Illustrative image (Photo: VNA) Hanoi (VNA) – Vietnam’s economy is on a growth trend driven by an opening up to foreign capital while the stock market is growing rapidly and offers attractive returns for a lower entry price than other Asian markets, said an article recently published on Luxembourg’s newswire delano.lu.
It said Vietnam’s growth is currently progressing at a rate of 6.5%, driven by four factors: infrastructure spending, healthy macroeconomic policies, the development of a middle class that boosts demand and the attractiveness of the country to foreign investors.
The first asset of the country is its population. Vietnam has a young and educated population, the article said, noting the emergence of a middle class that consumes. In an economy where 72% of activity is driven by local consumption, this is an asset, it said.
While Vietnam still exports a lot of agricultural products, since 2010, the share of technology-related exports has increased fivefold and now exceeds 30%. “Vietnam is becoming an export heavyweight with a steadily rising global market share that has reached 1.6% today”, the article said.
Meanwhile, Russia’s Sputnik news agency said Vietnam is expected to become a new production hub of the world.
It cited Apple’s list of suppliers for 2021 fiscal year saying that the group now has 25 partners with factories in Vietnam, accounting for 13.9% of the group's total suppliers as of the fourth quarter of 2021, up from the previous year.
A number of important products in the global mobile phone market by Samsung, Xiaomi and Apple are also produced in Vietnam./.
