VOV.VN - Malaysia's leading English language newspaper the New Straits Times has recently published an article highlighting that after a period of hardship and sacrifice, Vietnam is now a rising star globally, with consistent gross domestic product (GDP) growth of about 6% recorded for many years.
The article outlines that the Doi Moi (Renewal) policy helped to inject a fresh sense of dynamism into the Vietnamese economy in the late 1980s. The momentum for a market-driven economy accelerated further, with greater liberalisation and privatisation being implemented in the 1990s.
Following these market reforms, serious overseas investments began pouring into the country, with capital in the billions of US$. Among them are those by Gamuda Land, Petronas and Sunway group from Malaysia, and the Vietnam-Singapore Industrial Parks (VSIP).
It has helped to attract significant investments from the likes of Samsung, Nike, Adidas, and plenty more. Unlike other countries, the nation is blessed with a relatively young population, with this demographic dividend helping to power its labour-intensive manufacturing sector.
Gary Lit Ying Loong, the author of the article, revealed that there is a vibrant community of Malaysians and Singaporeans who both live and work in Vietnam.
Recently, there was a double celebration of Merdeka and Vietnam's National Day for executives at the Royale Bar in Ho Chi Minh City.
Major infrastructural and urban projects have also been completed over recent years. The entire coastal strip of fishermen attap houses in Da Nang has recently been transformed into an exclusive belt of five-star hotels.
The new Hanoi Metro system, built by a Chinese consortium, has served to ease traffic congestion in the thriving metropolis of eight million. After a few delays the metro line in the southern city is expected to open soon, with major plans now underway to construct new ports and airports too.
The economy over the past decade has created more and better jobs. It has also improved the aspirations and living standards of local people, with famous Western brands such as Louis Vuitton, Gucci, and Chanel now having a presence in all major cities.