Vietnam able to become new tiger in Asia: economist

Ho Chi Minh City seen from above (Photo: vneconomy.vn)

Hanoi (VNA) - Vietnam, a rising star in the global supply chain, hasthe potential to become a new tiger in Asia, economist Brian Lee Shun Rong atMaybank - Malaysia's largest financial services group and the leading bankinggroup in South East Asia – has reportedly said.

Speaking at Forbes Vietnam’s recent Business Forum, BrianLee affirmed that Vietnam will become a new tiger of Asia, after the Republicof Korea, Singapore, and China’s Taiwan and Hong Kong.

He said that the Vietnamese industry is developing strongly, driven by foreign-investedenterprises.

Illustrative image (Photo: VNA)

According to data from Maybank, both FDI influx intoVietnam and its export turnover in the past 10 years are bigger than those of all otherSoutheast Asian countries. In particular, the electronics and phone industryhas surpassed garment and textiles to become the biggest contributor to thetotal export value.

This shows that Vietnam has enhanced its position in theglobal value chain, said Brian Lee, adding that the productivity of its workersalso grows faster than that in other ASEAN countries.

To become a tiger of Asia, Vietnam should haveworld-standard infrastructure and skilled workforce, support domestic enterprisesin improving their foothold in the global supply chain, and step up growth basedon digital transformation, the economist noted.

The Russian newspaper also quoted economic expert Nguyen XuanThanh, a lecturer at the Fulbright School of Public Policy and Management, assaying Vietnam is well controlling inflation and fiscal and monetarypolicies.

According to him, even if the world oil price increasesagain, without exceeding the peak of 120 USD per barrel, Vietnam's economicsituation in 2022 will still be positive, with inflation below 4% and GDPgrowth over 7%./.

VNA