Export production line. (Photo: Trần Việt/TTXVN)
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Infobae, one of Argentina’s famous newspapers, published an article on February 23 predicting that Vietnam will lead the world in growth over the next decade.
In the article posted in the World section of Infobae, journalist Rossana Marín emphasizes that Vietnam is a preferred and promising destination for multinational companies to establish their production activities, especially in fields such as technology and automobiles.
With the title “Which country will lead global asset growth in the next decade?,” the article quotes the research results of global asset intelligence company New World Wealth and investment migration advisor Henley & Partners, stating that Vietnam will become the country with the largest asset growth in the next decade.
This significant growth is due to Vietnam’s transformation into a global production hub, with a projected asset accumulation rate of 125% over 10 years.
With this level of development, not only will Vietnam’s average Gross Domestic Product (GDP) per capita be high, but the number of millionaires will also increase significantly, solidifying its position as a top destination for international investment.
Author Marín cites McKinsey’s analysis of Vietnam’s explosive growth, which includes factors such as its strategic geographical location with shared borders with China and proximity to important maritime trade routes, combined with low labor costs and favorable infrastructure for exports.
The article quotes Andy Ho, Investment Director of VinaCapital Group, who emphasizes that “Vietnam is developing rapidly and most people are benefiting.”
Meanwhile, Andrew Amoils, an analyst at New World Wealth, acknowledges that the development is taking place as Vietnam is increasingly seen as a popular production base for multinational companies in technology, automobiles, electronics, clothing, and textiles.
According to Infobae, the attractiveness to corporations, along with the brand for safety, has attracted investors to build factories and establish production operations in Vietnam, contributing significantly to economic growth.
According to data from the World Bank cited by CNBC, Vietnam currently has 19,400 millionaires and 58 billionaires, concrete evidence of its growing economic attractiveness and investment potential.
The author evaluates: “The increase in the number of individuals with high purchasing power is a sign of the country’s economic dynamism and its ability to attract and create wealth. Vietnam, the focal point of Southeast Asia’s economic boom, is expected to experience a 110% increase in asset growth.”
Regarding foreign direct investment (FDI) attraction, the article notes that Vietnam has become an attractive destination for investors, with a 32% increase in 2023 compared to 2022, reaching 36.6 billion USD.
FDI is an important driving force for Vietnam’s economic growth, supporting the industrialization process, with a focus on export-oriented production. Vietnam’s journey in this process has been reinforced through three waves of FDI attraction over the past three decades.
Brian Lee, an economist and Assistant Vice President of Maybank, comments that Vietnam is facing its fourth wave of FDI attraction, which could further boost the country’s economic development. FDI provides good employment with decent salaries and enables millions of Vietnamese to improve their quality of life.
According to Infobae, economic experts also recommend that Vietnam enhance workforce training to meet the needs of complex production activities that require multiple skills, improve labor efficiency and productivity through closer cooperation between foreign companies and domestic partners.
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