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| Vietnam will experience a 125% increase in wealth, the largest expansion in wealth of any country in terms of GDP per capita and number of millionaires. (Photo: VNA) |
In his article posted on Infobae, reporter Rossana Marín highlighted Vietnam is a favoured and promising destination for multinational enterprises to set up production activities, particularly those in technology and automobile manufacturing.
He cited a report from New World Wealth – a wealth intelligence firm based in South Africa and Henley&Partners – a global leader in residence and citizenship by investment based in London that said the Southeast Asian country will see the sharpest spike in wealth growth over the next decade as it cements the status as a global manufacturing hub.
Vietnam will experience a 125% increase in wealth, the largest expansion in wealth of any country in terms of GDP per capita and number of millionaires.
Marín also quoted a report from McKinsey which showed that Vietnam’s strategic location, low cost of labour and infrastructure supporting exports have all transformed the country into a prime destination for international investment.
The article quoted chief investment officer of VinaCapital Group as saying in his talks with CNBC that Vietnam is developing rapidly and most of the population is benefitting.
New World Wealth’s analyst Andrew Amoils held that Vietnam is an increasingly popular manufacturing base for multinational tech, automotive, electronics, clothing and textile firms,
According to Infobae, Vietnam’s attractiveness to enterprises together with its safety hasg attracted investors, thus contributing reatly to the economic growth.
The article described the fact that Vietnam is home to 19,400 millionaires and 58 centimillionaires as a vivid illustration for the country’s increasingly economic attractiveness and investment potential.
Marín said the increase in the number of the individuals with strong purchasing power signals the country’s economic dynamism as well as its ability to lure and generate wealth.
Regarding FDI attraction, the article said Vietnam has been a magnet to foreign investments, with FDI capital inflows into the country surging 32% year-on-year to 36.6 billion USD in 2023.
FDI is an important driver for Vietnam’s economic growth as it has backed up the country’s industrialisation with export as a focus.
Vietnam’s growth story has been propelled by an export-led industrialization, driven by three waves of foreign direct investments over the past three decades, and the country is on the precipice of a fourth wave, Maybank’s Economist and Assistant Vice President Brian Lee said./.