Factors behind Vietnam’s economic success
They added that these factors have won the trust of investors and confirmed Vietnam’s prestige and position in the international community, creating the driving force behind Vietnam’s progress towards the 21st century.
“Vietnam will be the next Asian tiger”, said Chris Wolf, a senior investment officer from Cogo Wolf Asset Management. Mr Wolf attributed Vietnam’s success to political stability, economic growth and its integration into the region and the world. Subsequently, the UK-based New Economics Foundation (NEF) ranked Vietnam among the world’s five happiest countries and is the only Asian country listed among the ten happiest countries in the world in 2009.
Salomon Sacal, Director of the Mexican Government’s Trade Promotion Department for the Asia-Pacific region and the Middle East described Vietnam as a wonderful and dynamic country. He highlighted the peace and prosperity in the country, saying that he loves Vietnam and its people, who are very hospitable.
Political stability and its open-door policies have helped Vietnam become a safe and attractive destination for foreign investors. El Koobroosi, general director of Zamil Vietnam (ZSV), said that over the past 10 years that it has operated in Vietnam, the country has shown its many advantages such as the available labour force, its creativity, and political stability. Sharing this view, the director of the Republic of Korea’s investment and trade promotion office in Vietnam, Young Won Kim said that more than 93 percent of RoK businesses are pleased with their decision to invest in Vietnam. Around 70 percent of businesses say that they are willing to advise their partners or other investors to invest in Vietnam.
The French ambassador to Vietnam Herve Bolot attributed Vietnam’s success to the country’s heightened prestige during its international integration process and its implementation of WTO’s commitments. Therefore, many famous French businesses returned to Vietnam in June including Renault, Citelum, and Total.
Federic Sanchez, head of a business delegation from France said that French businesses want to expand bilateral economic relations with Vietnam due to its political stability, and reformed economic policies.
Tom Cannon, a UK leading policy maker, said during his visit to Vietnam last month that the Vietnamese government’s policies have helped the country recover rapidly from the impact of the global financial crisis. He believed that Vietnam’s economy will soon prosper thanks to three factors including its banking policies, available labour force, and the government’s polices on developing businesses, promoting creativity, improving quality and maintaining sustainable development.
He added that Vietnam’s prestige in the international arena has improved and helped the country during the international integration process. It has expanded cooperative relations with various international friends, especially as Vietnam is now preparing to assume the role of ASEAN President in 2010.
Nachit Bouchrit, the Algerian ambassador to Vietnam said that although the economic crisis has slowed down its economic growth rate, ASEAN is a region with great potential. He was glad to learn that Vietnam is willing to cooperate with African countries by creating a national programme of cooperation with Africa.
Deputy US Trade Representative Demetrios Marantis, said that Asia and South East Asia are top priorities in US foreign policy. “ We attach great importance to the role the region has to play and are thinking about negotiating a Regional Free Trade Agreement. We want to strengthen cooperation with Vietnam, especially when Vietnam assumes the role of ASEAN President next year”.
It is obvious that Vietnam has had to face many challenges during the international integration process. However, cooperation and support from international friends will help Vietnam become more confident in the 21st century.
