Vietnam’s lifting of the final restrictions relating to the COVID-19 pandemic in early 2022 has helped it recover strongly domestic consumption and retail sales. (Photo: VNA)

Havana – The sound policies adopted by the Communist Party of Vietnam (CPV) and coordination in actions by the Government have helped Vietnam keep a close watch on developments of the world economy and make suitable policy adjustments, a Cuban expert has said.

Dr. Ruvislei Gonzalez Saez, a senior researcher at the Cuban Centre for International Policy Research (CIPI), also told the Vietnam News Agency in a recent interview that he is impressed by Vietnam’s GDP growth of 8.02 per cent last year.

Adjustments to the legal framework have enabled the Southeast Asian nation to achieve its socio-economic targets set for the year, while serving national mid- and long-term strategies, the scholar said.

According to Gonzalez, Vietnam has gradually materialised national industrialisation and modernisation through specific actions such as promulgating the Investment Law in 2020 and the Business Law in January 2021.

The country has optimised advantages to turn itself into a production centre of the sub-region, he said, noting that its balanced policies play an important role in national economic growth.

He said Vietnam’s lifting of the final restrictions relating to the COVID-19 pandemic in early 2022 has helped it recover strongly domestic consumption and retail sales.

Given challenges to the economy due to the complex global situation, the expert suggested Vietnam step up production in some sectors, with attention to the country’s comparative advantages, while pushing ahead with domestic consumption.

For Vietnam’s economic prospects this year, Gonzalez noted that the 3.32 per cent growth in the first quarter of this year should not be a decisive trend, saying he believes that the economy will expand more than 5% this year.

Vietnam has been very successful in continuous transformation and adaptation to characteristics of the era, so the country should continue making suitable adjustments to match the current context, while promoting both economic and social policies in order to generate more jobs and raise people’s income, thus boosting domestic consumption.

The expert described the big revenue from foreign investment and export, and the increasingly attractive business environment as driving forces behind the continuous growth of the economy.

However, he stressed, Vietnam should pay more heed to inflation which is the headache of many countries at present, maintain dynamism of its production sector, and expand and persify the market.

Asked about the penetration of Vietnamese enterprises into Cuba, he said substantial potential remains for the two countries to reinforce their relations and there is ample room for their firms to explore business opportunities.

Cuba’s great demand for retail goods will open up space for stronger trade ties, the expert said, suggesting the two countries share experience in issues relating to exchange rate and currency policies.

He also lauded Vietnam’s leading role in transition to clean energy in Southeast Asia, and emphasised that Vietnam and Cuba have yet to fully optimise their cooperation potential in health care and bio-technology.