(VOVNews/VNA) The USA Today on December 4 ran an article on the economic achievements of Vietnam, a nation that World Bank President Robert Zoellick described as “one of the fastest improvements in living standards in the world”.
“Now enjoying its third consecutive year of better-than-eight percent annual growth, Vietnam is on its way to becoming the latest Asian nation to swap a history of colonial poverty for hard-earned prosperity,” the paper said.
It noted that Vietnam’s outstanding achievements applauded by the world is poverty reduction by almost two-thirds since 1993 thanks to the continuously growing economy. A young, well-educated population of enterprising workers and eager consumers is drawing the gaze of multinational corporations.
However, the paper cited Vietnamese officials as saying that they recorgnise the need for action but regard the problems as the inevitable consequence of rapid – and long overdue – economic growth.
Despite breathtaking changes, Vietnam’s economy remains small with total economic output each year of about US$62 billion.
Regarding relations with the US, the paper said that Vietnam’s magnet was proved by the last month’s visit by US Commerce Secretary Carlos Guiterrez who accompanied by 22 US companies, including Ford, Dow Chemical and 3M.
Since the signing of a bilateral trade agreement in 2001, annual trade between the two sides has grown to more than US$10 billion. But Vietnamese executives complain that US trade measures designed to protect domestic producers are crimping their export hopes.