Algerian weekly praises Vietnam’s economic policy

10:19 AM @ Wednesday - 14 July, 2010
Algeria’s international weekly “Young Africa” has hailed Vietnam ’sopen-door and economic development policy, urging Algeria to followin the steps of the southeast Asian country.

The article pointedout similarities in patriotism between Algeria and Vietnam ,saying the latter won victories in the two struggles for nationalliberation and promoted the patriotism in developing its economy.

Thecountry of President Ho Chi Minh has created a “socialist-orientedmarket economy”, bringing itself an annual average growth rate of 5percent while it has no special advantage of natural resources and apopulation of 86 million is possibly a disadvantage, the paper said.

Over20 years of implementing its open-door policy, the country reduced itspoverty rate to 11 percent from 70 percent, according to the paper.

UnlikeAlgeria , the paper said, Vietnam has pursued an open-door policy.Vietnam joined the Association of Southeast Asian Nations (ASEAN) in1995 and reached a bilateral trade agreement with the US in 1999.The country became a member of the World Trade Organisation (WTO) in2007, which drove up its exports and helped it attract 11 billion USD inforeign investment every year, four times higher than Algeria .

Differentfrom Algeria , Vietnam has not limited its activities at footwearproduction. The country has focused on development of coffee, rubber,electronics and tourism.

Vietnam , led by the Communist Party,maintained private firms even during the regional financial crisis in1997, and its commitments were applauded by the World Bank and theInternational Monetary Fund, the paper added.

Titled “why doHanoi and Kuala Lumpur exceed Algiers ”, the paper also mentionedMalaysia ’s economic development as another example for Algeria./.

(Source: en.vietnamplus.vn)

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