Tra fish is processed for export at the factory of the Go Dang JSC in the My Tho Industrial Park of Tien Giang province (Photo: VNA)Hanoi (VNA) – Vietnam has been named one of the rising stars of globaltrade with the sixth position among the top 20 markets with the greatestpotential for future trade growth, according to a recent report by StandardChartered.
With this ranking, the country is also the best performer among the ASEAN nations,the Trade20 index, which examined 66 economies, shows.
Standard Chartered said Vietnam shows the strongest progress in trade growthpotential of all the ASEAN markets in the report, driven by improvements to itstrade readiness and economic dynamism.
The market’s improving strength in trade readiness is attributed toinfrastructure enhancements and improvements to its ease of doing businessscore, while its economic dynamism is driven by healthy growth, particularly interms of export volumes.
According to the report, economic and political reforms over recent decadeshave spurred Vietnam’s economic growth, bolstered by strong domestic demand andmanufacturing-led export success. The market has solid foundations for growth:it is politically stable, well-located for global supply chains and has arelatively young population.
The government has built on these foundations, focusing on business reforms andderegulation, investing in human capital and infrastructure, and embracingtrade liberalisation, Standard Chartered noted.
It said Vietnam’s growth is likely to continue to be driven by FDI-ledmanufacturing and export growth. Rising tourism inflows and stronger domesticdemand, supported by higher wages, are also likely to sustain strong growth.
The banking group added amidst the ongoing US-China trade dispute, the countrymay also be well-placed to benefit if it can absorb demand diverted to otherlocations as suppliers relocate from China. It forecast FDI inflows will remainstrong in 2019 and 2020 to approximate 15 billion USD./.
VNA
