According to research company New World Wealth, Vietnam is predicted to experience a staggering 125% growth in assets over the next 10 years. This is the highest asset growth rate compared to any country in terms of average GDP per capita and the number of millionaires. Analyst Andrew Amoils states that Vietnam is becoming an increasingly popular production base for multinational technology, automotive, electronics, and textile companies. Meanwhile, India, the country expected to become the world’s third-largest economy by 2027, is projected to have a 110% asset growth rate.
Amoils also notes that with 19,400 millionaires and 58 billionaires, Vietnam is considered relatively safe compared to other countries in the Asia-Pacific region. This further reinforces the country’s appeal as a top destination for companies.
Vietnam is set to experience remarkable asset growth in the next decade as the country solidifies its position as a global production hub (Illustrative image: KT)
McKinsey, a strategic research firm, attributes Vietnam’s success to its strategic location, sharing land borders with China and its proximity to major maritime trade routes, low labor costs, and the country’s export-supporting infrastructure. These factors have made Vietnam a top destination for international investment.
In a recent assessment of Vietnam’s economy, the French Development Agency (AFD) stated that the country has experienced three decades of strong growth, with an average annual growth rate of 7% and is categorized as a middle-income country. Vietnam has successfully positioned itself in the global value chain, signing numerous free trade agreements. The director of AFD in Vietnam, Herve Conan, highly commends Vietnam’s economy, stating, “Your country has succeeded in maintaining an impressive growth rate despite the high inflation affecting many economies worldwide. In the 3-year macroeconomic evaluation conducted since the beginning of 2023, AFD acknowledges Vietnam’s encouraging achievements in maintaining political and social stability, implementing cautious economic policies to ensure growth. The domestic market scale with 100 million people is also a significant advantage. The dynamism of the national economy’s production has been maintained despite the years of COVID-19 pandemic influence.”
According to the World Bank, Vietnam’s average GDP per capita was about $2,190 ten years ago and has now almost doubled to $4,100. Vietnam is rapidly developing, and most citizens are benefiting from this growth.
“Economic expert and Deputy Chairman of Maybank, Brian Lee, believes that Vietnam’s growth story is driven by the industrialization process with an emphasis on exports. The country has experienced three waves of foreign direct investment over the past three decades and is currently facing the fourth wave. Despite some challenges, experts have confidence in Vietnam’s ability to overcome any potential future obstacles and continue on its current growth trajectory.”
