Vietnamese people are predicted to become the fastest-growing rich people in the world.

Vietnam is forecast to witness the world's fastest-growing wealth growth, up to 125% in the next 10 years, according to New World Wealth.

According to CNBC , a newly released report by global wealth intelligence firm New World Wealth and investment migration advisory firm Henley & Partners shows that Vietnam will witness the most dramatic growth in wealth over the next decade. Mr. Andrew Amoils, an analyst at New World Wealth, said that Vietnam's wealth is expected to increase by 125%, the largest growth in wealth compared to any country in terms of GDP per capita and the number of millionaires. India is expected to come in second with an expected wealth growth of 110%. According to New World Wealth, Vietnam currently has 19,400 millionaires with assets of more than 1 million USD and 58 millionaires with 100 million USD or more. Vietnam is also considered a relatively safe country compared to other countries in the Asia- Pacific region. Just 10 years ago, Vietnam's GDP per capita was around $2,190, but it has now nearly doubled to $4,100, according to data from the World Bank. "Vietnam is growing rapidly and most of its people are benefiting," Andy Ho, chief investment officer at VinaCapital Group, told CNBC . Vietnam is also benefiting from a wave of production diversification by many multinational companies with strong investment capital, he said. In 2023, total registered foreign direct investment (FDI) in Vietnam will reach nearly $36.61 billion, up 32.1% compared to 2022.

Customers look at gold at a store in Ho Chi Minh City (Photo: Hai Long).

Vietnam is an increasingly popular manufacturing base for technology, automotive, electronics, apparel and textile companies, according to analysts at New World Wealth. The Vietnamese economy is on the cusp of a fourth wave of FDI, according to Brian Lee, economist and vice chairman of Maybank. However, Vietnam's GDP growth in 2023 has slowed to 5.05% from 8.02% in 2022 due to weak global demand and stagnant public investment. The vice chairman of Maybank said that the workforce needs to be upgraded to meet the needs of complex and skill-intensive manufacturing activities. "More can be done to maximize the productivity spillover from FDI, through closer collaboration between foreign companies and local partners," he told CNBC . Mr. Andy Ho assessed that the prolonged global economic recession could also impact consumer demand in developed markets, which could in turn affect Vietnam's manufacturing and export sectors. Any sharp devaluation of the currency could hinder economic growth. However, he also believed that Vietnam would be able to overcome future challenges./.

Dantri.com.vn

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