Vietnam is a miracle success

According to Financial Express (Bangladesh), the success of Vietnam’s economy is an example for Bangladesh to follow.

At a webinar held in Bangladesh with the theme "Vietnam’s excellent export record: Lessons for Bangladesh", participating economists and business leaders discussed in great detail how Vietnam achieved an economic miracle.

Overall, according to them, Vietnam has achieved amazing economic achievements by increasing trade liberalization, conducting domestic reforms, and increasing investment in human resources and facilities. ..

Previously, in an article in 2021, Economic Times (India) identified Vietnam as one of the five fastest growing countries in the past 30 years. In the context of most countries falling into deep recession in 2020, Vietnam is one of the few countries that recorded positive GDP growth (2.9%) amid the COVID-19 pandemic.

The New York Times called Vietnam "Asia’s next miracle" when it made strong economic progress during the pandemic.

"Vietnam is like a miracle from a bygone era, rising to prosperity," wrote the NYT.

Data compiled by CNBC shows that Vietnam is the best growing economy compared to other countries/regions in Asia in 2020 - Photo: CNBC

According to Financial Express, in terms of context, Vietnam and Bangladesh have many similarities. Bangladesh’s economy and physical infrastructure fell into disarray after the liberation war in 1971.

Vietnam also experienced war, and conducted two resistance wars lasting more than two decades to liberate the nation and unify the country.

"But where is the turning point for Vietnam to succeed miraculously, leaving us behind?" - The Financial Express asked a question.

Before the COVID-19 epidemic broke out on a world scale in 2020, Vietnam’s GDP in 2019 was recorded by the World Bank (WB) as 334.4 billion USD, while Bangladesh’s GDP in the same year was 351. 2 billion USD. Right now, it looks like Bangladesh is ahead of Vietnam.

In terms of population size, Bangladesh is the more populous country. In 1984, the population of Vietnam was about 75% of the population of Bangladesh. However, in 2019, this rate is only 59%.

That means, with a population just under 60% of that of Bangladesh, Vietnam is closely following its neighbor in the economic race. Even with remarkable progress, Vietnam is forecasted to soon surpass Bangladesh.

The secret to making "Vietnamese miracle"

According to the Financial Express, all these advances in Vietnam’s economy took place within three decades. Vietnamese leaders have a vision and have implemented an effective "Doi Moi" policy.

In 1986, for the first time, Vietnam developed a law on foreign investment, allowing the flow of foreign direct investment (FDI) into Vietnam to be unrestricted.

After the war ended and the country was still facing many difficulties, Vietnam has repeatedly reformed its foreign investment law, removing the remaining barriers to ensure foreign investment in the Vietnamese economy. South is more favorable.

Vietnam’s economy is miraculously successful. Photo: Prensa Latina

According to Global Asia, transforming under the "Doi Moi" policy, Vietnam has strengthened its friendship with international friends. This approach is also consistent with Vietnam’s high degree of economic openness and integration into the global economy.

For example, from 2000 to 2008, the growth rate of Vietnam’s foreign trade was three times higher than the economic growth rate in the same period. Vietnam’s trade-to-GDP ratio is also increasing, from 1:1 in 2000 to 1.17:1 in 2004 and 1.45:1 in 2008.

"Doi Moi" has provided a strong impetus for Vietnam to move forward, pushing Vietnam to focus on addressing new challenges to continue deepening reforms and reap the benefits of regionalization. and globalization.

Notably, the policies that Vietnam has applied have been known by many countries. Several other South Asian and Southeast Asian countries have also pursued similar policies but have not been as successful as Vietnam. So where is the "secret" to Vietnam’s success?

According to Financial Express, there are at least four reasons for this:

Firstly , Vietnamese leaders have political courage, high concentration and high determination to achieve the set goals.

Second , Vietnamese leaders have "very rare" qualities.

Third , Vietnamese society after the war was a highly disciplined society. Vietnam’s workforce, too, is dynamic and disciplined.

Fourth , from the very beginning, the Vietnamese government has been very consistent and consistent in its policies.

"All these factors have contributed to the development of the country of Vietnam. This is the secret that really made Vietnam’s miracle " - Financial Express concluded.