Vietnam – from impoverished nation to one of Asia’s fastest growing economies and its trade links with Canada
Paintings depicting Vietnam decorate the Four Seasons ballroom foyer. Friendly hosts dressed in beautiful flowing Ao Dai (tradtional dress) welcome guests to the celebration of Ngày Quốc Khánh (Vietnam National Day).
Seventy-four years ago on September 2nd, the country’s late President Ho Chi Minh declared the country’s independence from France. The proclamation was held at Ba Đình Square in Hanoi.
The Socialist Republic of Vietnam has come a long way from being one of the world’s poorest countries to become one of East Asia’s fastest growing economies.
The launch of Đổi Mới (a series of economic and political reforms) in 1986 stimulated rapid economic development and growth. It transformed Vietnam from an impoverished to a lower middle-income country, reported the World Bank in Vietnam.
Extensive market-oriented and outward-looking economic policies have helped Vietnam achieve sustained and inclusive economic growth, cited IMF News.
Speaking at the 74th Anniversary Celebration on August 30, Socialist Republic of Vietnam Consul General Trinh Tu Lan said her country’s economic growth is consistently maintained at 7% a year.
She added her government has implemented various incentives to simplify process procedures to attract more foreign investment.
Trade with Canada
“In the area of foreign policy, the year 2020 is important for Vietnam. The country will be serving as a non-permanent member of the United Nations Security Council (UNSC) and Chair for the Association for Southeast Asian Nations (ASEAN),” said Trinh.
It’s the second time this ASEAN country has been elected to serve as a non-permanent UNSC member – which won by a nearly unanimous vote.
This is significant recognition for the country’s credibility and contributions to global peace and stability.
The first time was for the 2008-09 term. The position is set to highlight the country’s foreign policy outlook, the opportunities and challenges.
Vietnam has been Canada’s largest trading partner in the ASEAN region since 2015.
Trinh mentioned Vietnam-Canada trade in the first 6 months of 2019 grew by an impressive figure of nearly 30%.
She is optimistic trade between the two countries will continue to flourish with strong support from both governments, businesses and the Vietnamese community.
“Vietnam is a very important economic partner to British Columbia,” said B.C. Minister of State for Trade George Chow. He pointed out BC exports more goods to Vietnam than any other province or territory in Canada.
“We want to work closely with Vietnam in deepening our partnership and advocating our shared interest as the province continues to promote trade with its ASEAN members.”
Canada and Vietnam are two of the eleven members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Trinh and Chow cited the free trade agreement will help expand economic ties and bilateral relations between both countries.
SEPTEMBER 02, 2019 | SILK ROAD TODAY