Russian expert hails VN’s spectacular economic growth

VGP - 2017 is the most successful year of Viet Nam's economy in the past decade, said Professor Vladimir Mazyrin, Director of the Centre for Vietnamese and ASEAN studies under the Institute for Far Eastern Studies of the Russian Academy of Science.

In a recent interview with Russia's Sputnik Network, the professor noted that Viet Nam is in a period of stable economic development with GDP growth reaching 6.7%, the highest in nearly ten years after the global economic crisis.

He cited statistics that showed Viet Nam's GDP totaled nearly US$220 billion, and GDP at Purchasing Power Parity came to nearly US$600 billion.

According to Mazyrin, one of Viet Nam's important economic achievements is improvement in investment and business climate, which is reflected in the inflow of investment capital reaching US$33 billion in 2017, an 82.8% increase year on year.

The country also saw the fastest-ever trade growth, he said, citing the statistics of the General Department of Viet Nam Customs as showing that the nation's import-export value is estimated at US$410 billion in 2017, with a trade surplus of about US$3 billion.

Mazyrin noted that while it took Viet Nam six years to increase foreign trade turnover from US$30 billion to US$100 billion, the country needed only two years to raise the turnover from US$100 billion to US$400 billion.

Viet Nam focused on stabilizing the macro-economy in 2017, he underlined, adding that the country for the first time in many years, fulfilled all its 13 socio-economic targets.

He attributed the achievement to the sound policies of the country's leaders, forecasting that the trend will continue for several years.

At the same time, the Russian expert underlined the challenges facing Viet Nam's economy, suggesting that Viet Nam should shift to creative economic models, improve its labor productivity and modernize its agriculture sector.

He also highlighted climate change impacts, saying that Viet Nam is among the first nations suffering from the phenomenon, as a rise of 1-2 m in sea water level will submerge the Red River Delta and the Mekong River Delta, forcing a huge number of people to leave the regions.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam