Indian politician highlights Vietnam’s important international role

Concerning economic development, the nation’s growth rate hit close to 7%. By the end of this year, Vietnamese GDP is estimated to reach approximately US$469 billion, with per capita income standing at roughly US$4,649.

Pradhan identified four key factors which have helped the country to obtain these accomplishments. They include bold economic reforms, creating a favourable environment for business activities by attracting foreign direct investment (FDI) and companies relocating production bases, building a skilled workforce, and integrating into global trade and production activities.

The Indian expert also accentuated the positive impact of the nation’s developing middle class, which in turn has led to higher domestic consumption whilst boosting the retail, real estate, and service sectors.

According to Pradhan, a crucial aspect contributing to Vietnamese economic development is its determination to combat corruption. He expressed his confidence that the country has become a model of economic growth, as recognized by both the World Bank (WB) and the International Monetary Fund (IMF).

Regarding diplomacy, the nation continues to maintain the policy of “bamboo diplomacy" initiated by Party General Secretary Nguyen Phu Trong.

In a short period, the country has upgraded  its relations to a Comprehensive Strategic Partnership with the United States, Japan, the Republic of Korea, Australia, France, and Malaysia. Previously, the nation established the Comprehensive Strategic Partnerships with Russia, India, and China.

Party General Secretary To Lam has since continued to promote the policy of late General Secretary Nguyen Phu Trong.

Over recent months, Vietnam signed Comprehensive Strategic Partnerships with France and Malaysia. This acknowledges the contributions made by Vietnamese policymakers, who are following President Ho Chi Minh’s thought of "more friends, fewer enemies." Importantly, Party General Secretary To Lam believes that the Vietnamese development path cannot be separated from the general trends of the world. This perspective is highly appreciated, according to the Indian politician.

To maintain the development momentum for the rest of the year and notch up even greater successes ahead in 2025, Pradhan said he believes that the country needs to go ahead with its policies on economics and diplomacy while paying more attention to security aspects.

He also suggested that the nation focus on developing renewable energy and creating trading hubs by developing ports. The country should therefore also take heed as it strives to preserve resources from the Mekong River and undersea mineral resources to ensure its continued sustainable development.