Vietnam is a driving force for Southeast Asian economic growth
Báo điện tử VOV•27/10/2024
VOV.VN - Vietnam is transforming strongly and facing new opportunities. This is not only clearly felt in the vibrant life at home but also seen and encouraged by international friends. In particular, Australia highly appreciates Vietnam's efforts and commits to accompanying Vietnam not only in the past but also in the future.
In a recent speech at the Australia-Vietnam Policy Institute (AVPI) conference held in Adelaide, Australia, Australian Trade Minister Don Farrell affirmed that Vietnam plays an important role in contributing to the growth of the region: “Australia's Southeast Asia Economic Strategy to 2040 forecasts that the region's GDP will increase sharply in the next two decades, from 3.6 trillion USD to nearly 14 trillion USD by 2040. And Vietnam is one of the driving forces contributing to this growth with an expected GDP growth rate of 5% to 7% per year from now until 2040. The number of households in Vietnam with a disposable income of over 15,000 USD will increase by 20 million people by 2040. And by then, the number of middle-class consumers in Vietnam will be more than double the number of consumers in Australia today”.
Australian Trade Minister Don Farrell speaks at the Australian Policy Institute Conference.
Mr. Leigh Howard, CEO of Asialink Business and a member of the AVPI Advisory Board, previously headed the Victorian network of trade and investment offices in Southeast Asia and has witnessed the changes in Vietnam over the years.
In an interview with a reporter from the Vietnam Television station in Australia, Mr. Leigh Howard affirmed that “Vietnam has made significant progress in improving its trade and investment environment. Over the past decade, Vietnam has implemented important reforms to improve business operations such as simplifying administrative procedures and increasing transparency in management processes.” Mr. Leigh Howard also said that the Vietnamese government has also invested heavily in infrastructure, which is very important, contributing to rapid economic growth. In addition, Mr. Howard also said that Vietnam also has a positive culture in business operations. Also a person who has many years of experience working in Vietnam, Mr. Layton Pike, co-founder of the Australia-Vietnam Policy Institute, has not only worked in Vietnam but also returned here many times and thus, each trip to Vietnam brings him surprises: "I have been researching the relationship between the two countries for over 10 years and every time I visit Vietnam, I am surprised to see new buildings, new roads and now new railways. I think Vietnam has changed dramatically in the past 10 years".
Mr. Layton Pike, co-founder of the Australia - Vietnam Policy Institute. Ms. Louise Adams, CEO of Aurecon, a company providing engineering and design consulting services, affirmed that Vietnam's continuous sustainable growth rate over the past years is an indicator of the country's strong growth and this is achieved thanks to the combination of many factors: "I think the reason for this continuous growth is that Vietnam is becoming a global manufacturing center. Besides, there are also contributions from other factors such as good skill levels, young population, good education system, and infrastructure with a focus on investment. Vietnam is also increasingly open through participating in many free trade agreements with international partners... and these have created Vietnam's achievements."
Ms. Louise Adams, CEO of Aurecon. The achievements in recent times have created a foundation for Vietnam to have the internal strength and determination to seize opportunities in the future. To be able to make a breakthrough, Mr. Layton Pike said that Vietnam needs to invest more to develop domestic industries: “I also think that, despite the incredible growth rate, Vietnam needs to focus more on developing domestic industries, in which, it is necessary to pay special attention to developing human resources that are suitable to the needs and of high quality. Vietnam needs to focus more on developing human resources, especially domestic higher education. I think you have many opportunities in this issue as well as in the fields of research and innovation, such as semiconductors or agriculture”. In the journey to create a breakthrough in Vietnam's future, Australia will always accompany Vietnam to create new marks and bring benefits to both countries. Dr. Le Thu Huong, Chairwoman of the AVPI Advisory Board, said that both Australia and Vietnam highly appreciate the importance of each other, so the two countries upgraded their relationship to a strategic partnership in March 2024. This framework, together with multilateral free trade agreements to which both countries are members, is opening the door for the two countries to further deepen and expand their bilateral relations.
Dr. Le Thu Huong, Chairwoman of AVPI Advisory Committee. “Australia has recognized the importance of Vietnam, a young, vibrant market, with a relatively stable macro-political environment and a good growth trajectory. On the other hand, I also think that Vietnam also sees Australia as having great potential in important minerals, renewable energy, and human resource training. There are many areas that the two countries can provide to each other and that is why I think that the economies of the two countries are complementary and there are currently many driving forces to promote the relationship between the two countries.” Opportunities are present, efforts are being nurtured, and Vietnam is determined to seize the opportunity and reach further. Ms. Louise Adams believes that with high determination, Vietnam will achieve its wishes: “We have heard Vietnamese Ministers say that you want to play a bigger role in the global market and challenge yourself in new areas such as energy transition, green economy, caring for people and creating a prosperous future. With my understanding of Vietnam, I believe that when you have ambition, you will do what you want."
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