MOIT VIETNAM | Vietnam's Economic Development Experience - A Bright Lesson From the Point of View of Lao Economic Experts

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Vietnam's Economic Development Experience - A Bright Lesson From the Point of View of Lao Economic Experts

8th January 2023 post by MOIT Vietnam

By the end of 2022, Vietnam maintains its position in the top 30 most powerful countries in the world (according to US News & World Report (USA)).

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The US News & World Rep ranking is an annual assessment of political, economic, military and soft power strength of countries around the world based on a survey process, collecting opinions from nearly 18,000 people. participants about 85 countries globally. Accordingly, in 2022, the US is still the leading economic and military power, followed by China and Russia.

Vietnam with a GDP of over 363 billion USD, a population of over 98.2 million people, GDP per capita by purchasing power parity of over USD 11,553 has ranked 30th in the ranking of the strongest countries on the planet in 2022. after Singapore, surpassing Indonesia and Thailand. This has confirmed the increasingly enhanced role and position of Vietnam in the international arena. Along with that, Vietnam's influence in the region and in the world has also become clearer.

In 2022, although the global economic and trade situation declined, Vietnam's economy still grew rapidly and reached 8%, exceeding the previous plan and much higher than other countries in the region. region and around the world. In the not-so-positive context of the global economy, Vietnam's economy is really a bright spot.

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In tandem with its expanding economy, Vietnam has been emphasizing its participation in and contributions to the United Nations, the Association of Southeast Asian Nations (ASEAN), the Asia-Pacific Economic Cooperation (APEC), and sub-regional cooperation. The mighty Mekong. Several prominent roles at global and regional organizations have been designated for Vietnam (Vice-Chair of the United Nations General Assembly for Session 77, United Nations Human Rights Council member for 2023–2025, Committee Intergovernmental 2003 Convention on the Protection of UNESCO Intangible Cultural Heritage member for 2022–2026, etc.). There have been several visits by prominent foreign leaders as well as high-ranking officials from the Vietnamese Party and State. Our successful and eventful diplomatic year this year is reflected in our trip to Vietnam.

In instance, UN Secretary-General Antonio Guterres said, "The United Nations is proud to be a partner of Vietnam" during his October visit to Vietnam, which coincided with the 45th anniversary of Vietnam's admission to the UN. This demonstrates that the international community appreciates Vietnam's mature contributions. These similar contributions have bolstered Vietnam's standing and influence once again. A quote from Mr. Antonio: "Vietnam and the Vietnamese people can be completely proud because your voices are respected by all countries."

Lao analysts acknowledged Vietnam's socioeconomic accomplishments in 2022, saying the country saw remarkable economic development despite the global economy's struggles with recession, inflation, unemployment, and other social issues. An article titled "Experience from Vietnam: Good Economic Growth in the Context of World Decline" was published in the Lao publication Laophattananews, which is affiliated with the Lao Journalists Association.

According to Lao economic specialists, the Lao people are putting their confidence in the new Prime Minister's programs and the lessons they've learnt despite the challenging global and Lao economic contexts. using lessons learned from Vietnam's economic growth to help the Lao economy recover and grow steadily. Despite a global economic downturn, rising prices, and high unemployment during the previous two to three years due to the CoV-19 epidemic and other conflicts, the essay highlights Vietnam's impressive economic progress as a lesson worth studying. a major step forward in the globe.

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The article goes on to discuss a variety of factors, such as the influx of American and European investors, who are particularly interested in the country's potential in the sector of electronic equipment. There has been an increase in European and Asian companies operating in Vietnam.

Education reform and the enhancement of the quality of Vietnam's labor force have both been carried out simultaneously and have produced excellent results, leading to the production of competent human resources, which in turn stems from internal policies. quality that may satisfy the demands of international businessmen. The Vietnamese government places a priority on and makes wise investments in the country's growing infrastructure. These developments have fueled Vietnam's economic growth in 2022 and will continue to do so for the foreseeable future.

While Laos's economic experts predict that the global economy will continue to face challenges in 2023 and that growth in some major economies will be slow, they insist that Vietnam's economy will remain stable thanks to the attraction of foreign investors and an effective domestic currency management policy, a lesson worth learning for the Lao economy.