Vietnam among fastest growing emerging Asian markets in next five years: S&P Global
Over the medium-term outlook for the next five years, a number of key drivers are expected to continue to make Vietnam one of the fastest growing emerging markets in the Asian region, said an article published by the S&P Global Market Intelligence on October 5.
Over the medium-term economic outlook, a large number of positive growth drivers are creating favourable tailwinds and will continue to underpin the rapid growth of Vietnam's economy. (Illustrative photo: VNA)
Hanoi (VNA) - Over the medium-term outlook forthe next five years, a number of key drivers are expected to continue to makeVietnam one of the fastest growing emerging markets in the Asian region, saidan article published by the S&P Global Market Intelligence on October 5.
Accordingly, it noted that Vietnam will continue to benefitfrom its relatively lower manufacturing wage costs. The country has arelatively large, well-educated labour force compared to many other regionalcompetitors in Southeast Asia, making it an attractive hub for manufacturingproduction by multinationals.
In addition, rapid growth in capital expenditure isexpected, reflecting continued strong foreign direct investment by foreignmultinationals as well as domestic infrastructure spending. Strong investmentis expected in infrastructure sector over the next decade.
The article assessed that many multinationals have beendiversifying their manufacturing supply chains during the past decade to reducevulnerability to supply disruptions and geopolitical events. Vietnam has beenone of the preferred destinations for Republic of Korea and Japanese firmschoosing to shift their production to the ASEAN region.
In conclusion, the author wrote over the medium-termeconomic outlook, a large number of positive growth drivers are creatingfavourable tailwinds and will continue to underpin the rapid growth ofVietnam's economy. This is expected to drive strong growth in the country’stotal GDP as well as per capita GDP. The economic outlook from 2024 to 2026 isfor rapid economic expansion.
With strong economic expansion projected over the nextdecade, Vietnam's total GDP is forecast to increase from 410 billion USD in2022 to 500 billion USD by 2025, rising to 750 billion USD by 2030. Thistranslates to very rapid growth in Vietnam's per capita GDP, from 4,150 USD peryear in 2022 to 5,000 USD per year by 2025 and 7,300 USD by 2030, resulting insubstantial expansion in the size of its domestic consumer market./.
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In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
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The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
Over the medium-term economic outlook, a large number of positive growth drivers are creating favourable tailwinds and will continue to underpin the rapid growth of Vietnam's economy. (Illustrative photo: VNA) 
