Making news

Vietnam’s growth story makes waves worldwide: Indian diplomat

High economic growth rate and fast-moving digital transformation in Vietnam and India have generated huge opportunities for the two countries to take greater strides in economic cooperation.

High economic growth rate and fast-moving digital transformation in Vietnam and India have generated huge opportunities for the two countries to take greater strides in economic cooperation, Indian Ambassador to Vietnam Sandeep Arya has said.

In an interview granted to the Vietnam News Agency on the occasion of the Lunar New Year (Tet) festival, the diplomat stressed that Vietnam is looked at as one of the fastest-growing economies globally, and the country’s economic achievements are extremely impressive. He predicted that Vietnam's economy could grow by 6.8% or something of that kind for 2023.

The General Statistics Office (GSO) of Vietnam recently reported that the country's GDP expanded by 8.02% in 2022, the fastest pace annually since 1997. The figure is higher than an official growth target of 6.0%-6.5% and growth of just 2.58% in 2021 due to impacts caused by the COVID-19 pandemic.

“Vietnam’s growth story and economic achievements are really making waves around the world”, Arya stressed.  

He revealed that before taking up duty in Vietnam, he met leaders and representatives of businesses of India who showed their special sentiment for Vietnam, impression of Vietnam’s economic growth, and support for stepping up cooperation with the Southeast Asian nation.

Vietnam is performing so well, he said, noting that the momentum which Vietnam has generated in terms of its economic growth, foreign trade, and foreign direct investment attraction, and other economic indicators, have really shown that Vietnam will be “a promising story” in the years to come.

According to the ambassador, there is ample room for his country and Vietnam to take important strides in cooperation in the future.

He suggested sustaining joint working mechanisms and trade sub-commissions between the two governments to explore these opportunities, considering possibilities of cooperation in the areas of infrastructure development, digital technology, fintech, oil and gas exploration, defence technology, and direct shipping link.

 “If we look at FDI attraction and other economic indicators for both countries, India and Vietnam are going to be leaders in terms of global economic growth, so there are humongous opportunities for both countries to do more in terms of trade, business and investment collaboration, joint venture and in various other related areas, maybe agriculture, food processing, and energy”, Arya affirmed.

The ambassador showed his optimism about the bright future of the bilateral ties, elaborating that together with a firm foundation from long-standing traditional friendship, the two countries have supplementary economic models and experience to share with each other.

The prospects are “very bright” for India and Vietnam to enlarge their relations, Arya stressed. 

“Next year, we are looking at three or four pillars of our relationship which have been already well established, including trade and investment, defense and security, and people-to-people exchange,” he stated.

The diplomat spotlighted the fruitful development of the Vietnam - India diplomatic ties, stating that the relationship was deeply rooted on the basis of strong political trust, a sense of solidarity, and mutual understanding and support.

“The bilateral relations actually are excellent” he said, adding that it serves as a strong foundation for the two countries to advance their numerous-pillar cooperation, including politics, economic and trade, defense and security, culture, and tourism, in the years to come.

The diplomat stated that there are a lot of new ideas which he intends to explore and discuss with the authorities of Vietnam, affirming that the India – Vietnam relations has a really solid foundation to move forward in the years to come. He pledged to do his best to make them as part of “successful growth story” between the two countries.

As a new-comer, Arya said he is quite excited about what he experiences and witnesses by himself in Vietnam in the Lunar New Year (Tet) festival. He took the occasion to extend New Year greetings to the leaders and people of Vietnam, wishing Vietnam a lot of success and prosperity in the year ahead./.