Many countries can learn from Vietnam’s experiences. This is the assessment of many international scholars when Vietnam’s economy has impressive results.
In the context of the unstable global economy, policymakers around the world are looking for solutions to cope and limit risks. It is Vietnam’s experiences and solutions that have brought useful experiences to other countries in the region.
Author Richard Heydarian opened the article with impressions of Vietnam’s rapid change. Today, every major brand in the world has products made in Vietnam.
The success of Vietnam is drawn by the author in 3 lessons. The first lesson is that Vietnam focuses on basic education, especially Math and Science. Despite being a poor country, Vietnam ranked 8th in the world when it was first included in the prestigious Program for International Student Assessment (Pisa) by the Organization for Economic Cooperation and Development (OECD). That means Vietnamese students outperform students in many rich countries in Math, Science and reading comprehension.
The second lesson from Vietnam is the optimal combination of agricultural and industrial development. Thanks to proactive policies on trade, industry and agriculture, the Southeast Asian country has become one of the largest exporters of staple foods, such as rice, as well as agricultural equipment. high value added electronics.
The third lesson from Vietnam is its unique approach to the world. Vietnam has actively built strong economic relations with all countries from the West to Japan, India, Russia and participated in many free trade agreements.
Moody’s upgrades Vietnam’s credit rating
Vietnam’s long-term national credit rating has been upgraded from Ba3 to Ba2 by Moody’s – one of the reputable credit rating agencies, from Positive to Stable. The last time Moody’s upgraded Vietnam’s credit rating was 4 years ago.
The upgraded credit rating also helps Vietnam to mobilize capital sources both directly and indirectly from outside, reducing borrowing costs. Many international newspapers in the past week have also analyzed more about this decision of Vietnam to upgrade.
According to Moody’s report, Vietnam’s economic strength is underpinned by its increasing competitiveness and deepening participation in global value chains.
The effectiveness of Vietnam’s prudent and flexible fiscal policy implementation was recognized by Moody’s as one of the main factors contributing to the upgrade decision. The Government has implemented a medium-term budgetary plan, focusing on mobilizing domestic capital at low cost.
Many international newspapers such as The Star and fibre2fashion have also analyzed in detail the factors determining Moody’s credit rating of Vietnam, from competitiveness to effective fiscal policy and fundamental solutions. long term.
Besides the strengths, Moody’s report also provides a long-term warning about risks to the Vietnamese economy in the next 5-10 years. The challenges of warehouse, airport, electricity, rail and workforce infrastructure will likely begin in 2035.