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Vietnam among fastest growing economies in Asia: Singaporean newspaper

by NDO26 November 2019 Last updated at 15:00 PM

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Vietnam is one of the most open economies in the world and also one of the fastest growing economies in Asia. (Illustrative image)

VTV.vn - The Singapore-based Chinese-language newspaper, Lianhe Zaobao newspaper run an article on November 26 on Vietnam’s (FDI attraction, affirming that Vietnam is one of the most open economies with thefastest economic growing pace in Asia.

The newspaper said that FDI inflows in Vietnam reached US$3.18 billion in the first 11 months of this year, up 3.1% over the same period last year. Of which, 68% of the total FDI capital was poured into the manufacturing industry and 10.4% of the total capital was invested in the real estate sector.

The Republic of Korea is the largest FDI investor in Vietnam and it is followed by Japan and Singapore.

According to the article, Vietnam is one of the most open economies in the world and also one of the fastest growing economies in Asia.

Vietnam has so far signed 12 free trade agreements with partners across the world including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In addition, Vietnam and the European Union reached agreements and signed two important cooperation documents in late June 2019 including the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement.