According to the professor, the economic growth of Vietnam has been accelerating and the agricultural sector has been productive in ensuring food security for Vietnamese citizens.
This sector also earned valuable foreign exchange of more than 48 billion USD, Jha noted.
“One of the interesting achievements of Vietnam has been increasing life expectancy, and its universal health coverage which covers more than 87% of the population,” he said.
The professor said the Vietnamese population is also young and is adapting itself for digital economy and building core fundamentals for its membership in different regional economic organisations.
Vietnam’s inward foreign direct investment has also been doing quite well and it has received nearly 27.72 billion USD last year, he continued.
Also, the unemployment rate has reduced and with inflation clearly under 5%, showcasing that the long term decisions which the country has taken with the initiation of Doi Moi in 1986 have been bearing fruits.
Major companies in footwear, electronics, and mobile production have invested in Vietnamese economy and some of the companies have shifted base to the Southeast Asian nation, Jha said.
He added that the improved congenial economic environment has been appreciated by companies such as Adidas, Nike and Samsung, to list just a few, stressing owing to the development of new kinds of digital technologies and better consumer awareness, Vietnam is preparing itself for a major impetus in the e-commerce sector and therefore has been making extensive changes in digital based economy and more stress on science and technology development.
The professor explained that Vietnam’s impressive growth is attributable to trade liberalisation, increased deregulation and improvement in the ease of doing business, investment in human resources and stable government.