Illustrative photo. (Source: VNA) Once among the poorest countries in the world, its economyis now booming and the World Bank describes it as one of the most dynamic andemerging countries in the entire East Asia region, Business said in an articlepublished last week, calling Vietnam a “new Asian tiger.”
Singapore’s DBS Group Research forecasts Vietnam's GDP growth to reach8 percent in 2022, boosted by an accommodative monetary policy. TheInternational Monetary Fund (IMF) has predicted that Vietnam will climb threespots to rank third in GDP among ASEAN member states this year, thanks to the fast-growingmiddle class and the rise of ultra-rich people.
Knight Frank’s latest Wealth Report estimates there wereabout 19,500 high-net-worth individuals in Vietnam in 2020, defined as thosewith assets of at least 1 million USD, the article said. By 2025, that numberis expected to grow by almost 25 percent to top 25,000, it added.
Business Times attributed the robust growth of the economyto increasing flows of foreign investment into the country. Many Singaporecompanies, including CapitaLand and Keppel, have invested heavily in thecountry as they seize the abundant opportunities.
“Vietnam has long been known as Southeast Asia's codingfarm, where talent and wages are in a sweet spot for companies to use it as abase for their technical development,” it noted.
The article also referred to Vietnam as the largest solar powerproducer in Southeast Asia today with 16.6 gigawatts of installed capacity asof 2020. Vietnam's construction industry is set to continue its recovery in2022 as several large-scale infrastructure projects move through differentstages of development, it further said./.
VNA
