"Vietnam is recovering strongly with the economy shifting from survival mode to soaring mode. However, suppose the goal is to expose its full potential. In that case, Vietnam will have to effectively navigate several global mega-trends that will shape its future", according to CEO of HSBC Vietnam Tim Evans.
Vietnam is a long-coast nation and one top rice producers in the world. Global warming could cause rising sea levels and falling crop yields which will become a threat to the well-being and prosperity of the nation.
Hence, it is necessary to build a climate-friendly, low-carbon society. Tackling climate change is not only a severe challenge. It is a huge opportunity. Industries such as IT, biomedicine, and energy are emerging as the new, more sustainable drivers of economic growth.
The pandemic has accelerated the shift towards a seamless digital world and has triggered consumer behavior changes that are likely to have lasting effects.
The digital transformation will drive the rapid integration of industry and technology, incredibly remote work, healthcare, education, entertainment, and financial services while reducing transaction costs, facilitating participation in global value chains, and improving market access and reach. One of the most potent effects of the digital revolution is how it has leveled the global playing field, allowing countries like Vietnam to compete with more advanced economies. Companies like VNG, MoMo, and VNPay – all unicorns founded in Vietnam – are world-class competitors. Still, if continuing to build on its success, Vietnam needs to continue investing in education and accessibility to build a thriving digital ecosystem that drives innovation.
“Covid-19 is a reminder that we are all in this together. Unless every country and community can obtain vaccines quickly and fairly, no one will be able to return to normal, and a truly global economic recovery will not be possible,” he emphasized.
It is essential to strengthen global cooperation in vaccine research and development, production, raw material supply, distribution, logistics, and intellectual property exemptions, to help countries that struggle to compete with wealthier nations to obtain affordable vaccines and essential medical supplies.
Covid-19 is continuing to cause disruptions to global supply chains, but trade still offers the shortest and most direct route back to economic growth.
These FTAs Vietnam has signed are expected to boost Vietnam’s economic growth this year significantly.
However, challenges remain as the country will need to embark on further domestic reforms to stay competitive. Vietnam will also need to continue working with other Asian nations to facilitate cross-regional investment flows and dismantle non-tariff barriers.
The conflict in Ukraine and ongoing geopolitical tensions will continue to inject unwelcome uncertainty into the global economy. Vietnam’s openness and principled stand on settling international disputes peacefully and following international law is a valuable voice in a chaotic international environment.
Inequality and inclusive recovery
It is essential to urgently address and reverse the devastating impact of Covid-19 on poverty and inequality. Low-income developing countries must be given the vaccines and support to recover. This is also an opportunity to build community resilience to minimize the impact of natural disasters and prevent future crises, including increasing investment in health and education, creating a fair and competitive labor market environment, and improving access to financial services and technology.
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