In the top 50 economies of the world, services is the sector that contributes the most to the Gross Domestic Product (GDP). In contrast, manufacturing takes center stage in many developing economies.
Based on data from the World Bank up to 2023, the infographic below presents the top 10 economies with the highest contribution from manufacturing.
Puerto Rico tops the list with 46% of its GDP derived from manufacturing. Ireland follows closely with a 34% share, with both economies heavily reliant on the pharmaceutical industry.
As a US territory, Puerto Rico contributed nearly 20% to America’s $66 billion pharmaceutical exports in 2020. Ireland, on the other hand, has attracted pharmaceutical companies since the 1960s to produce active pharmaceutical ingredients (APIs). Today, it is a leading vaccine exporter.
The infographic also highlights the presence of five Asian economies in the top 10. Unsurprisingly, China, dubbed the “world’s factory,” secures the fourth spot. South Korea, a powerhouse in electronics manufacturing, ranks seventh.
Since the 2010s, several Asian economies, including Malaysia, Thailand, and Vietnam, have emerged as new manufacturing hubs, with the sector contributing over 20% to their respective GDPs.
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## Meeting with Vietnam’s Top Business Leaders: Forging Strategies for National Economic Growth and Social Development
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The conference was graced by the presence of Vietnam’s esteemed Deputy Prime Ministers: Tran Hong Ha, Le Thanh Long, and Ho Duc Phoc. Also in attendance were leaders from various ministries, central agencies, and prominent Vietnamese businesses. These included well-known names such as VinGroup, Hoa Phat, Thaco, KN Holdings, SunGroup, T&T, Geleximco, Minh Phu, Masan, Sovico, TH, and Refrigeration Electrical Engineering (REE).
“Investors Choose Vietnam as Their ‘First Port of Call’ to the World.”
Vietnam is not just the gateway to ASEAN, but also a key market and the first stepping stone to expanding globally through its market linkage mechanism with 19 free trade agreements.
The $165 Million Industrial Park Project: Aiming for $2 Billion in Investments and 18,000 New Jobs
The Thai Binh province is set to establish Vietnam’s first-ever Pharmaceutical and Biologics Industrial Park by next year. This innovative hub will serve as a magnet for foreign pharmaceutical and medical device companies, inviting them to establish a presence in Vietnam. The park presents a unique opportunity for technology transfer and research collaborations, fostering an environment conducive to high-value inventions and exports.
