Indian official hails Vietnam’s economic growth

(VOVWORLD) -Vietnam’seconomic prospects are bright and its  growth is a “miracle,” said S D Pradhan, India’s deputy national security adviser in a recent article in the Times of India newspaper.

Pradhan said that, despite the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. Citing the ADB’s Asian Development Outlook 2020 report, he said Vietnam’s economic growth rate will decline sharply to 4.8 percent in 2020 but will bounce back up to 6.8 percent in 2021, provided the pandemic is contained.

A report by Standard Chartered says Vietnam’s GDP is on course for 7 percent growth through the 2020s, and will surpass 10,000 USD per capita in 2030. This is a remarkable growth story, said Pradhan, who noted that Vietnam is taking the necessary measures to deal with the business crisis caused by the COVID-19 pandemic. Pradhan admitted there will be challenges for Vietnam to deal with, for example, transforming the country into a manufacturing hub.