An auto lighting system production line in a Japanese-invested firm in Vietnam (Photo: VNA) Singapore (VNA) – Vietnam's robust economic performance over the past three decades has been heavily dependent on exports and foreign direct investment (FDI), with foreign invested companies accounting for 67.8 percent of the country's total export turnover in 2019, according to the Institute of Southeast Asian Studies (ISEAS) of Singapore. An article by Le Hong Hiep published on September 2 on the development of Vietnam’s economy says that Vietnam's impressive foreign trade and FDI performance over the past 30 years has turned the country into one of the most open economies in the world. In 2017, for example, Vietnam's trade-to-GDP ratio was 200.4 percent, which was the sixth highest in the world. In Asia, Vietnam was only behind Hong Kong (375.1 percent) and Singapore (322.4 percent). Similarly, FDI is also playing an important role in Vietnam's economic development. In 2019, the net annual FDI inflow of Vietnam was equivalent to 6.3 percent of its GDP, which was the fourth highest in Southeast Asia, after Singapore (28.3 percent), Cambodia (13.7 percent), and Laos (7.4 percent). " Vietnam 's openness to trade and FDI originated from a combination… Read full this story
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