Vietnam - One of the five little Asian dragons preparing to take off

In recent years, along with the Philippines, Indonesia, India and Thailand, Vietnam has received much attention as a destination in the global supply strategy “China +1.”

The Vietnamese government is implementing industrial policies to develop key industries, even in areas where it is difficult to compete.

On February 21, the South China Morning Post published an article by Janet Pau, Executive Director of the Asia Business Council, in which she assessed Vietnam, the Philippines, Indonesia, India and Thailand as "Asian Little Dragons preparing to take off."

In recent years, along with the other four countries, Vietnam has received much attention as a destination in the global supply strategy “China +1.”

These economies share in common a large labor force and potential consumer market, providing growth opportunities both domestically and internationally.

The five countries recognized the importance of investing in human resources, focusing on increasing access to education and improving the quality of teacher training.

These countries are also investing in infrastructure projects to build efficient connectivity and logistics networks.

These investments focus on areas such as transportation, communications, energy and digital networks.

Governments are also implementing industrial policies to develop key industries, even in areas where competition is difficult.

The author of the article also points out the growth difficulties that the “new economic dragons” face: They want to attract foreign investment, but do not want that investment to eliminate domestic businesses and jobs.

In addition, they need to have competitive production and labor costs, but face inflation that is higher than the increase in household income and savings.

They need large-scale industrialization, which is often energy-intensive, but also want to ensure that industrial activities do not destroy the environment.

The article argues that the five economies have an opportunity to chart a growth path that promotes digitalization, sustainability and inclusion.

They need to prioritize green job creation and digital job initiatives to serve the needs of a young, increasingly educated and demanding workforce.

In addition, like the other four countries, Vietnam is undergoing rapid industrialization.

These countries must adopt sustainable measures and ensure that their economies continue to grow while resisting the adverse impacts of climate change and natural disasters.

According to VNA

Source: https://baothanhhoa.vn/kinh-te/viet-nam-mot-trong-nam-con-rong-nho-chau-a-dang-chuan-bi-cat-canh/207379.htm