Việt Nam’s economic growth driven by good recovery of sectors

The Government was required to reduce compliance costs for enterprises, there were some policies being drafted that might push up costs and cause difficulties for firms.

Economy will lead to a strong nation with wealthy people and a democratic, fair and civilised society, where human rights, citizens’ rights and democracy continue to be promoted.

More attention to be paid to major issues, including people’s right to self-mastery, and agreed with the proposal to organise more seminars to collect opinions from organisations and individuals.

People need sense of responsibility to ensure the quality and progress of the document, emphasising the need to step up the communication work to raise public awareness of the project.

This makes the business environment improvement effort inconsistent and inefficient!

A majority of the business community expected the Government to remove and amend regulations about business lines that required prerequisites mentioned in the Investment Law 2020, together with the abolishment of other regulations which were causing difficulties for businesses.

Digital transactions have helped reduce costs and trade risks and fostered better integration in emerging markets, thereby supporting trade growth.

Việt Nam has been on the right track towards the goals of cutting carbon emissions and phasing out coal mine plants but will need more vigorous financial and institutional changes to deliver a green, sustainable and inclusive recovery from the COVID-19 pandemic.

With bold commitments made at COP26, the Vietnamese Government has had a clear answer, which is to pursue green and inclusive rebound.

Việt Nam will actively partake in global trends such as reopening, socio-economic development, green transition and digital transformation.

The transition to the green economy will bring job opportunities and long-term sustainable growth for countries and Việt Nam needs to act now to be able to meet its commitments of carbon neutrality by 2050.

Việt Nam is one of the few developing countries that has been stepping up and made commitments in carbon neutrality and elimination of coals, fuels.

Viet Nam’s economic growth will be boosted by export-oriented manufacturing, increased investment, and expanding trade.

The growth momentum is expected to continue, thanks to ongoing reforms to improve the business environment and Viet Nam’s participation in multiple free trade agreements involving almost all advanced economies.

Viet Nam can maintain inclusive growth by softening the pandemic’s impact on poverty and incomes.

While Covid-19 has impacted the world significantly, Vietnam have managed to contain the virus comparably successfully. Although remaining vigilant, the government have introduced incentives and offered financial assistance in order to encourage economic growth, isolation orders have been lifted and businesses allowed to reopen and resume business.

The economy of the future is going to be the green economy. By moving more quickly toward that green economy, Việt Nam is taking an important step in advancing its own interest and rapid and sustainable growth.

Việt Nam has the opportunity to create a more dynamic sustainable inclusive society and economy that has competitive advantages that will attract investment from all over the world and put it in good stead for the decades to come.

Experts believe this is largely down to preparation, and the country having acted quickly and decisively at the very beginning of the pandemic.

Vietnam has proven their ability to handle such a threat in a way that other countries, even those far more developed or with much higher GDP’s have failed to. With business in the country picking back up, Vietnam hope to capitalise on their newly earnt trust by creating partnerships and attracting foreign investment.