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Vietnam to See Strong Trade Growth through 2030

 

HCMC – Vietnam’s strategic geographic location, low wages, and beneficial trade deals are set to make the country an increasingly important export destination both in Asia and throughout the world. In a recent report released by the bank HSBC, it has been revealed that Vietnam will see strong export growth through the year 2030.


The HSBC report has highlighted a number of important areas that point to a rosy export future for Vietnam. Chief among these is the country’s close location to some of the fastest growing economies in Asia, such as China, India, and Malaysia. These three countries will be Vietnam’s fastest growing export destinations, at a rate of at least 14 percent per year, through the year 2030. In fact, China is expected to overtake the United States as Vietnam’s largest export destination by 2030.


An additional reason for the optimism about Vietnam is the Trans-Pacific Partnership (TPP), a US-led trade agreement involving 12 countries. Upon completion, the TPP trade area would comprise a region with US$28 trillion in economic output, making up around 39 percent of the world’s total output. 

Additional trade deals with the EU and other countries, as well as further ASEAN integration, are also set to help boost Vietnam’s economy. As a result of this plethora of trade deals, HSBC confidently predicts a GDP growth rate of more than five percent per year through 2030 for Vietnam.

Source:http://www.vietnam-briefing.com/news/vietnam-strong-trade-growth-2030.html/#sthash.VAQ5Ji9D.dpuf

 

 

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