Vietnamese economy soars beyond expectations: Australian expert

Layton Pike, a member of the Australia-Vietnam Policy Institute (AVPI)'s advisory board, said Vietnam's economic growth in 2024 has far exceeded expectations on the back of export recovery and stable foreign direct investment.

In a recent interview with the Vietnam News Agency, he relished a positive outlook for the economy in 2025 despite global economic headwinds, including prolonged inflation and increasing protectionism.

That the Vietnamese Government aims to accelerate economic development in 2025, targeting a GDP growth rate of over 8%, signals its unwavering commitment to prioritising economic development, he said, suggesting the country continue policies to build better legal frameworks and reduce investment barriers for investors, including those from Australia.

The AVPI has long advocated for simplified foreign direct investment processes that are aligned with international standards so as to consolidate investor confidence and make Vietnam a more attractive destination for businesses, he added.

Touching on the Vietnam-Australia relations, he said the elevation of the ties to a comprehensive strategic partnership this year promises expanded collaboration across various domains such as digital transformation and energy transition – cornerstones for future prosperity and security of both nations.

Pike said political leaders and businessmen of the two countries have been ambitious about the bilateral ties next year, adding continuous collaboration will play a central role in maintaining motive for the relationship and realise the targets of the comprehensive strategic partnership.

The AVPI commits to supporting the expansion and enhancement of bilateral relationship, including facilitating broader networks of businesses and organisations, and providing platforms for the exchanges of ideas and deeper mutual understanding.

According to Pike, the partnership also emphasises a shared commitment to human rights and equal opportunities. The constructive and frank dialogues on human rights have been a milestone in the bilateral ties and they are expected to continue under the comprehensive strategic partnership.

As a member of the UN Human Rights Council, Vietnam has the opportunities to cooperate with regional partners in promoting fundamental human rights globally, he added./.