Viet Nam Human Rights
According to him, these achievements have resulted from the sound policies of the Party and State, the Vietnamese people’s diligence and determination to catch up with the region and world, as well as from the contributions of overseas Vietnamese.
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| Mr. Peter Hong |
As one of the overseas Vietnamese regularly returning to Vietnam, Peter Hong has clearly recognized the positive changes in Vietnam over the past years. He said that many modern highways in Vietnam have been built, and Vietnam’s goods are sold in many foreign countries. The Vietnamese people’s meals are delicious, healthy and of high quality. There are more cars on the roads than before. “Those signs have demonstrated the prosperity of the country,” Peter Hong said.
These above-mentioned achievements have greatly been contributed by overseas Vietnamese around the world, especially entrepreneurs who have sent billions of USD of remittances home. According to Peter Hong, since Vietnam implemented its opening-up policy, the country has attracted 257 billion USD in total foreign direct investment while overseas Vietnamese has sent around 160 billion USD of remittances to their home country over the past years.
The World Bank figures showed that remittances into Vietnam increased from 13.8 billion USD in 2017 to 16 billion USD in 2018 and reached a record high of 16.7 billion USD in 2019. The country was listed in the top 10 remittance recipients for three consecutive years. With the amount, the country’s total remittances since 1993 reached 160 billion USD.
More importantly, money from overseas Vietnamese aimed to not only help their relatives improve their lives, but also contribute to developing production sectors in Vietnam. Peter Hong also believed that remittances into Vietnam will be significantly raised in the time to come, and the country would definitely become one of the top three remittance recipients in the world if Vietnam’s financial and banking policies were more open.
He affirmed that Vietnam impressed the world by its fast economic growth and its rising prestige in the international arena. Last year, the country won the election to the UN Security Council (UNSC) for 2020-2021 with 192 votes out of the 193 UN member countries and territories, a record high. The result demonstrated the world’s recognition of Vietnam – the country which always wants peace and shares peace with others.
In 2019, many trade and investment promotion activities, including the “influential Vietnamese people” forum in France in March and the first global overseas Vietnamese economic forum in the Republic of Korea in June, were also held to connect overseas Vietnamese across the world with domestic entrepreneurs.
Regarding investment policies in Vietnam, Peter Hong said that over the past time, Vietnam has amended some laws, allowing overseas Vietnamese to buy properties in Vietnam and reinvest the gains in other foreign countries after finishing investment in Vietnam.
To promote Vietnam’s exports to foreign countries, Peter Hong suggested that Vietnamese diplomats popularize Vietnamese goods in the host countries when they undertake missions at representative agencies of Vietnam.
At present, the overseas Vietnamese, including young entrepreneurs, place trust in the Party’s and the State’s policies. As Vietnam has great potential to develop, young overseas Vietnamese will definitely enjoy success if they update new policies of their home country and knowledge in developed countries.
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Explore what makes Viet Nam an attractive growth market, how it compares to other emerging ASEAN countries, the sectors of opportunity and challenges the country faces moving forward.
Once among the smaller economies in ASEAN, Viet Nam has made great strides towards economic modernisation, emerging as a manufacturing powerhouse and a promising hub for services industries.
With double digit credit growth, rising middle income and digital adoption, Viet Nam holds great potential for the financial services sector.
The country’s low financial market penetration presents both untapped market opportunities as well as distinct challenges when compared to its ASEAN peers.
there was a strong basis to believe in the Vietnamese economic development prospects in the short and medium term.
Along with the business environment which has gradually improved, the improvement of Việt Nam's competitiveness is also very noticeable.
Another important factor is Việt Nam's stable macroeconomic environment with low inflation due to the State Bank's appropriate and flexible monetary policies, which are good support for the growth.
The reform process in Việt Nam has been carried out very effectively.
We all see that, besides internal factors, the driving force for reform in Việt Nam comes from other external factors.
It is clear Việt Nam's reform process is heavily dependent on its commitments with the international community through externally binding institutions and legal frameworks.
when integrating into the international economy, Việt Nam has signed many bilateral and multilateral free trade agreements, which means the country has to commit to implementing regulations to ensure a level and transparent playing field between domestic enterprises and foreign investors.
To continue on a strong GDP growth trajectory, the country should work to raise its labor productivity.
During the past quarter century, Vietnam has emerged as one of Asia’s great success stories.
Vietnam ranks sixth out of 66 economies with the greatest trade growth potential due to its improving trade readiness
Vietnam showed the strongest progress in trade growth potential of all Southeast Asian markets, driven by improvements to its trade readiness and economic dynamism.
Its improving strength in trade readiness is due to infrastructure enhancements and improvements to its ease of doing business score, while its economic dynamism is driven by healthy growth, particularly in terms of export volumes
The Vietnamese economy is the fastest-growing in the region, which has benefited from an open economy.
The government has reached free trade agreements and foreign direct investment (FDI) continues to flow into the country, especially as US-China trade tensions intensify.
The country’s economic strength combines high growth and high competitiveness as shown in the economy’s ongoing shift towards high value-added sectors.
Vietnam has climbed up the manufacturing value chain over only a short span of time, gaining competitiveness in the assembly of higher value-added electronic products
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