Vietnam’s economy keeps increasing, says US newspaper

Fueled by local entrepreneurship, reformist policies, and foreign capital, Viet Nam’s economy has increased, says an article by Simon Montlake of the Christian Science Monitor.

In the past decade, Vietnamese incomes have almost doubled and poverty rates have fallen below 20 percent.

Meanwhile, a trade agreement with the US has boosted two-way trade to 7.6 billion USD in 2005 from 5.9 billion USD in 2003, according to the newspaper.

Since 1989, only China and oil-rich Equatorial Guinea have grown faster than Viet Nam. Last year alone, Viet Nams economy expanded by 8.4 percent, said the article.

"Joining the World Trade Organisation (WTO) would quicken that pace by allowing in more foreign competitors and tightening laws to protect investors. US trade negotiators emerged upbeat from bilateral talks last week in Ha Noi on WTO membership, raising hopes that Viet Nam may join in 2006 after 10 years of trying," the paper said.

(Source: VNA)