Deputy Secretary-General for ASEAN Economic Community for 2021-2024, Satvinder Singh, has affirmed that Vietnam is one of the strongest contributors to ASEAN’s dynamic, resilient economy and is a very critical partner for ASEAN’s integration.

Illustrative image (Photo: VNA)
Illustrative image (Photo: VNA)

He noted that Vietnam’s gross domestic product (GDP) doubled from 155.8 billion USD in 2012 to 362.0 billion USD in 2021, and the country’s share of the bloc’s GDP has also increased from 6.5% a decade ago to 10.8% at present.

According to him, Vietnam is one of those economies in ASEAN that are contributing very significantly to the bloc’s stability and also providing a path forward for economic liberalisation, showing the way of how one can invite good quality direct foreign investments (FDI) into the country at the same time.

Vietnam has been able to attract high and good quality FDI not only from China but also from many global multinationals who are looking for a new strategy for their ASEAN presence, said Satvinder. "All those kudos go to your people, government, for having the resiliency to be able to adjust and to be able to take the opportunity of what’s coming”.

He went on to say that Vietnam is very globally competitive and all its sectors are doing well.

Vietnam contributes importantly to ASEAN’s economic growth: ASEAN Deputy Secretary-General ảnh 1

Deputy Secretary-General for ASEAN Economic Community for 2021-2024, Satvinder Singh (Photo: VNA)

The focus of Vietnam businesses and sectors should not be domestic, their focus should be on how to grow regionally and internationally. Vietnam has the potential to create the next generation of some of the largest unicorns that we have seen in ASEAN, he added. 

According to the ASEAN Deputy Secretary-General, the people, communities, regulators, the government must have a shared vision. To become an important player in the region, it’s important to invest in integrating the ASEAN region first.

"There is a huge potential for Vietnam to take a much more active interest in integrating in ASEAN and I believe that Vietnam is showing the way. Vietnam has a very strong interest in opening its markets” he added.

Satvinder also said that Vietnam is not only working hard to integrate into ASEAN but also integrating into the global platforms, and it is currently negotiating very effective bilateral free trade agreements (FTAs) with significant economic partners globally.

"Vietnam is on the right path and showing the rest of ASEAN of what is needed to transform your economy, and how we can become regionally and globally relevant. In this whole spirit of integration in ASEAN, Vietnam is in a position to make the best out of it,” he affirmed.

The ASEAN official also shared some recommendations for Vietnam and other regional countries to maintain stable growth, one of which is to integrate into ASEAN and work together. The countries also need to clearly define their economic priorities and better tap human resources.

Source: VNA

Related Topics

Vietnam's Engineering Unit conducts field reconnaissance in Abyei

Soldiers of Vietnam's Engineering Unit Rotation 1 participating in peacekeeping mission at the United Nations Interim Security Force for Abyei (UNISFA) have recently deployed field reconnaissance to prepare for the rainy season and build barracks.

Vietnamese mission in Geneva joins Lao counterparts on Bunpimany festival

Ambassador Le Thi Tuyet Mai, Permanent Representative of Vietnam to the United Nations, the World Trade Organisation (WTO) and other international organisations in Geneva has extended best wishes to her Lao counterpart Ambassador Latsamy Keomany, his spouse and staff on Bunpimay, the traditional New Year of Laos.

Ukraine, Russia to hold next round of talks on Monday: Ukrainian negotiator

Ukraine and Russia will hold the next round of peace talks on Monday, David Arakhamia, member of the Ukrainian delegation, said Saturday.

29th ASEAN-EU JCC meeting held virtually

The 29th Meeting of the ASEAN-EU joint Cooperation Committee (JCC) was held recently via videoconference.

IMF chief says Omicron could dent global economic growth

The International Monetary Fund is likely to lower its global economic growth estimates due to the new Omicron variant of the coronavirus, the global lender's chief said at the Reuters Next conference on Friday in another sign of the turmoil unleashed by the ever-changing pandemic.

Vietnam pledges more contributions to ASEAN - Japan relations

Vietnam will continue making positive contributions to developing ASEAN - Japan relations in a more effective and practical manner, Prime Minister Pham Minh Chinh told the 24th ASEAN - Japan Summit held via videoconference on October 27.