He noted that Vietnam’s gross domestic product (GDP) doubled from 155.8 billion USD in 2012 to 362.0 billion USD in 2021, and the country’s share of the bloc’s GDP has also increased from 6.5% a decade ago to 10.8% at present.
According to him, Vietnam is one of those economies in ASEAN that are contributing very significantly to the bloc’s stability and also providing a path forward for economic liberalisation, showing the way of how one can invite good quality direct foreign investments (FDI) into the country at the same time.
Vietnam has been able to attract high and good quality FDI not only from China but also from many global multinationals who are looking for a new strategy for their ASEAN presence, said Satvinder. “All those kudos go to your people, government, for having the resiliency to be able to adjust and to be able to take the opportunity of what’s coming”.
He went on to say that Vietnam is very globally competitive and all its sectors are doing well.
Deputy Secretary-General for ASEAN Economic Community for 2021-2024, Satvinder Singh (Photo: VNA)
The focus of Vietnam businesses and sectors should not be domestic, their focus should be on how to grow regionally and internationally. Vietnam has the potential to create the next generation of some of the largest unicorns that we have seen in ASEAN, he added.
According to the ASEAN Deputy Secretary-General, the people, communities, regulators, the government must have a shared vision. To become an important player in the region, it’s important to invest in integrating the ASEAN region first.
“There is a huge potential for Vietnam to take a much more active interest in integrating in ASEAN and I believe that Vietnam is showing the way. Vietnam has a very strong interest in opening its markets” he added.
Satvinder also said that Vietnam is not only working hard to integrate into ASEAN but also integrating into the global platforms, and it is currently negotiating very effective bilateral free trade agreements (FTAs) with significant economic partners globally.
“Vietnam is on the right path and showing the rest of ASEAN of what is needed to transform your economy, and how we can become regionally and globally relevant. In this whole spirit of integration in ASEAN, Vietnam is in a position to make the best out of it,” he affirmed.
The ASEAN official also shared some recommendations for Vietnam and other regional countries to maintain stable growth, one of which is to integrate into ASEAN and work together. The countries also need to clearly define their economic priorities and better tap human resources.