Vietnam's Prime Minister Pham Minh Chinh announced that the country's GDP will increase by 8% this year, exceeding expectations
Vietnam's economic growth has been driven by three main factors: infrastructure investment, a favorable trade environment, and competitive wages
Vietnam spends around 6% of its GDP on infrastructure projects, including a highway between Ho Chi Minh City and Hanoi, a new international airport, and metro projects in Hanoi and Ho Chi Minh City
Vietnam has signed several bilateral trade agreements and is a member of the Association of Southeast Asian Nations (ASEAN), which has also signed several free trade agreements (FTAs)
The EU-Vietnam FTA, UK-Vietnam FTA, and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) have all helped boost Vietnam's exports
Vietnam's wages remain competitive compared to other countries, especially China, and it has a young, dynamic workforce with a large number of engineering graduates
However, fuel shortages, fuel price increases, and inflation are potential challenges for Vietnam's economy, and the country needs to focus on developing its service industry, high-tech industries, and domestic consumption to sustain long-term growth.
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