An international workshop on Vietnam’s economic prospects until 2025: opportunities and challenges brought by new-generation FTAs (Photo: dangcongsan.vn) Under its 5-year socio-economic development plan until 2020, Vietnam has maintained an annual GDP growth rate of more than 6.8%. Last year’s growth was more than 7% and this year is expected to exceed 7%. Vietnam has achieved the GDP growth target set for the entire period. Inflation has been under control and the public debt ratio has been decreasing. But growth has been heavily dependent on capital. The support industry has grown slowly. The contribution of services with high added value has remained low. Logistics costs are high. Exports depend on foreign-invested enterprises. Most Vietnamese businesses haven’t participated in global value chains and their ability to innovate hasn’t improved much. At a recent international workshop on Vietnam’s economic prospects until 2025, many experts pointed out the impact of new-generation FTAs on a number of Vietnam’s macro-economic targets, adding that during this period, the economy will see new advantages and face new problems. Dr. Dang Duc Anh, Deputy Director of the National Center for Socio-Economic Information and Forecast, said “The growth rate and trade are forecast to decline due to international developments and… Read full this story
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