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Russian expert values Vietnam’s role in Eurasia integration

Valerie Mai Valerie Mai

mnghonganh@gmail.com

April 12, 2021 | 07:30

Grigory Trofimchuk, Chairman of the Expert Council of the Eurasian Ideas Foundation (EIF), has written an article, commending Vietnam’s role in the integration process of the Eurasian space.

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Russian expert values Vietnam’s role in Eurasia integration
Published on infox.ru, the article says Vietnam has potential that has not been fully exploited. (Photo: Infox.ru)

Published on infox.ru, the article says Vietnam has potential that has not been fully exploited. The Southeast Asian nation has a large area and population size, and it lies at the center of the global economy, VOV cited.

"Until now, the role of Vietnam in the strategic expansion of the Eurasian Economic Union (EAEU) up to Southeast Asia has not been fully appreciated, the practical potential that has arisen in connection with the beginning of this country's work in the EAEU Free Trade Zone has not been used."

Vietnam, one of the leading countries in the Association of Southeast Asian Nations (ASEAN), is strengthening its position not by statements but by specific economic indicators, the article stresses. To illustrate his arguments, Trofimchuk gives evidence, saying despite the negative impact of the COVID-19 pandemic, Vietnam managed to secure a GDP growth rate of 2.91% last year.

"It should be emphasized that Vietnam reinforces its status not with statements, but with real economic indicators. So, even against the backdrop of the negative impact of COVID-19 in 2020, Vietnam's GDP growth was 2.9%," the article reads.

The United Overseas Bank forecast a 7.1% rate for Vietnam in 2021, a figure which is much higher than the 6% target set by the National Assembly. Therefore, Vietnam is one of the Asia-Pacific countries with the fastest GDP per capita growth.

Russian expert values Vietnam’s role in Eurasia integration
Grigory Trofimchuk, Chairman of the Expert Council of the Eurasian Ideas Foundation. (Photo: VNA)

"A stable and secure investment environment, guaranteed by the government of the Socialist Republic of Vietnam, is one of the most reliable political guarantees in the world for the implementation of large-scale and long-term economic activities. Without such high guarantees, it is impossible to conduct an economic policy that goes far beyond the borders of countries and regions," the author wrote.

Trofimchuk cites sources as saying that Vietnam is currently one of the 40 largest economies in the world and the fourth largest in ASEAN. It is also among the 10 economies with the highest economic growth worldwide and one of the 16 most successful emerging economies globally. The Russian expert affirmed that Vietnam has proven to the world how free trade overcomes all barriers and artificial restrictions.

The expert argues that the next decade will be a period of qualitative growth for Vietnam. The successes in economic and trade cooperation between Vietnam and the Eurasian Economic Union (EAEU) are encouraging other ASEAN countries to participate more actively in the Eurasian integration process.

"Vietnam, which is the pioneer of the EAEU FTA, is ready to actively participate in the combination of all factors that contribute to mutual strengthening, consistently connecting the potential of the EAEU and the FTA of the EAEU, ASEAN, APEC, APR into a system that works without interruptions, becoming a pioneer of processes at a new large-scale level."

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Valerie Mai