Int’l experts hail Vietnam’s economic development

They agreed that after the Doi Moi (renewal) process, the Vietnamese economy is enjoying robust growth with significant results. However, such rapid growth causes various problems for the economy.

Dr Thomas Jandl from the US, an economic policy adviser for the Vietnamese Government, introduced his new book on Vietnam’s international economic integration and highlighted the country’s renewal achievement.

Dr Thomas Jandl cited FDI capital to Vietnam much higher than India’s as saying that in 2007, it attracted US$21.3 billion while India’s FDI reached US$15 billion.

He said when the economy develops the Government has enough capital to invest in infrastructure and public welfare projects, such as hospitals, schools and kindergartens, to improve living conditions for local people.

He added that Vietnam’s membership of many regional and international economic organization provides an opportunity for Austrian and international companies to benefit from the joint ownership of Vietnamese businesses, such as airports and ports.

Dr Jankowitsch, President of the Austria –Vietnam Friendship Association, said since the renewal period, the Vietnamese economy has grown strongly, even when  regional and world economies have been in recession.

In 2012, Vietnam’s Austrian exports reached US$1.101 billion, higher than its imports of US$160 million from the country.

Vietnam is on the right track of development, he said suggesting that the country should make the shift from producing popular raw products like footwear, coffee and pepper to high-graded ones. He also advised the country to pay more attention to training highly qualified human resources to supply other countries around the world.

The seminar offered a good chance for Austrian experts and businesses to gain a better understanding about Vietnam’s economy and suggest new investment strategies for Austrian and foreign companies in Vietnam.