Vietnam’s Economy Could Soon Be Bigger Than Singapore’s

12/06/2019

Vietnam’s economy could be bigger than Singapore’s by 2029, says DBS Bank Ltd.

The Southeast Asian nation has the potential to grow at a pace of about 6%-6.5% over the next decade, DBS forecasts, citing strong foreign investment inflow and productivity growth in the coming years.

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“If it can sustain that pace of growth, the Vietnam economy will be bigger than the size of the Singapore economy in ten years’ time,” Singapore-based economist Irvin Seah said in a research note Tuesday.

Vietnam’s government expects the gross domestic product to expand at least 6.8% this year. Future growth will be boosted as the nation’s favourable demographic dynamic, productive labour force, much-improved infrastructure and stable politics encourage international inflows, said Seah.

“Global investors have been lining up to be a part of the Vietnam narrative,” he said. “Strong FDI from China and Hong Kong in the first four months of this year may well mark the beginning of a new trend.”

Adapt From Bloomberg

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