Russian paper highlights impressive Vietnamese economic growth

The article outlines how Vietnam obtained a GDP growth rate of over 2.9% in 2020, emerging as one of approximately 30 countries worldwide to enjoy positive economic growth during the course of the year. Trade turnover between January and November increased by 3.6% compared to the same period in 2019, reaching US$490 billion.

Furthermore, economic and trade ties between Vietnam and Russia also recorded positive signs. Indeed, Vietnam is Russia’s largest trading partner among ASEAN members, as well as their fifth largest partner among Asia-Pacific Economic Cooperation (APEC) member states.

The article quotes Russian statistics, indicating that trade turnover between both sides between January and October rose by 11.5% grossing US$4.6 billion.

Vietnamese economic growth is described as ‘very impressive’, especially in the context of the novel coronavirus (COVID-19) pandemic taking a heavy toll on almost all economies worldwide. In line with this, effective preventive measures taken against COVID-19 have paid off as only approximately 1,500 infections were recorded in the country. This success can be attributable to the Government’s prompt actions, coupled with the people’s determination to fight the disease under the leadership of the Communist Party.

The ambitious targets set by the Communist Party are also noted, with goals for the country over the next five years and beyond to be set during the upcoming national congress which will be held in Hanoi from January 25 to February 2.

The Russian paper cites an article published by Vietnamese Party General Secretary and State President Nguyen Phu Trong last August which states Vietnam aims to reach the level of a developing economy with a modern industry and move away from the group of low middle income countries by 2025. Indeed, there are plans in place to become a developed nation with a high income by 2045.

In relation to foreign affairs, the article notes the country achieved many successes in 2020, thereby elevating its status in Asia-Pacific region. As ASEAN Chair, Vietnam co-ordinated and competently organised all activities during the ASEAN Year, while promoting the signing of the Regional Comprehensive Economic Partnership (RCEP).

It also took on the role as a non-permanent member of the United Nations Security Council on January 1, 2020, and is due to hold this position until the end of 2021.

The author expressed great appreciation for the peaceful Vietnamese foreign policy in place, expressing belief that both Moscow and Hanoi, who both have a similar approach, will contribute to the consolidation of peace and stability in the region.