The "Golden decade" of Vietnam's economy after Covid - 19 pandemic

In 2020, the world economy was in recession due to the influence of Covid - 19. However, after the pandemic, Vietnam’s economy is expected to make a “breakthrough" with a growth rate of 6-7%, higher than the target set by the National Assembly in the "golden decade" ahead.

Vietnam among few countries with positive economic growth in 2020

According to Dr. Tran Hong Quang, Director of the Vietnam Institute for Development Strategies, Ministry of Planning and Investment, the socio-economic strategy for 2021-2030 has many innovative agendas, which are more adaptive and realistic to development requirements of Vietnam.

TO FOCUS ON DEVELOPING E-COMMERCE AND DIGITAL ECONOMY

According to the Government, Vietnam's economy in the period 2021 - 2030 has three strategic breakthroughs: institutions, human resources and infrastructure. Annual growth rate of Vietnam’s economy is forecasted at 7%. In particular, GDP per capita in this period will be US$4,700- US$5,000 (in 2020, GDP per capita was US$3,521 USD). By 2030, Vietnam will be a developing country with modern technologies and higher income, the GDP per capita will be around US$7,500; by 2045, Vietnam will become a developed country with high income.

Thanks to successfully suppressing Covid-19 pandemic and taking advantage of trading opportunities, Vietnam has created "connections" with many countries around the world, especially bilateral cooperation between Vietnam and Singapore in e-Commerce industry and digital economy.

Vietnam focus on developing e-Commerce and digital economy in the “golden decade”

4.0 Industry has penetrated all aspects in our modern life, from online shopping platforms such as Amazon, Lazada, Alibaba; social networks like Twitter, Instagram, Tik Tok and Facebook to transport booking apps like Grab, Gojek. In Asia, developed countries with years of working in the digital economy such as Singapore, South Korea and China can bring helpful experiences for Vietnam to strive towards developing its own digital economy, which is flexible and effective, in order to enhance country competitiveness.

ONE IBC - BOOSTING YOUR BUSINESS TO THE “BIG SEA”

As an expert in investment industry, Mr. Bui Duc Tue reveals many reasons why Singapore attracts so much FDI. Firstly, the Lion City has been considered as an economic and financial center of Southeast Asia, it has many open policies and many famous banks are located here, world-class infrastructure. To meet the requirements of entrepreneurs and investors, One IBC has opened a Singapore office addressed in One Raffles Tower, which is a prestigious venue in the center of Singapore. The company specializes in corporate services, including account opening consultancy, trademark registration service, tax planning, accounting and auditing service, etc. By opening Singapore companies, Vietnamese investors have 100% ownership of the company, fast incorporation procedure and can easily open business accounts at reputable banks in Lion City.

Setting up Singapore companies is a favorable trend for Vietnamese investors.

“This is a huge boost for expanding business to the world, promote value of Vietnamese businesses. With many benefits and a vibrant corporate community, Singapore is an iconic country to follow. In addition, when going to the "big sea", Vietnamese businesses will face many challenges of being directly affected by global fluctuations in costs, interest rates, exchange rates, changes in goods flows, finance, international investment, and especially global economic or financial crises. However, the more challenges we pass through, the bigger we become. We can strongly believe that the during the “golden decade” 2021-2030, Vietnam’s economy are ready for many innovative breakthroughs”, said Mr. Tue.