Economic reforms, trade openness, the secret of Vietnam’s development: Ambassador Phong

Vietnam’s Ambassador to Pakistan, Nguyen Tien Phong, said on Thursday that economic reforms and trade openness are the secret to Vietnam’s modern development.

In the interest of the country’s survival, the Vietnamese Communist Party and its leaders have adopted an economic reform namely “DoiMoi” (transition from a centrally planned economy to a socialist-oriented market economy), said the Vietnamese Ambassador to Pakistan at APP here on the occasion of Vietnam’s 77th Independence Day.

The ambassador said that from a country facing perpetual food shortages, Vietnam became the world‘s second largest exporter of rice in 1986-1989.

He informed that after the complete reunification of the country, the Vietnamese people have joined in nation building from the ashes of wars.

Responding to a question, he said Viet Nam had officially signed 15 free trade agreements (FTAs), 14 of which have already entered into force, and was also negotiating two other FTAs.

Ambassador Phong said that among the 14 that entered into force, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was the first new generation FTA signed by Viet Nam, followed by the Free Trade Agreement. EU-Vietnam (EVFTA).

Today, Vietnam has deeply integrated into the global economy at different levels and in different forms, forming strategic partnerships with many partners, he said.

So far, 71 countries have recognized Vietnam’s market economy, including many major economic partners.

The Ambassador said that Vietnam has signed 90 bilateral trade agreements, 60 investment promotion and protection agreements, 54 double taxation agreements, 18 FTAs ​​with 56 countries and economies around the world, including 6 FTAs ​​actively participating in outside the framework of ASEAN or with ASEAN Partner Countries.

New generation FTAs ​​Vietnam has signed include: Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), EU-Vietnam Free Trade Agreement (EVFTA), EU-Vietnam Investment Protection Agreement ( EVIPA), the UK-Vietnam FTA (UKVFTA) and the Regional Comprehensive Economic Partnership (RCEP)…

He said Vietnam is also an active and responsible member of international organizations.

In particular, in 2020, Vietnam has successfully fulfilled three roles at the same time – a non-permanent member of the UN Security Council, the president of ASEAN and the president of the ASEAN Inter-Parliamentary Assembly ( AIPA).

Responding to another question, he said that Viet Nam’s import and export turnover exceeded $500 billion in 2019 and reached $543.9 billion in 2020. The export value increased sharply, from 176.6 billion dollars in 2016 to 281.5 billion dollars in 2020, with an average annual growth of 11.7% in the period 2016-2020;

The number of export items with a turnover exceeding $1 billion increased from 28 in 2016 to 31 in 2020, accounting for 91.9% of the total export value. It should be noted that six items now have a turnover of more than 10 billion dollars, accounting for 64.3 percent of the total export value, he added.

He said Viet Nam exported $281.5 billion worth of products in 2020, up 6.5 percent from 2019, when the domestic sector export value was $78.2 billion, down 1.1% and representing 27.8% of the total, while the value of FDI sector exports (including crude oil) amounted to $203.3 billion, an increase of 9 .7% and equal to 72.2% of the total.

In the first half of 2021, the country’s import-export turnover reached 316.73 billion U.S. dollars, an increase of 32.2 percent over the same period of 2020, he said.

The ambassador said GDP continues to grow, amounting to some $400 billion in 2021, an increase of about 1.7 times compared to 2015.

According to the IMF, in October 2020, Viet Nam overtook Singapore and Malaysia to become Southeast Asia’s fourth largest economy, behind Indonesia, Thailand and the Philippines. GDP per capita was estimated at $3,521, about 1.6 times higher than in 2015.

He said the import-export value in 2020 stood at $543.9 billion, an increase of nearly 1.7 times from 2015 and 158% of GDP.

FDI flows to the Association of Southeast Asian Nations (ASEAN), of which Viet Nam is a member, increased for the fourth consecutive year, setting a record $182 billion in 2019 from 155 billion in 2018 and representing 11.9% of total global FDI capital, he added.

According to the Foreign Investment Agency of the Ministry of Planning and Investment, as of September 20, 2021, the total newly registered, adjusted and paid-up capital for stock purchases by foreign investors in Viet Nam reached 22, $15 billion, up 4.4% from the same period last year despite the COVID-19 pandemic, he said.

In the first nine months of 2021, the country registered 1,216 new FDI projects with capital of $12.5 billion, while disbursed capital stood at $13.28 billion.

The Ambassador informed that on September 2, 1945, President Ho Chi Minh, a national hero of Viet Nam and a cultural sage of the world, read the Declaration of Independence, proclaiming before the people of the country and the world at large the birth of the Democratic Republic of Viet Nam – the Socialist Republic of Viet Nam today.

Over the past 77 years, under the leadership of President Ho Chi Minh and the Communist Party of Vietnam and in the spirit of “nothing is more precious than independence and freedom”, with unity of strength of the whole nation combined with the strength of the times, the valuable support and solidarity of international friends, Viet Nam has achieved immense and historic triumphs in all fields, including the reunification of the Nation in 1975, he said. -he declares.

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