With numerous free trade agreements and a population of 100 million people, the country has effectively positioned itself within the global value chain.
International experts are forecasting significant asset growth in Vietnam over the next decade, as the country solidifies its position as a global manufacturing hub.
New World Wealth, a global wealth intelligence firm, predicts that Vietnam’s wealth will grow by up to 125% over the next 10 years, marking the largest wealth growth for any country in terms of GDP per capita and number of millionaires.
Vietnam’s increasing popularity as a production base for multinational technology, automotive, electronics, and textile companies is attributed to its strategic location, low labor costs, and export-supporting infrastructure, making it a top destination for international investors according to strategic research firm McKinsey.
In its recent assessment of the Vietnamese economy, the French Development Agency (AFD) stated that Vietnam has experienced three decades of robust growth, averaging a 7% annual growth rate, and is now classified as a middle-income country.
With many free trade agreements signed, the country has successfully positioned itself in the global value chain. The size of the domestic market with 100 million people is also an important advantage.
Just 10 years ago, Vietnam’s GDP per capita was around US $2,190. Today, it has almost doubled to $4,100, indicating rapid development in the country and widespread benefits for its people.
News Source: Thailand Business News
