Vietnam set to be next Asian growth miracle

Editor's note: Vietnamese Prime Minister Nguyen Xuan Phuc said at the World Economic Forum in Davos, Switzerland, in January that Vietnam will expand its opening-up, transform to an innovation economy and establish fair and transparent rules based on international standards. A WeChat account owned by Qin Shuo, a business commentator, comments:

It is noteworthy Vietnam's foreign trade hit $428.8 billion last year, twice its gross domestic product, with the ratio being second only to Singapore in Asia. Its GDP increased 7.08 percent last year, a record high since the global financial crisis in 2008. And in January, its actual use of foreign direct investment increased 52 percent year-on-year, demonstrating the great potential of the emerging economic engine in Southeast Asia.

Although there are still some problems with its market and governance systems, Vietnam's robust growth momentum has been unleashed with ruthless reform of its State-owned enterprises, the fast rise of FDI, and its wholehearted embracing of free trade.