Chinese expert impressed by Vietnam’s economic growth

Illustrative image (Photo: VNA)

Executive Chairman of the China-ASEAN Business Council and Chairman of the RCEP Industry Cooperation Committee Xu Ningning has hailed Vietnam as one of the fastest growing economies in ASEAN in 2022.

In a recent interview granted to China Report ASEAN, Xu, who is also China’s expert on trade with ASEAN, said according to the Vietnamese Government, the Vietnamese economy growth was estimated at over 8% last year and projected at 6.5% in 2023. The Asian Development Bank recently also revised up Vietnam’s economic growth forecast.

In 11 months of last year, Vietnam’s total trade value surpassed 670 billion USD, with China and US being Vietnam’s largest import and export markets.

Commending Vietnam’s macroeconomic stability driven by food and housing prices last year, Xu said the Vietnamese digital economy recorded the fastest growth in ASEAN with a total transaction value growing by 28%.

In his view, Vietnam is one of the countries to join the most free trade agreements in the regional grouping, with 15 already signed deals which have created favourable conditions for Vietnam’s economic recovery.

Illustrative image (Photo: baochinhphu.vn)

About trade ties between China and Vietnam as well as between China and ASEAN, Xu said China’s statistics showed that two-way trade between China and Vietnam hit 213.94 billion USD in the first 11 months of last year. Vietnam remained China’s biggest trade partner in ASEAN, contributing to promoting economic cooperation within the framework of China-ASEAN comprehensive strategic partnership.

Xu expressed his hope that with progress in bilateral cooperative ties, China and ASEAN will strive to continue consolidating their comprehensive strategic partnership./.