Indonesian newspaper hails Vietnam as Asia’s new rising star

Monday, 02 February 2015
Indonesian newspaper hails Vietnam as Asia’s new rising star “Vietnam is an emerging country with an average of above 7 percent economic growth during the first decade of the 21st century, despite facing major economic and security challenges.
” This was quoted from an article entitled ‘Amid many challenges, Vietnam’s star continues to rise’ written by reporter Veeramalla Anjaiah from the Jakarta Post Newspaper on the occasion of Vietnam’s National Reunification Day (April 30). “Even at the height of the current global financial crisis, Vietnam’s gross domestic product grew by 5.89 percent in 2011, slightly lower than the 6.8 percent in 2010. This growth level can be seen as relatively positive and high and quite close to the government’s adjusted target,” it said. The article also mentioned some problems that the country has to face, such as unemployment, poverty, lack of infrastructure and corruption. “Vietnam and Indonesia, Southeast Asia’s biggest economy, have so many similarities and work closely at regional and international levels. Both countries face same problems related to development, produce the same products and also compete for markets and foreign investment.” “Yet the relations between the two countries are rapidly growing. Both countries’ businesspeople are investing in the opposite country.” “In 2011, bilateral trade surged to US$4.73 billion, a remarkable increase of 53.38 percent from $3.08 billion. Starting from 2012, bilateral trade will grow much faster because Vietnam is going to buy Indonesia’s coal for power generation purposes,” it added. The article praised Vietnam’s “Friendship with everyone” foreign policy, saying “Vietnam also realized that socialist economic policies didn’t bring prosperity and adopted market-friendly policies under Doi Moi in 1986. It opened doors for foreign investors, offered incentives and relaxed rules.” It added that foreign direct investment (FDI) capital flow into Vietnam reached U$11.6 billion in 2011. T.N (Source: VOV online)