Vietnam is on track to experience the world’s most significant wealth growth in the next decade, with an anticipated 125% increase, surpassing giants like China and Japan.
This forecast by New World Wealth and Henley & Partners positions Vietnam as a leader in Asia for GDP per capita and millionaire growth.
As a burgeoning center for global manufacturing across various industries, Vietnam’s economy is rapidly transforming.
Following closely is India, which is expected to grow its wealth by 110% and become the third-largest global economy by 2027.
With 19,400 millionaires, Vietnam’s stable business climate is attracting production facilities.
Vietnam’s transition to capitalism since the late 1980s, combined with strategic location and competitive labor costs, attracts international investment.
Despite a dip in GDP growth in 2023, Vietnam stood out as Asia’s fastest-growing economy in 2022, showcasing resilience post-COVID-19.
In addition, the manufacturing sector, which makes up a quarter of its GDP, plays a pivotal role in this growth.
Vietnam’s GDP per capita doubled in a decade, spurred by diverse investments amidst US-China tensions, with 32% more FDI in 2023.
Key investors include Japan, Singapore, and China, with the US also increasing its import share.
Vietnam prioritizes sustaining growth amid challenges like skilled labor shortage and potential global recession impacts.
Vietnam must diversify its economy, invest in tech, ease foreign investment restrictions to evade “middle-income trap” like Malaysia, and Thailand.