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Party General Secretary Nguyen Phu Trong (Photo: VNA)

Prof. Reddy is former Director of the Centre for Southeast Asian and Pacific Studies at Sri Venkateswara University in the Indian state of Andhra Pradesh. He is a co-author of the book “Ho Chi Minh with India” published in 2019.

The article has appeared at the right time to mark the 131st birthday of President Ho Chi Minh as well as on the eve of elections of deputies to the 15th National Assembly and all-level People’s Councils, he told Vietnam News Agency correspondents in India regarding Trong’s article “A number of theoretical and practical issues on socialism and the path towards socialism in Vietnam”.

This certainly helps the Vietnamese leadership to alert and prepare the party cadres to meet the emerging challenges and opportunities, he said.

He is particularly impressed with the article’s direct comparison between capitalism and socialism with reference to Vietnam’s political requirements, saying it is certainly the best part of this paper, giving specific and logical reasons which may clarify many doubts of the common man of Vietnam that why we should follow socialism to realize all the dreams of the country.

No doubt that Doi Moi (renewal) process has been the center of attraction and a key political development in the history of independent Vietnam, he said, noting that before Doi Moi, which was launched in 1986, Vietnam was labeled as a country sustained simply with foreign aid but the current global perception is totally different. Vietnam is now one of the countries of ASEAN with high GDP growth and is expected to be the strongest economy of the region within a couple of decades.

On the other hand, Vietnam is also emerging as a key player among the ASEAN members, he continued, evidently Vietnam has been instrumental in addressing many issues, specifically the South China Sea (known as East Sea in Vietnam) claims, as the chair of the ASEAN.

Reddy highlighted a prediction by many scholars that the 21st century is of Asia, and no doubt that a country like Vietnam has been burgeoning with its dynamic domestic and international economic policies. He pointed out that no one would have predicted that Vietnam would become one of the largest consumer markets in the world by 2020. Vietnam is one of the very few countries which have registered nearly 3.0% of GDP growth rate, whilst surprisingly, the world GDP growth rate is -3.6%, as per World Bank data.

He moved on to point out specific challenges facing Vietnam in building and promoting the economy and creating an international market. He suggested Vietnam improve multiple areas to come over the challenges, some of which are the economic framework for growth and poverty reduction; creating a supportive climate for entrepreneurship; transforming the rural economy; enhancing human capital with international competence; providing efficient infrastructural facilities and services; improving environmental quality; building modem governance with IT support; and confidence building at global level.

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