Monday, February 17, 2020, 04:34 (GMT+7)

Monday, January 13, 2020, 07:15 (GMT+7)
Vietnam's economic bright spot in a volatile world rejects allegations

In recent years, the international situation has always been volatile, with the risk of instability, greatly affecting the global economic development. Against that backdrop, Vietnam is still one of the fastest growing economies in the region and the world. This is a striking testimony which enables us to completely disprove all distortions and allegations by the hostile forces about the country's development path under the leadership of the Communist Party of Vietnam (CPV).

First of all, the trade war between the world's two leading economic powers, the United States and China, is ongoing and intense, with no signs of stopping. Certainly, this war affects the economic growth of each country and the globe. Secondly, the prolonged conflict in the Middle East has not ended, causing fluctuations in the world’s oil price. Thirdly, the fact that Britain leaving the European Union (Brexit) disturbed the flow of trading and investing capital between the UK and the Union; it has spread across the world and negatively affected open economies simultaneously. Fourthly, the complicated developments in the East Sea have made significant impacts on the economic growth and development of both regional countries and the whole world. Fifthly, risks on international financial and monetary markets have increased. Being concerned about these impacts, the organisations, namely the World Bank (WB), the International Monetary Fund (IMF), and the Organisation for Economic Co-operation and Development (OECD) all slashed their global growth forecasts. In 2019, the IMF lowered the growth prospects of the U.S. economy down to 2.4%, China down to 6.1%, Eurozone down to 1.2%, which was 0.1% lower than its previous forecast. For Germany, the EU's leading economy was expected to slow to 0.5% while the UK growth was estimated at only 1.2%.

For Vietnam, in addition to being adversely affected by the above-mentioned situation, in recent years, many difficulties and limitations of the domestic economy and natural disasters, epidemics, and climate change have posed major obstacles to the people’s life, production and business, especially agriculture. However, with the timely and effective direction and administration of the Government, the efforts of sectors and localities, Vietnam’s economy has earned remarkable achievements and become one of the bright spots in the region and the world. According to the World Bank's assessment of GDP among more than 200 countries and territories in 2018, Vietnam ranked 46th in the world, 14th in Asia and 6th in Southeast Asia. In 2019 alone, against the globe’s slow economic and trade growth, it was the second consecutive year Vietnam achieved and exceeded all 12 stated economic targets (with 5 targets being exceeded). In particular, inflation was under control, consumer price index was predicted to increase by 2.7%-3%, macro-economy was stabilised, GDP growth rate was estimated at 6.8%; labor productivity increased by 5.9%. By the end of November 2019, the disbursement of foreign investment was estimated at $17.6 billion, which was the highest ever, while the additional capital of domestic enterprises reached over 3 quadrillion VND. Many highways, airports, important and large-scale seaports have been built and upgraded, which helps increase the connectivity among regions throughout the country and boost foreign trade. The country's development achievements in general and its "economic bright spot" in recent years have been evaluated and highly appreciated not only by domestic experts but also by many reputable international financial institutions. Recently, the Institute of Chartered Accountants in England and Wales (ICAEW) confirmed that Vietnam's growth is currently highest in Southeast Asia. The Asian Development Bank (ADB) stated that Vietnam would maintain high growth in 2019 and 2020. The Country Director of ADB in Vietnam (Eric Sidgwick) asserted that although export growth has slowed due to the escalation of the trade war between the U.S. and China, which has also led to the decline of global trade, Vietnam's economy is still growing in a rapid and stable manner. However, there are some people who "throw a spanner in the works," go against national interests, and deliberately distort the situation of Vietnam in general and the country's economic development in particular. Being unable to "see the wood for the trees," they do not recognise the important economic achievements that Vietnam has obtained, while denying those achievements by making allegations and distortions, emphasising that Vietnam’s steadfastness in Marxism-Leninism makes the country unable to develop and leads to its collapse to the end. They say that under the leadership of the CPV, the country is increasingly falling into the trend of failure and even a comprehensive crisis, etc. They also "fabricate" shocking information to make other people believe that as a result of the socialist-oriented market economy, Vietnam’s realistic international competiveness weakens, its growth is slow and unstable, and it is suffering from macroeconomic instability. They misrepresent that the socialist-oriented market economy would make the economy less competitive and the private sector would be strangled. They believe that these factors are responsible for many serious issues, such as corruption, wastefulness, rampant and inefficient public investment, and bad debt.

It is clear to see that the above-mentioned things are just one-sided, subjective judgements by several unwilling people who are trying to "bend the truth" about the situation in Vietnam in general and its economic development and achievements in particular. These allegations are not only equivocations, but also aimed at spreading skepticism and undermining the  people's confidence in the direction of economic development under the leadership of the CPV, especially the policy of socialist-oriented market economy development which has proven effective in practice. More seriously, they promote "peaceful evolution," "self-evolution," and "self-transformation" to push Vietnam into the trajectory of capitalism and eliminate the socialist regime in our country.

In fact, Vietnam's achievements in national renewal, especially its economic "bright spot" against the world’s complicated fluctuations, prove that "the path to socialism in our country is consistent with Vietnamese practices and historical development trend." The sound leadership of the Party acts as the determinant to the victory of the Vietnamese revolution. The views, policies and great orientations for developing a socialist-oriented market economy, promoting industrialisation and modernisation, renewing the growth model and restructuring the economy, and actively and proactively integrating into the world’s economy on the basis of the creative application of Marxism-Leninism and Ho Chi Minh Thought into Vietnam’s specific conditions by our Party are all correct and appropriate. At the same time, it is a proof against the distortions and fabrications of the hostile forces to oppose our Party and Government. However, the hostile forces have been taking advantage of globalisation, international integration, rapid development of science and technology, boom in media, the Internet and social networks, impact of the market economy, moral degeneration of a section of officials and party members, and limited awareness and lack of information among a number of people, especially in rural areas, remote areas, and ethnic minority inhabited and religious areas to serve their purpose of sabotage.

Currently, the entire Party, people and Military are actively preparing for the all-level party congresses towards the 13th National Congress of the CPV - a major political event of the country. The hostile forces would be taking full advantage of cyberspace and forums to misrepresent the situation of the country, deny revolutionary and economic achievements, and refute Party’s ideological foundation, thereby lowering the leadership of the CPV, causing confusion and skepticism among people from all walks of life, especially among the young generation towards the path to socialism that the Party, Uncle Ho and our people have chosen.

Therefore, to defeat the conspiracy and tricks of the hostile forces, first of all, the Party and the Government should regularly monitor, analyse and properly assess the domestic and international situation, mobilise and efficiently use resources, maintain fast and sustainable economic growth, raise productivity and competitiveness of the economy, ensure social progress and justice, and improve the people's life. Secondly, due regard should be paid to well carrying out the work information, communication, and public opinion orientation to create social consensus and strengthen the people's confidence in the Party, the Government and the socialist regime, for the sake of "rich people - strong nation - equitable, democratic and civilised society." Thirdly, it is necessary to improve the effectiveness of corruption combat and strictly handle violations by individuals under law without "restricted area" so as to contribute to cementing the people's faith in the fairness and strictness of the law. Fourthly, importance should be attached to proactively preventing and resolutely repelling the degradation in political ideology, morality and lifestyle as well as “self-evolution” and “self-transformation” from within and effectively implementing the Directive 05-CT/TW by the 12th Politburo on “studying and emulating Ho Chi Minh's ideology, morality, and style” and the 12th Party Central Committees’ Resolution No.4 on the Party building and rectification. Last but not least, it is imperative to strengthen the fight for protecting the Party’s ideological foundation, proactively unmask and resolutely combat wrongful and hostile viewpoints and distortions of our Party's economic development policy in the new situation.

Sr. Col., Associate Prof. Pham Van Son, PhD

Deputy Head of the Institute for Military Social Sciences and Humanities

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