Vietnam is among the world's top performers in asset growth over the next decade.

Vietnam will see a surge in wealth growth over the next decade as the country consolidates its position as a global manufacturing hub. International experts are highly appreciating the resilience of the Vietnamese economy as 2024 continues to be a difficult year for global trade.

Analysis by global wealth research firm New World Wealth predicts that Vietnam will see wealth growth of up to 125% over the next 10 years. This is the largest wealth growth of any country in terms of GDP per capita and number of millionaires. According to analyst Andrew Amoils, Vietnam is an increasingly popular manufacturing base for multinational technology, automobile, electronics and textile companies. Meanwhile, India, which is expected to become the world's third largest economy by 2027, is in second place with an expected wealth growth of 110%.

With 19,400 millionaires and 58 billionaires, Vietnam is considered a relatively safe country compared to other countries in the Asia- Pacific region, adding to the companies' choice of Vietnam as a top destination, analyst Andrew Amoils said.

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Vietnam will see a surge in wealth growth over the next decade as the country consolidates its position as a global manufacturing hub (Illustration photo: KT)

Explaining Vietnam’s success, strategic research firm McKinsey said the country’s strategic location, sharing a land border with China and being close to major maritime trade routes, low labor costs, and the country’s export-supporting infrastructure have made the Southeast Asian nation “a top destination” for international investment.

In its recent periodic assessment of Vietnam's economy, the French Development Agency (AFD) said that Vietnam has witnessed three decades of strong growth with an average annual growth rate of 7% and is among the group of middle-income countries.

With many free trade agreements signed, the country has successfully positioned itself in the global value chain. Country Director of the French Development Agency in Vietnam Herve Conan gave a very positive assessment of the Vietnamese economy: “Your country has succeeded in maintaining an impressive growth rate despite the high inflation that is affecting many economies around the world. In the periodic assessment of the macro economy every three years conducted since the beginning of 2023, the French Development Agency recognized Vietnam's encouraging successes in maintaining socio-political stability and implementing prudent economic policies to ensure economic growth. The size of the domestic market with 100 million people is also an important advantage. The dynamism of national economic production has been maintained despite the years affected by the COVID-19 pandemic.”

According to the World Bank, just 10 years ago, Vietnam’s GDP per capita was around $2,190 and has now nearly doubled to $4,100. Vietnam is growing rapidly and most of its people are benefiting.

Economist and Vice Chairman of Maybank Brian Lee said that Vietnam’s growth story is driven by export-led industrialization. The country has seen three waves of foreign direct investment in the past three decades and is now facing a fourth wave. Despite some obstacles, experts are confident that Vietnam will overcome any challenges that may arise in the future and continue on its current growth path.

According to vov.vn

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