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By Our Reporter

Nepal has a real opportunity to gain from Vietnam, particularly after the recent three-day visit of Vice President Vo Thi Anh Xuan, the first of such high level visit from the nation to Nepal. Vice President Xuan’s meeting with our President, Prime Minister, ministers and business communities should pave the way for bilateral economic cooperation. It all depends on the Nepali side how effectively they undertake diplomatic route to realize this.

Vietnam’s emergence as a Southeast Asian economic powerhouse is nothing short of amazing, given its tumultuous past. The nation went through decades of war, including a protracted and bitter one with American forces, yet it has remade itself into one of the region’s fastest-growing economies. From its previous state as mostly agrarian and post-war reconstruction-challenged, Vietnam has taken to industrialization, manufacturing, and trade, making itself a destination for investment and economic innovation in Asia.

Vietnam in recent years has made enviable progress. Vietnam’s GDP now stands at around $500 billion with a per capita income of nearly $5,000, while Nepal’s GDP is about $38 billion and per capita income below $1,700. Such a yawning gap speaks volumes about Vietnam’s economic prowess and ability to convert growth into massive development. Vietnam’s export-led policies, emphasis on infrastructure development, and robust manufacturing sector have enabled it to consistently grow its economic footprint, drawing in foreign investment and opening the door to international markets. Nepal, by contrast, remains hamstrung by low industrial capacity, underdeveloped infrastructure, and dependence on remittances.

Vice President Xuan’s trip also opens up several practical opportunities for Nepal. Tourism is a natural sector to expand. Over half of Vietnam is Buddhist, and many would be interested in visiting Lumbini, the Buddha’s birthplace. Vietnam’s growing middle class and rising number of foreign tourists provide Nepal with a ready market for religious and cultural tourism. With proper planning and infrastructure, these visits could be translated into long-term economic benefits, as opposed to one-off tourist receipts. Aside from tourism, Nepal has a lot to learn from Vietnam’s economic model. Vietnam’s success demonstrates the importance of industrial diversification, investment promotion, and building a robust export economy. In Nepal’s case, cooperation with Vietnam in sectors such as trade, agriculture, and industrial development can modernize its economy. Initiatives raised during Vice President Xuan’s visit, for example, increasing commercial flights between Hanoi and Bhairahawa, are small steps with potentially huge effects, linking markets and people more efficiently. Proposals such as connecting Hanoi with Pokhara might not be feasible, but focused efforts can make a real difference.

Diplomatically, the trip reinforces Nepal’s global stature. Vietnam’s agreement to assist Nepal in its candidatures for the Human Rights Council and the Economic and Social Council indicates goodwill and scope for cooperative interaction in global forums. This can assist Nepal in forging alliances, securing recognition, and eliciting development assistance in multilateral arenas.

In total, Nepal can draw inspiration and concrete gains from Vietnam’s experience. There are several sectors, ranging from tourism to trade, industrial development, and diplomatic backing, in which Nepal can strategically hitch itself to Vietnam’s growing power. The challenge is to go beyond talk to action so that the potential unleashed by Vice President Xuan’s visit is realized in concrete economic and diplomatic dividends.