New model of Vietnamese economy
Tashkent, Uzbekistan (UzDaily.com) --
Starting from 1990s economy of Vietnam passed difficult development ways. Starting from 1992, the country started to denationalize industrial enterprises, attract investments and create joint ventures.
Currently, private enterprises lead in such spheres as services, trade and production of consumer goods. Vietnam is a member of regional economic organizations such as ASEAN, APEC and ASEM. The country joined the WTO in 2007. Vietnam received great advantages from accession to the WTO rather than negative consequences. Annually, the exports of goods rose by 20%.
The main articles of exports are raw oil, textile, leather footwear, sea foods. Main trade partners are the United States, China, EU, Japan and South Korea. On nine groups of goods, the exports exceeds US$1 billion, at the same time on four of them – US$3 billion and two – US$2 billion.
Vietnamese rice is supplied to over 70 countries and it could took the first place on its exports in the world in 2012. In 2009, the country moved to category of middle income countries on annual income per capita, which exceeded US$1000. The annual growth of GDP makes up 8.5% in average.
Currently, economy of Vietnam is stabilizing gradually, macroeconomic figures improved in nine months of 2014 compared to 2013. In nine months of 2014, the country’s GDP reached 5.62, consumer prices index – 4.6%, which is lowest level in last 12 years.
Production activities and business continues to improve. The real estate market continues to improve. In nine months of 2014, the deals number with real estate rose twice compared to the same period of 2013.
Currently, Vietnam implements new programme for development of economy. The country works on restructuring industry and services, correcting marketing strategy, diversifies products and export markets, etc.
Electricity, electronics, foods, ship construction, agriculture machinery, production of automobile engines and spare parts, mining and processing of oil and gas, as well as tourism are key industries of Vietnam.
According to forecast of the World Bank, the GDP of Vietnam will grow by 5.3% in 2014 and 6%-6.2% in 2015. In 2017-2025, economy of Vietnam can grow by 7.5% a year in average.
Vietnam pays attention to further development of relations with Central Asia, including Uzbekistan. Friendly relations between Uzbekistan and Vietnam are developing, which are based on traditionally friendly and respectful ties between two nations.
Official visit of the President of Uzbekistan Islam Karimov to Vietnam in March 1996 gave significant stimulus to bilateral relations. The agreement on main foundations of state relations and cooperation, several intergovernmental agreements were signed within the visit. These document create legal foundation of current cooperation between Tashkent and Hanoi in political, trade-economic and cultural-humanitarian spheres.
A delegation of business entities led by Prime Minister of Vietnam Nguyen Tan Dung visited Uzbekistan in October 2011. Within the visit, perspectives of mutual beneficial cooperation were discussed.
Currently, Uzbekistan and Vietnam signed 12 inter-governmental agreements, which cover trade, investment, taxation, air communication, science and technology, tourism and others.
Intergovernmental commission on trade-economic and scientific-technical cooperation, working since August 2000, also play important role in developing cooperation.
The fourth round of consultations between Ministries of Foreign Affairs of Uzbekistan and Vietnam was held in Hanoi in March 2014. Intergovernmental commission on trade-economic and scientific-technical cooperation held six sessions, last one of which took place in December 2013.
In 2013, trade turnover between two countries reached US$15.9 million. Currently, there are 21 enterprises with Vietnamese capital in Uzbekistan, including three with 100% Vietnamese capital.
It is worth to mention that Uzbekistan and Vietnam has great potential and perspectives in trade-economic and investment cooperation, as well as in other spheres, where the countries possess experience and opportunities.