Russian expert: Vietnam to become leading economic hub

Vietnam’s success in containing the COVID-19 pandemic will serve to open up greater prospects for it to become one of the world’s leading economic hubs in the region (Photo: VNA)

Grigory Trofimchuk, chairman of the Expert Council of the Eurasian Ideas Foundation (EIF), made the comment following recent statements made by US Secretary of State Michael Pompeo regarding moving parts of American companies’ production facilities to Vietnam in the near future.

The Russian expert outlined how the US Secretary of State’s statement had provoked widespread reaction globally and among the Russian media, adding that the move will ultimately create a new era that will produce changes to the global market’s entire structure due to the negative impact caused by the COVID-19 pandemic.

Trofimchuk went on to explain that Vietnam is playing a significant role in changing the global economic landscape following its success in responding to the virus. He noted the Southeast Asian nation is likely to become a leading economic centre sooner rather than later.

The Russian expert said Vietnamese manufacturers have the capacity to master cutting-edge production technologies that are able to produce a range of complex commodities. The country is home to a large number of skilled workers, in addition to a young and well-trained workforce that is fully capable of performing complex tasks.

Most notably, Southeast Asia and ASEAN member countries can be considered to be one of the world’s economic growth centres, with Vietnam rapidly becoming one of the key drivers of ASEAN.

The Russian economist also highlighted the political stability that Vietnam enjoys, a factor which can be considered as a prerequisite for attracting investment, along with initiating a shift of production facilities by many of the world’s largest corporations.

Source: VOV

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