With more than 100,000 inhabitants Vietnam It is the country that calls itself the best and best According to a report from the global wealth intelligence firm, you will see the greatest growth in your wealth over the next 10 years New World Wealth and Henley & Partners. In this way, it is estimated that this Asian nation will consolidate itself as a manufacturing center in the world.
In statements to CNBC: Andrew Amiolsanalyst New world wealthstated that the promising prospects for Vietnam As a result, the country will see a 125% increase in wealth over the next decade, which is considered the largest increase in wealth of any country in terms of both GDP per capita and the increase in the number of millionaires.
Vietnam will consolidate itself as the world's manufacturing center. Photo: Forbes
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“Vietnam is an increasingly popular manufacturing base for multinational technology, automotive, electronics, clothing and textile companies,” Amiols told the aforementioned media.
How will Vietnam achieve economic development?
One of the main factors that makes this possible Economic growth from Vietnam is that it is becoming an “ideal destination” for international investment. According to McKinsey & Company, this Southeast Asian nation has a “strategic location” as it shares a land border with China and is also close to important maritime trade routes.
Likewise, the company has an accessible workforce and export-ready infrastructure. According to the World Bank, Vietnam had a per capita index of US$2,190 10 years ago; However, this has doubled to almost $4,100.
Vietnam's ports are displacing others like China's. Photo: Vinpearl
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“Vietnam is developing rapidly and most of the population is benefiting from it,” Andy Ho, chief investment officer at VinaCapital Group, told CNBC by email.
Another reason to consider is the current trade tensions between the United States and China, which is why several multinational companies are choosing to manufacture their products in China Vietnam as part of the “China plus one” business strategy, which consists of diversifying global production.
Foreign investment in Vietnam has led to rapid economic growth. Photo: Maika Elan/Bloomberg
In this sense, foreign direct investment increased by 32% in 2023 compared to the previous year. For Andy Ho, chief investment officer of VinaCapital Group, these earnings are considered “sticky money” because they lead to good jobs with decent wages and enable millions of Vietnamese to improve their quality of life.
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What economic risks does Vietnam face?
Despite hopeful prospects Vietnam You are faced with certain factors that can endanger your health. Economic growth. Due to higher production demand, your employees need to be trained to use new technologies.
However, Andy Ho can counteract this through closer cooperation between foreign and domestic companies.
Added to this is the global recession that is currently underway and may last longer, although Ho hopes Vietnam can handle this situation much better than other nations.