Vietnam makes global strides, says US press

10:24 AM @ Sunday - 11 July, 2010
Vietnam, the country called the Smaller Dragon, has fast emerged as aglobalisation winner - a success recognised by its selection this yearas host of the World Economic Forum East Asia Summit, a US mediareported on July 10.

The “Real Clear World” website in its article entitled “Smaller Dragonmakes global strides” said that in economic terms Vietnam is a rapidlyrising power. Since the beginning of this century, it's held third placein average annual GDP growth, just behind China and India and been mostsuccessful in poverty reduction.

Vietnam hasbecome a major exporter, ranking 40th in the world. Ironically thecountry it most exports to, at almost 20 percent, is the US, the articlesaid. It added that the US is also a prominent presence in inwardinvestment, along with others, including the Republic of Korea, Taiwan,Japan, Switzerland, Australia and the EU. In 2007, following more than adecade of intense negotiations, Vietnam joined the World TradeOrganisation.

One major indicator of Vietnam'ssuccess is the degree of active engagement of its overseas Vietnamese(OVs) in the development of the country. Many of the OVs or theirprogeny return, bringing valuable capital, know-how and networks.

The article praised the amazing speed of change in thecountry, stressing that in the last decade Vietnam has become anentrepreneurial, open and dynamic society. In pursuing policies ofreform, liberalisation and further integration with the world economy,the Vietnamese government aims to achieve the status of industrialisednation by 2020. The Vietnamese people have a renewed sense ofachievement in the present, pride in the past - this year Vietnamcelebrates the 1000th anniversary of the establishment of the city ofHanoi - and confidence in the future.

However, thearticle warned that there are many risks inherent in the Asian regimes,including Vietnam's. Problems of infrastructure, governance, corruption,weak institutions, rising inequality - though not as bad in Vietnam asin some other East Asian countries - could jeopardize future prospects./.

(Source: en.vietnamplus.vn)


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