In the article, author Gary Lit Ying Loong, who is a retired academic from Nanyang Technological University, (NTU) Singapore, and now a visiting professor at some universities in Asia and Europe, highlighted Vietnam's economic growth with consistent gross domestic product (GDP) growth of about 6% for many years, thanks to Doi moi (Renewal) policy.
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A container ship docks at Gemalink International Port in the Southern province of Ba Ria - Vung Tau |
The Doi Moi policy helped to inject a newfound dynamism into Vietnam's economy in the late 1980s. The momentum for a market-driven economy accelerated further in the 1990s.
According to the article, following market reforms, billions of overseas investments began pouring into the country. Among them are those by Gamuda Land, Petronas, and Sunway group from Malaysia and the Vietnam-Singapore Industrial Parks (VSIP).
It has helped to attract billion-dollar investments from Samsung, Nike, Adidas, and others. Besides, an abundant young workforce has helped power the country's labor-intensive manufacturing sector.
“Vietnam is now a rising star in the world with consistent gross domestic product (GDP) growth of about 6% for many years,” the article author wrote in the article.
In the past decade, the economy has created more and better jobs, which helped improve the aspirations and living standards of its people. Famous Western brands such as Louis Vuitton, Gucci, and Chanel have a presence in all major cities in the country, the article said.
Source: VNA