The global wealth intelligence firm, New World Wealth, predicts that Vietnam is poised to experience significant wealth growth of up to 125% in the next decade, marking it as the country with the most substantial wealth expansion in terms of GDP per capita and the number of millionaires. Vietnam has become an attractive hub for multinational technology, automotive, electronics, and textile companies, making it a popular choice for investment. India follows closely behind, expected to see asset growth of 110%, as it gears up to become the world's third-largest economy by 2027.
With 19,400 millionaires and 58 billionaires, Vietnam is viewed as a relatively secure country within the Asia-Pacific region, further solidifying its appeal to businesses looking to establish a presence. The strategic location of Vietnam, bordering China and situated near major trade routes, combined with low labor costs and robust export infrastructure, has made it a favored destination for international investors. The country has experienced consistent growth over the past three decades with an average annual growth rate of 7%, positioning itself as a middle-income nation with successful integration into the global value chain through various trade agreements.
There are challenges ahead that could potentially hinder Vietnam's growth trajectory, particularly in the need for upskilling the labor force to meet the demands of increasingly sophisticated production activities. Collaboration between foreign companies and local businesses is essential to maximize productivity gains from foreign direct investments and foster sustainable growth in the country.
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