India media highlights Vietnam’s economic growth

14-Nov-2014 Intellasia | VOV | 6:00 AM Print This Post

India’s leading business newspaper, The Economic Times, has highlighted Vietnam’s recent economic growth and market opportunities.

Vietnam’s GDP grew 5.62 percent in the first nine months of 2014. The performance of the economy is also supported by investment in the manufacturing sector, which remains the most significant sector for foreign investment, accounting for almost 70 percent of total foreign direct investment (FDI).

The real estate sector is ranked second in FDI, accounting for 11 percent, equivalent to $1.2 billion.

The newspaper stressed Vietnam’s advantages such as the stabilised economy, the stock market with strong growth, and an investment destination and a major exporter to the US in Asean.

Vietnam quickly recovered from the impacts of the financial crisis in 2008-09 and over the last four years, the Vietnamese government successfully made use of macroeconomic stabilisation policy, thus keeping a high economic growth at 5 percent-6 percent per year, attracting $23 billion in FDI in 2013, contributing to promoting the national economic development, it said.

According to the paper, Vietnam is looking forward to Indian investment in new business sectors where India has advantages – infrastructure and power generation and distribution, IT, education and pharmaceutical research.

Textile and garments, chemicals, agriculture and fishery are the sectors where Vietnam has sought India’s investments, the newspaper cited Indian government sources as saying.

“Hanoi is keen to invite Indian investors in large as enunciated by Vietnam’s PM during his trip to Delhi last month,” it said.

The present two-way trade was $8 billion in 2013-14 and the two countries have targeted $15 billion by 2020.

The two countries are contemplating to conclude the Preferential Trade Agreement (PTA) to reduce more custom tariff.

 


Category: Economy, Vietnam

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