Vietnam’s economy attractive to foreign investment: International media

Update: 11:16 | 16/06/2020
Vietnam is like a rising star, meeting all the factors to improve its economic image and attract more foreign investment flows, according to an article published by The Times of India.
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German media ‘decodes’ Vietnam’s success in fighting COVID-19
Foreign journalists hail Vietnam's efforts in COVID-19 fight
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Vingroup produces smartphones among other products. (Photo: Reuters)

In the context of the COVID-19 pandemic, Vietnam has been getting a lot of attention as it has managed to cage the outbreak with a sheer iron will, the article said.

Vietnam is fast emerging as the preferred destination of multinational firms, it stressed, adding that the Southeast Asian nation is revving up its economic engine and has already restarted domestic tourism.

The IMF forecasts that Vietnam is likely to post economic growth 2.7 percent in 2020, while the World Bank has pegged it at 4.9 percent - far greater than regional peers.

“Vietnam finds itself in a sweet spot today. It has contained COVID-19, weathered most of the economic storm, and has the right ingredients to take full economic advantage of the post-pandemic scenario”, the article said.

Foreign investment inflows post triple-digit growth in January

Foreign investment inflows post triple-digit growth in January

Foreign media also ran articles on the assessment of Vietnam’s success in containing the spread of the virus and working for its economic recovery.

Axios.com said Vietnam was one of the first in the world to re-open with few restrictions, and it was already enjoying a flood of foreign investment.

Vietnam’s economy is benefiting on at least two fronts: it was one of the first in the world to re-open with few restrictions, and it was already enjoying a flood of investment as companies like Apple shifted manufacturing to hedge against over-reliance on China.

Vietnam is also expediting some major infrastructure projects as part of its coronavirus stimulus, the FT reports. One sector that has been hit is tourism, which accounts for 9% of GDP. The government plans to resume flights soon, but only for countries that have had no new cases for 30 days.

vietnams economy attractive to foreign investment international media
Do Thi Kim Dung, 41, and her son Nguyen Dinh Thanh, 11, get to the primary school for their first day after the government eased nationwide lockdown during the coronavirus disease (COVID-19) outbreak in Ho Chi Minh, Vietnam May 8, 2020. (Photo: REUTERS/Yen Duong)

Meanwhile, Channelnewsasia (CAN) said the COVID-19 pandemic is a test for all systems in Vietnam, and the country passed it with excellent results. The importance of prompt action, social connectivity and adaptivity in facilitating effective anti-pandemic responses must be acknowledged.

The government’s management of the frontline team, including doctors, orderlies, military personnel and volunteers, has been successful in catching imported cases and maintaining Vietnam’s low community transmission in the second phase of the pandemic.

Community awareness of public health issues and health promotion have been greatly improved by COVID-19 information being distributed daily through various media and telecommunication channels.

This approach should continue to maintain the community’s knowledge about the prevention and control of respiratory illnesses and other prevalent diseases in Vietnam.

From the success of Vietnam, the Brookings Institution has made a series of suggestions on how to change the development strategy so that it not only grows faster but also achieves better achievements.

Transparency, reduced corruption, and increased government responsiveness will also be critical for healthy businesses to emerge from the lockdown. On April 22, Vietnam declared that the nationwide social-distancing order could be relaxed, except for a delayed release of several areas deemed high-risk, including Hanoi. As the slogan now shifts from “fighting the enemy epidemic” to “live peacefully with the pandamic,” what are the prospects for Vietnam’s economic recovery? The current strategy focuses on promoting the domestic market and repositioning Vietnam for opportunities in shifting global supply chains.

Despite the clear challenges Vietnam faces, the country’s strong growth trajectory and swift COVID-19 response have positioned it to be one the world’s few economic bright spots. The World Bank projceted that Vietnam will be one of few countries to experience positive economic growth in 2020, and it managed to attract US$ 8.6 billion in foreign investment during the first quarter of 2020. This success, however, depends upon continuing the historical trajectory of improved economic governance, including reducing corruption.

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