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Gulf Today: Vietnam powers ahead in economic growth

Vietnam’s success in curbing the coronavirus so far, while its Southeast Asia neighbours struggle, is helping the country power ahead in economic growth and attracting major funds, and foreign investors, said foreign experts on the Gulf Today newswire on January 7.
Gulf Today: Vietnam powers ahead in economic growth ảnh 1Vietnam becomes an attractive destination for investors thanks to success in curbing COVID-19. Illustrative image (Photo: VNA)

Hanoi (VNA) – Vietnam’s success in curbing the coronavirus sofar, while its Southeast Asia neighbours struggle, is helping the country powerahead in economic growth and attracting major funds, and foreign investors, said foreign experts on the Gulf Today newswire on January 7.

The article quoted World Bank Country Directorin Vietnam Carolyn Turk assaying that the successful management of the pandemic to date has alreadyenabled the country to capture a larger share of global trade and foreigndirect investment (FDI) during 2020.

Meanwhile, Chairwoman Jareeporn Jarukornsakul ofthe WHA Group, a Thai logistics company which has expanded its industrialestate business in Vietnam, said costs are cheap in Vietnam and its governmentis very quick with investment, allowing provinces to issue their ownregulations and investment incentives.

Recently, the Ho Chi Minh City-based MekongCapital said it had raised 246 million USD for its largest-ever fund - nearly25 percent more than the original target of 200 million USD.

Dominic Scriven, Chairman of the Vietnameseasset manager Dragon Capital said a combination of the country’s trade deals,more cash in the economy and political stability had underpinnedbetter-than-expected interest across three new funds launched by his firm.

“We were very pleasantly surprised by the marketuptake,” said Scriven.

Development was also boosted by the two freetrade deals signed last year, including the Regional Comprehensive EconomicPartnership (RCEP), the world’s largest trading bloc, and an agreement with theUK modelled on the EU-Vietnam Free Trade Agreement (EVFTA), which Vietnamratified in June.

Vietnam also has bilateral trade deals withboth the Republic of Korea and Japan, its largest sources of foreign directinvestment, and is a signatory to the 11-country Comprehensive and ProgressiveAgreement for Trans-Pacific Partnership (CPTPP).

According to Chief Executive of theEU-Malaysian Chamber of Commerce Sven Schneider, trade deal push hasgiven Vietnam an advantage over some of its regional competitors.

💝 Experts shared theview that Vietnam is well placed to pull ahead of its regional rivalsin 2021 as long as it keeps the virus - resurgent in many countries - at bay./.

VNA
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A motorbike production line of Honda Vietnam — a Japanese company located in Phu Tho province. (Photo: VNA)

🅷 Phu Tho emerges as FDI magnet following mergence

In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
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