A photo of Ho Chi Minh City (Photo: www.bloomberg.com) Hanoi (VNA) – Vietnam’s stock exchange development is forecast to overtake thePhilippines in 2017, stated an article carried by the US financial news agencyBloomberg.
Author Andy Mukherjeenoted that four years ago, the Ho Chi Minh City Stock Exchange traded just 50million USD of equities a day, while activity in Manila was five times asbrisk.
Meanwhile, soured debtof Vietnam’s banking system has declined, while privatization of State-ownedenterprises has been on the rise.
Foreign directinvestment in the country increased nearly 12 percent this year to 16 billionUSD this year. Currently, FDI accounts for eight percent of the country’s grossdomestic product of 203 billion USD.
In financial markets, Mukherjeecited Credit Suisse analysts’ estimate that there are now 12 Vietnamese stockswith volumes of three million USD a day while there were only two in 2015.
Vietnam has also pluggedinto the Asian electronics and smart phone supply chain. The country'sstrongest export is not textiles, shoes, seafood, coffee or cashew nuts, butsmart phone parts, which have jumped 29 percent this year to 36.5 billionUSD this year.
Vietnam can no longerbe written off as marginal, Mukherjee said.-VNA
