Vietnam is on the right track towards economic growth as the Southeast Asian country stepped up transformations within its business and cultural sectors.
The country first launched its economic renewal initiative in 1986 and since then, it has displayed solid growth in investment gains and trade. In the Black reported that the Vietnamese economy achieved uninterrupted growth over the past 30 years with an average GDP growth rate of 6.6 percent on an annual basis.
Beeketing CEO Truong Manh Quan pointed out that his country now has the most number of software engineers in the Southeast Asian region. He said a new breed of business owners is now driving the Vietnamese economy towards economic authority.
General Director at PwC (PricewaterCoopers) Vietnam, Dinh Thi Quynh Van said while an economic slowdown in Southeast Asia has impacted a lot of countries in the region, Vietnam stands out. "There are impacts, clearly, but we also see more and more companies looking to Vietnam as an alternative to get around the trade war," he said.
A new report from Moody's Investors Service titled Vietnam Outlook: Resiliency Amid Emerging Market Uncertainty suggested that despite trade issues that many Asian markets experienced, Vietnam is prospering.
Optimism for the country's further growth in the coming years is also spreading among economists and potential investors. The report noted that the tourism sector and other industries helped strengthen the domestic market.
Chairman of Innovation Capital Management (ICM) Nguyen Viet Duc commented that the success of Vietnamese entrepreneurs in international markets continues to inspire young talents to pursue their innovation goals.
Furthermore, Nguyen said technological advancements in medicine, education, finance, agriculture, and artificial intelligence (AI) will increase opportunities for creative Vietnamese entrepreneurs who want to succeed in local and global terms.
Nguyen cited Hana and Smiling Mushroom as key drivers in the country's technological transformation. He said these companies are encouraging change in Vietnam's business culture. "[Through] their success and hard work, they contribute much in inspiring next generations of entrepreneurs," he said.
Meanwhile, North Korean leaders visited Vinfast, a part of Vietnam's largest corporation, Vingroup, before the U.S.-DPRK summit in Hanoi. According to the Associated Press, the North Korean political leaders, including Foreign Policy Adviser Ri Su Yong, went for a tour in the facility to gather insights on how the Democratic People's Republic of Korea can improve their economy.
U.S. President Donald Trump seems to have noticed the Southeast Asian country's economic growth as he noted in a tweet that "Vietnam is thriving like few places on earth." Trump added that he hopes his "friend," President Kim Jong Un will follow Vietnam's example.
