada’s development cooperation for Vietnam has changed to meet Vietnam’s new development needs. The current bilateral development program worth $66 million is in line with Vietnam’s 2021-2025 socio-economic development plan and 2021-2030 socio-economic development strategy./.

Cong Dao