Vietnam: Outstanding socio-economic achievements, bright spot of regional and global growth, opportunity for foreign investors.

After 30 years of comprehensive renovation of the country’s economy, Vietnam has earned tremendous achievements in all fields. Foreign relations, in particular, has strengthened and expanded under the motto, “Vietnam is a friend, a reliable partner and a responsible member of the international community”. The economy has witnessed a good growth rate, averaging 6 to 7 per year Vietnam, From a low income agriculture-based economy, Vietnam has risen to join the group of middle-income countries of the world.

In addition to strengthening and expanding bilateral relations with political parties around the world, the Communist Party of Vietnam always attaches great importance to actively advocating and participating in organizations and multilateral political forums, holding discussing to resolve international and regional issues, contributing to improving the prestige of the Party and the State, and making the international community better understand Vietnam.

The country has made active and effective contributions and successfully undertaken many key roles at multilateral forums at all levels and fields. It was twice elected as non-permanent member of the UN Security Council for the 2008-2009 term and for 2020-2021 term as Chairman of ASEAN 2020; in the Human Rights Council (2014-2016); Economic and Social Council (ECOSOC, 2016-2018 term); Board of Governors of the International Atomic Energy Agency (IAEA, 2013-2015 term); President of the IAEA Board of Governors (2013-2014); and the Executive Council of the United Nations Educational, Scientific and Cultural Organization (UNESCO, 2015-2019). Vietnam is considered a model that successfully implemented the Millennium Development Goals (MDGs), successfully applying the unified model of action between the United Nations and Vietnam, with many initiatives and efforts contributing to the UN’s activities with the goal of hunger eradication and poverty reduction.

On the economic front, Vietnam has established and expanded trade relations, exported goods to more than 230 markets of countries and territories, signed over 90 bilateral trade agreements, nearly 60 agreements to encourage and protect investment, 54 double taxation agreements and many bilateral cooperation agreements with countries and international organizations. Vietnam has a positive relationship with international financial and monetary organizations such as the Asia Development Bank (ADB), the International Monetary Fund (IMF), the World Bank (WB) and others. More importantly, Vietnam has signed the Free Trade Agreement with the EU (EVFTA). In the context of global trade slowdown, Vietnam’s exports still reached over US$190 billion, of which Vietnam had a trade surplus of nearly $6 billion. Industry has a good growth, in which processing industry is confirmed as the main driving force in the economy’s growth. Accordingly, Vietnam’s economy in recent years has continuously had high growth rates.

As of September 2019, Vietnam had a high GDP growth rate (6.68% per year), inflation continues to be controlled at 2.5 percent. Total social investment increased by 10.3 percent, especially non-state sector accounting for 45.3 percent. FDI attraction reached a high level of $14.2 billion, the State budget revenue increased (10.1%), overspending was 3.4 percent of GDP.

In addition to stable politics, a clear business environment, one of the reasons for Vietnam to achieve the above socio-economic development achievements is that the Government of Vietnam has issued many policies as a driving force to boost Vietnam’s economy, such as the Law on Public Investment (amended), which removes a series of barriers and obstacles to strongly attract domestic and foreign private investment for building socio-economic infrastructure.

In recent years, Vietnam-Kuwait relations have increasingly strengthened and developed in many fields, especially with the success of Nghi Son refinery and petrochemical project. The two sides regularly maintain contacts, exchange delegations, closely coordinate and support each other on international and multilateral forums. In terms of economy and trade, the two-way trade turnover between the two countries reached nearly $2.7 billion. Since November 2018, Nghi Son refinery petrochemical (NSRP) with a total investment of more than $9 billion, of which Kuwait (KPI) has invested more than $3 billion (accounting for 35.1%). officially went into commercial operation with a designed capacity of 200,000 barrels of crude oil per day (equivalent to 10 million tons of crude oil per year).

Dr Khaled Ali Al-Fadhel – Minister of Oil and Minister of Electricity and Water affirmed that Kuwait desires to further strengthen relations between Vietnam and Kuwait. The Nghi Son Refinery and Petrochemical Complex Project in Thanh Hoa is a good start for the two countries; confirming that the project is operating smoothly and well.

On the Vietnamese side, Prime Minister Nguyen Xuan Phuc also emphasized: This is a key oil and gas project in Vietnam, contributing to providing 40 percent of petroleum products to the country, it is also a project to show the good relationship between Vietnam and Kuwait; Therefore, the Government of Vietnam is committed to creating favorable conditions for the Project in accordance with the laws of Vietnam. Both reaffirmed that Vietnam and Kuwait are trying to make the Project become a symbol of success to make Kuwait’s investment leverage even stronger in Asia. At the same time, the two sides both agreed on expanding their investments through cooperation projects in many other fields.