Vietnam among fastest growing economies in Asia: Singaporean newspaper

The Singapore-based Chinese-language newspaper Lianhe Zaobao newspaper (United Morning Paper) ran an article on November 26 on Vietnam’s foreign direct investment (FDI) attraction, affirming that it is one of the most open economies with the fastest economic growing pace in Asia.

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The newspaper cited data of the Vietnamese Ministry of Planning and Investment showing FDI inflows in Vietnam reached 3.18 billion USD in the first 11 months of this year, up 3.18 percent over the same period last year.

Up to 68 percent of the total capital was poured into the manufacturing industry and 10.4 percent in the real estate sector.

Photo: vieclamkcnbn.com.vn.

The Republic of Korea (RoK) is the largest investor in Vietnam and it is followed by Japan and Singapore.

According to the article, Vietnam is one of the most open economies in the world and also one of the fastest growing economies in Asia.

The country has so far signed 12 free trade agreements with partners across the world, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In addition, Vietnam and the European Union (EU) signed two important cooperation agreements in late June 2019, namely the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement, the article said.

Source: VNA